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Illinois Business Developments

Illinois is the biggest market in the Midwest and home to over 2,000 corporate headquarters, an active business scene, and more than 1.2 million small enterprises, has the infrastructure that firms require to flourish in business today. From world-class infrastructure that connects companies to customers and suppliers to highly skilled workforce across various industries as well as a modern manufacturing base - Illinois excels in a variety of areas like advanced and clean agricultural technology, energy, and life sciences logistics for transportation.

Illinois has seen tremendous international investment growth in recent years. Countries like Britain, Japan, Germany and China were among the most investing in Illinois In 2023, this amount reached over USD $13.2 billion across manufacturing, agribusiness and other sectors in Illinois all by itself.

Since 2014, nearly $1 billion in incentives has been awarded under Illinois' Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as clean energy production. The program was announced last month. DCEO also rewarded PsiQuantum Manufacturing with an incentive package worth more than 200 million dollars for their new high-tech facility located in East Alton.

Governor JB Pritzker joined representatives from the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago for the launch of CZ Biohub Chicago - a groundbreaking research hub that is at the forefront in scientific studies. This initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well to develop innovative therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current factory in Elgin and will create 50 full-time positions while keeping the 140 full-time jobs they have currently.

The Illinois Small Business Development Center located at Southern Illinois University is funded through a collaborative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists entrepreneurs from the local area with help in creating or expanding their businesses through programs such as free business planning workshops One-on-one counseling sessions with experienced Business Advisors and access financing options.

State leaders in Indiana are encouraging employers to offer higher compensation and benefits as method of keeping child care workers working across the nation, who face a shortage of job. The decision comes after the closing of a child care center in Bronzeville which was struggling to retain staff.

Illinois Department of Labor also introduced an online tool to help small businesses understand labor laws. Employers can search using keywords or browse categories on the site; as well as connect to state agencies and sources.

Illinois Business Development Authority (IBDA) has taken steps to make people aware of illinois economy news (pressez.blog.fc2.com) tax incentives for business expansion. They hosted an online webinar on the subject. The webinar was recorded and will later appear on the website.