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Illinois Business Developments

Illinois, as the largest market of the Midwest and home to over 2,000 corporate headquarters, a bustling startup scene, and over 1.2 million small businesses, provides all the resources global companies require to thrive in today's competitive business. From world-class infrastructure that connects businesses with their suppliers and customers to a skilled and knowledgeable workforces in various industries and a thriving manufacturing base - Illinois excels in a variety of areas like advanced and clean energy, agribusiness, IT life sciences, transportation logistics.

Illinois has experienced a tremendous increase in increase in foreign investment over the last few years. Countries like Britain, Japan, Germany and China were among the most investing in Illinois in 2023. By that time, the amount was over USD $13.2 billion across manufacturing, agribusiness and other areas in Illinois all by itself.

Since 2014, nearly $1 billion worth of incentives have been granted under Illinois' Reimagining Energy and Vehicles program to companies providing electric vehicles and renewable energy production. Last month, DCEO also rewarded PsiQuantum Manufacturing with an incentive package totaling over 200 million dollars for their new state-of-the-art manufacturing facility located in East Alton.

Governor JB Pritzker accompanied by representatives of the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago Press to inaugurate CZ Biohub Chicago - a revolutionary research hub located in the forefront of research. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well and develop revolutionary therapies.

Governor JB Pritzker and Flender Corporation recently announced they have expanded their manufacturing facility in Elgin, creating 50 full-time jobs while keeping the 140 full-time positions they currently have.

The Illinois Small Business Development Center at Southern Illinois University is funded by a co-operative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers local entrepreneurs with assistance for starting or expanding their businesses through programs such as free workshops on business planning and one-on-one sessions with expert Business Advisors and access to financing opportunities.

State officials in Indiana are insisting on employers offering higher compensation and benefits as way to keep child care workers employed nationwide which is a problem due to a shortage of employment. This comes following the closing of a children's care facility in Bronzeville where it was difficult to retain staff.

Illinois Department of Labor also created an online tool to provide small-sized businesses with information on lawful employment practices. Employers can search for keywords or browse categories on this website, as well as connect to state agencies and resources.

Illinois Business Development Authority (IBDA) has taken steps to make people aware of Illinois tax incentives that can be used for expanding businesses by hosting an online webinar on the subject. The webinar was recorded. The webinar will later be archived on their website.