Illinois Business Developments

Illinois is the biggest markets in the Midwest and the home of more than 2,000 corporate headquarters, an active startup scene and over 1.2 million small businesses, is home to all of the assets global firms require to flourish in today's competitive business. From world-class infrastructure which connects businesses to suppliers and customers, to a skilled workforce across various industries and an advanced manufacturing base, Illinois leads in many areas such as advanced and clean agriculture, energy, IT life sciences logistics for transportation.

Illinois has seen tremendous foreign investment growth over recent years. Countries such as Britain, Japan, Germany and China were among the most invested in Illinois in 2023. By that time, Un press release (Independent.academia.Edu) the total was more than USD $13.2 billion in agriculture, manufacturing and other industries in Illinois alone.

Since 2014, more than $1 billion in incentives have been granted 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 provided PsiQuantum Manufacturing with an incentive package of more than $200 million to build a advanced 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 to officially launch CZ Biohub Chicago - a innovative research hub that is that is at the forefront in scientific studies. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the human development of tissues as well as develop groundbreaking therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing manufacturing facility in Elgin that will result in 50 full-time positions while keeping the 140 full-time positions they currently have.

The Illinois Small Business Development Center at Southern Illinois University is funded partly through a cooperative agreement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists entrepreneurs in the area with support for creating or expanding their businesses through programs such as free workshops on business planning individual counseling sessions with expert Business Advisors, and access to financing options.

State leaders in Indiana are encouraging employers to offer higher pay and benefits as a method of keeping child care workers in the country, who face a shortage of job. This follows the closure of a care center in Bronzeville where it was difficult to retain staff.

Illinois Department of Labor also created an online tool to help small businesses understand the laws governing employment. Employers are able to search using keywords or browse categories on this site, and connect with state agencies and other resources.

Illinois Business Development Authority (IBDA) is working to increase awareness about Illinois tax incentives to expanding businesses by hosting a webinar this week on the subject. The webinar was recorded. The webinar will later appear on the website.