Illinois Business Developments

Illinois, as the largest market in the Midwest and home to over 22,000 corporate headquarters, a thriving startup scene, and over 1.2 million small-scale businesses, offers all of the assets global firms require to flourish in business today. From world-class infrastructure which connects businesses to suppliers and customers, to a skilled workforce across various industries as well as a modern manufacturing base - Illinois has a leading position in many fields such as clean and advanced agricultural technology, energy, and life sciences logistics for transportation.

Illinois has seen tremendous expansion of foreign investments in recent years. Countries like Britain, Japan, Germany and China were among the most invested in Illinois; by 2023 this amount reached over USD $13.2 billion in manufacturing, agribusiness and other industries in Illinois alone.

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

Governor JB Pritzker was present along with representatives from the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a groundbreaking research hub that is at the forefront in research. This initiative will bring together 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 current plant for manufacturing in Elgin, creating 50 full-time jobs while keeping the 140 full-time jobs they have currently.

The Illinois Small Business Development Center located at Southern Illinois University is funded partly through a cooperative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers entrepreneurs in the area with support for starting or expanding their businesses with services that include free workshops on business planning and one-on-one sessions with expert Business Advisors and access financing opportunities.

State officials in Indiana are insisting on employers offering higher compensation and benefits as method of keeping child care workers in the country and facing a lack of work. This follows the closure of a care facility in Bronzeville which struggled to retain employees.

Illinois Department of Labor also introduced an online tool to educate small businesses on lawful employment practices. Employers can search for keywords or browse categories on the website; and connect with state agencies and resources.

Illinois Business Development Authority (IBDA) is working to raise awareness of Illinois tax incentives for press release dreamm-7 (visit www.speedrun.com here >>) expanding businesses by hosting the IBDA's webinar this week about this topic. The event was recorded. The webinar will later be available on their website.