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Illinois Business Developments

Illinois as the biggest market in the Midwest and the home of more than 2,000 corporate headquarters, a vibrant business scene, and more than 1.2 million small businesses, is home to all the resources global firms require to flourish in business today. From world-class infrastructure which connects businesses with their suppliers and customers to skilled and knowledgeable workforces in various industries and an advanced manufacturing base, Illinois is a leader in many areas like advanced and clean agriculture, energy, 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 those most invested in Illinois; by 2023 this total was more than USD $13.2 billion across agricultural, manufacturing, and other sectors in Illinois all by itself.

Since 2014, more than $1 billion in incentives have been awarded under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and 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 manufacturing facility located in East Alton.

Governor JB Pritzker was joined by representatives from Chan Zuckerberg Initiative, the press room chicago menu - https://start.me/, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a revolutionary research hub located that is at the forefront of cutting-edge scientific research. The initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well to develop innovative therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current plant for manufacturing in Elgin which will create 50 full-time jobs while keeping 140 existing full-time positions intact.

The Illinois Small Business Development Center located 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 offers entrepreneurs from the local area with help in starting or expanding their businesses through services 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 encouraging employers to offer higher wages and benefits as a means of keeping childcare employees in the United States which is a problem due to a shortage of job. The move comes after the closing of a child care facility located in Bronzeville where it was difficult to retain employees.

Illinois Department of Labor also has launched an online tool to help small businesses understand labor laws. Employers are able to search using keywords or browse categories on the website, as well as connect to appropriate state agencies and other resources.

Illinois Business Development Authority (IBDA) is working to promote awareness of Illinois tax incentives that can be used for business expansion. The IBDA hosted an online webinar about this topic. The event was recorded and will be available on their website.