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Illinois Business Developments

Illinois is the biggest market in the Midwest and home to over 2,000 corporate headquarters, a bustling business scene, and more than 1.2 million small enterprises, has the infrastructure that firms require to flourish in the modern business. From world-class infrastructure which connects companies with suppliers and customers to talented workforce in various industries as well as a modern manufacturing base - Illinois excels in a variety of areas including advanced and sustainable technology, agriculture, energy, life sciences and transportation logistics.

Illinois has witnessed a significant increase in foreign investment over the last few years. Countries like Britain, Japan, Germany and China were among the most invested in Illinois; by 2023 this sum was greater than USD $13.2 billion in manufacturing, agribusiness and other areas in Illinois alone.

Since 2014, nearly $1 billion in incentives have been distributed under Illinois' Reimagining Energy and Vehicles program to firms that supply electric vehicles and green energy production. In the last month, DCEO also provided PsiQuantum Manufacturing with an incentive package of more than $200 million for their brand new modern facility located in East Alton.

Governor JB Pritzker joined representatives from his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to launch CZ Biohub Chicago - a revolutionary research hub located in the forefront of scientific studies. The 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 to develop innovative therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current factory in Elgin which will create 50 full-time employees while maintaining 140 existing full-time positions intact.

The Illinois Small Business Development Center located at Southern Illinois University is funded in part through a cooperative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The center provides local entrepreneurs with assistance in starting or expanding their businesses through programs such as free workshops on business planning One-on-one counseling sessions with expert Business Advisors as well as access to financing opportunities.

State officials in Indiana are pushing employers to offer better salaries and benefits as a means of keeping childcare workers in the country and facing a lack of job. The decision comes after the closing of a child care center located in Bronzeville which struggled to retain employees.

Illinois Department of Labor also introduced an online tool to educate small businesses on the laws governing employment. Employers can search by keyword or browse categories on the site; as well as connect to state agencies and other resources.

Illinois Business Development Authority (IBDA) has taken steps to make people aware of Illinois tax incentives that can be used for business expansion by hosting the IBDA's webinar this week about this topic. The event was recorded. It will then be archived on their website.