Illinois Business Developments

Illinois is the biggest marketplace in the Midwest and home to over two thousand corporate headquarters, a bustling startup scene and over 1.2 million small businesses, is home to the infrastructure that businesses require to succeed in the modern business. 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 leads in many areas such as advanced and clean energy, agribusiness, IT life sciences, transportation logistics.

Illinois has witnessed a significant international investment growth in recent years. Countries such as Britain, Japan, Germany and China were among those most invested in Illinois and by 2023, this sum was greater than USD $13.2 billion across manufacturing, agribusiness and other industries in Illinois all by itself.

In 2014, over $1 billion worth of incentives have been granted under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as clean energy production. This month, DCEO also rewarded PsiQuantum Manufacturing with an incentive package that was worth over 200 million dollars for their new high-tech manufacturing facility in East Alton.

Governor JB Pritzker was present along with representatives from his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to launch CZ Biohub Chicago - a groundbreaking research hub that is at the forefront of cutting-edge scientific 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 and develop revolutionary therapies.

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

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

State officials in Indiana are insisting on employers offering higher wages and benefits as a means of keeping childcare employees in the United States which is a problem due to a shortage of jobs. The decision comes after the closure of a care facility in Bronzeville which struggled to retain employees.

Illinois Department of Labor also created an online tool to provide small-sized businesses with information on employment laws. Employers can search by keyword 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 to business expansion. They hosted an interactive webinar about this topic. The event was recorded. It will then be archived on their website.