Illinois Business Developments

Illinois is the biggest market in the Midwest and home to over 22,000 corporate headquarters, a bustling startup scene, and over 1.2 million small-scale businesses, offers the infrastructure that firms require to flourish in today's competitive business. From world-class infrastructure which connects companies with suppliers and customers to a skilled workforce across various industries and a thriving manufacturing base - Illinois leads in many areas such as clean and advanced energy, agribusiness, IT life sciences transportation logistics.

Illinois has seen tremendous international investment growth in recent years. Countries such as Britain, Japan, Germany and China were among the most invested in Illinois in 2023. By that time, the sum was greater than USD $13.2 billion across agriculture, manufacturing and other sectors in Illinois all by itself.

Since 2014, nearly $1 billion in incentives has been granted under Illinois' Reimagining Energy and Vehicles program to businesses that offer electric vehicles and clean energy production. This month, DCEO also awarded PsiQuantum Manufacturing with an incentive package worth more than $200 million for their new advanced 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 officially launch CZ Biohub Chicago - a groundbreaking research hub that is at the forefront in research. This initiative will bring together University of dea chicago press release [pressez.blog.Fc2.Com], Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well in developing revolutionary therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they have expanded their production facility located in Elgin, creating 50 full-time jobs while keeping the 140 full-time positions they currently have.

The Illinois Small Business Development Center located at Southern Illinois University is funded partly through a cooperative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center provides entrepreneurs from the local area with help in starting or expanding their businesses through services such as free business planning workshops and one-on-one sessions with experienced Business Advisors, and access to financing opportunities.

State leaders in Indiana are encouraging employers to offer higher salaries and benefits as a means of keeping childcare workers in the country as they face a shortage of job. This follows the closing of a children's care center in Bronzeville where it was difficult to retain staff.

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

Illinois Business Development Authority (IBDA) is taking action to raise awareness of Illinois' tax incentives for business expansion. They hosted the IBDA's webinar this week about this topic. The event was recorded and will appear on the website.