Illinois Business Developments

Illinois is the biggest market of the Midwest and home to over 2000 corporate headquarters, an active startup scene, and over 1.2 million small enterprises, has all of the assets global businesses require to succeed in the current business climate. From the world-class infrastructure that connects businesses with their suppliers and customers, to a skilled workers in various fields as well as a modern manufacturing base, Illinois is a leader in many areas such as advanced and clean agricultural technology, energy, and life sciences and transportation logistics.

Illinois has seen a huge international investment growth in recent years. Countries such as Britain, Japan, Germany and China were among those most investing in Illinois and by 2023, this amount was over USD $13.2 billion in agricultural, manufacturing, and other areas in Illinois all by itself.

Since 2014, more than $1 billion in incentives were distributed under Illinois' Reimagining Energy and Vehicles program to businesses that offer electric vehicles and clean energy production. This month, press release list DCEO also rewarded PsiQuantum Manufacturing with an incentive package of more than $200 million for their new state-of-the-art manufacturing facility located in East Alton.

Governor JB Pritzker accompanied by representatives of his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a revolutionary research hub located that is at the forefront in scientific studies. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as in developing revolutionary therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current production facility located in Elgin which will create 50 full-time positions while keeping the 140 full-time jobs they have currently.

The Illinois Small Business Development Center located at Southern Illinois University is funded by a co-operative 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 beginning or expanding their business through services such as free business planning workshops, one-on-one counseling sessions with experienced Business Advisors and access financing options.

State leaders in Indiana are informing employers to provide higher salaries and benefits as a way of keeping child care workers employed nationwide as they face a shortage of jobs. This comes following the closure of a child care center located in Bronzeville which struggled to retain staff.

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

Illinois Business Development Authority (IBDA) has taken steps 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 later be archived on their website.