Illinois Business Developments

Illinois, as the largest market of the Midwest and home to more than 22,000 corporate headquarters, a thriving entrepreneurial scene, and more than 1.2 million small enterprises, has all the resources global businesses need to be successful in the modern business. From the world-class infrastructure that connects companies to suppliers and customers to skilled workers in various fields as well as an advanced manufacturing base - Illinois excels in a variety of areas like advanced and clean energy, agribusiness, IT life sciences, transportation logistics.

Illinois has witnessed a significant foreign investment growth over recent years. Countries like Britain, Japan, Germany and China were among the countries that most investing in Illinois In 2023, this total was more than USD $13.2 billion in manufacturing, agribusiness and other areas in Illinois all by itself.

Since 2014, nearly $1 billion in incentives has been given out under Illinois' Reimagining Energy and Vehicles program to companies providing electric vehicles and clean energy production. Last month, DCEO also provided PsiQuantum Manufacturing with an incentive package of more than $200 million to build a state-of-the-art manufacturing facility in East Alton.

Governor JB Pritzker joined representatives from the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago for the launch of CZ Biohub Chicago - a groundbreaking research hub at the forefront of leading scientific research. The project will unite University of Chicago, 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 announced they are expanding their current manufacturing facility in Elgin which will create 50 full-time employment while keeping the 140 full-time positions they currently have.

The Illinois Small Business Development Center located at Southern Illinois University is the press box bar in chicago still open (www.diigo.com) funded in part through a cooperative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The center provides entrepreneurs in the area with support for beginning or expanding their business by offering services like free business planning workshops, one-on-one counseling sessions with expert Business Advisors and access financing options.

State leaders in Indiana are insisting on employers offering higher wages and benefits as a way of keeping child care workers employed nationwide, who face a shortage of jobs. The decision comes after the closing of a children's care facility located in Bronzeville which struggled to retain employees.

Illinois Department of Labor also introduced an online tool to inform small-scale businesses about lawful employment practices. Employers can search by keyword or browse categories on the site, and connect with state agencies and resources.

Illinois Business Development Authority (IBDA) is taking steps to make people aware of Illinois tax incentives to business expansion by hosting an online webinar about this topic. The event was recorded and will appear on the website.