Illinois Business Developments

Illinois, as the largest market in the Midwest and home to more than 2000 corporate headquarters, a thriving business scene, and more than 1.2 million small businesses, press release articles (pressez.substack.com) is home to the infrastructure that firms require to flourish in today's competitive business. The world's best infrastructure connects companies to customers and suppliers to highly skilled workers in various fields as well as an advanced manufacturing base, Illinois leads in many areas such as advanced and clean agricultural technology, energy, and life sciences and transportation logistics.

Illinois has seen tremendous foreign investment growth over recent years. Countries like Britain, Japan, Germany and China were among the most investing in Illinois; by 2023 this sum was greater than USD $13.2 billion in manufacturing, agribusiness and other industries in Illinois alone.

Since 2014, more than $1 billion in incentives has been granted under Illinois' Reimagining Energy and Vehicles program to businesses that offer electric vehicles and clean energy production. In the last month, DCEO also granted PsiQuantum Manufacturing with an incentive package of more than $200 million for their brand new state-of-the-art manufacturing facility 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 inaugurate CZ Biohub Chicago - a groundbreaking research hub at the forefront of leading scientific studies. This initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well to develop innovative therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their current manufacturing facility in Elgin, creating 50 full-time positions while keeping 140 existing full-time positions intact.

The Illinois Small Business Development Center at Southern Illinois University is 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 offers local entrepreneurs with assistance in the creation or expansion of their businesses with services that include free workshops on business planning, one-on-one counseling sessions with experienced Business Advisors and access financing opportunities.

State officials in Indiana are encouraging employers to offer higher wages and benefits as a way of keeping child care workers employed nationwide and facing a lack of work. The move comes after the closure of a care facility in Bronzeville which was struggling to retain employees.

Illinois Department of Labor also launched an online tool designed to help small businesses understand lawful employment practices. Employers are able to search using keywords or browse categories on the website; and connect to the appropriate state agencies and other resources.

Illinois Business Development Authority (IBDA) has taken steps to raise awareness of Illinois tax incentives that can be used for business expansion. The IBDA hosted an online webinar on the subject. The webinar was recorded. It will then become archived and posted on their site.