Illinois Business Developments

Illinois, as the largest market of the Midwest and home to over two thousand corporate headquarters, a thriving business scene, and more than 1.2 million small businesses, is home to the infrastructure that companies require to thrive in the modern business. From world-class infrastructure that connects businesses with their customers and suppliers to highly skilled workforce across various industries as well as an advanced manufacturing base - Illinois excels in a variety of areas such as advanced and clean energy, agribusiness, IT life sciences, transportation logistics.

Illinois has witnessed a significant expansion of foreign investments in recent years. Countries such as Britain, Japan, Germany and China were among the countries that most invested in Illinois in 2023. By that time, press release websites (https://hashnode.com) the total was more than USD $13.2 billion across manufacturing, agribusiness and other sectors in Illinois alone.

Since 2014, more than $1 billion in incentives were granted under Illinois' Reimagining Energy and Vehicles program to firms that supply electric vehicles and green energy production. This month, DCEO also provided PsiQuantum Manufacturing with an incentive package worth more than $200 million for their new high-tech facility located 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 for the launch of CZ Biohub Chicago - a innovative research hub that is 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 human tissue development as in developing revolutionary therapeutics.

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

The Illinois Small Business Development Center located at Southern Illinois University is funded in part through a cooperative agreement between 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 starting or expanding their businesses with services that include free business planning workshops individual counseling sessions with expert Business Advisors as well as access to funding opportunities.

State leaders in Indiana are informing employers to provide higher salaries and benefits as a way of keeping child care workers in the country, who face a shortage of jobs. The move comes after the closure of a child care facility located in Bronzeville which was struggling to retain employees.

Illinois Department of Labor also has launched an online tool to provide small-sized businesses with information on employment laws. Employers can search for keywords or browse categories on the website, as well as connect to state agencies and other resources.

Illinois Business Development Authority (IBDA) is taking steps to increase awareness about Illinois tax incentives that can be used for business expansion. The IBDA hosted an online webinar about this topic. The event was recorded. It will then be available on their website.