Illinois Business Developments

Illinois is the most populous marketplace in the Midwest and home to over two thousand corporate headquarters, a thriving business scene, and more than 1.2 million small enterprises, has the infrastructure that companies require to thrive in the modern business. The world’s best infrastructure connects businesses with their suppliers and customers, to a talented workforce in various industries as well as an advanced manufacturing base – Illinois has a leading position in many fields including advanced and sustainable agricultural technology, energy, and life sciences, transportation logistics.

Illinois has experienced a tremendous increase in expansion of foreign investments in recent years. Countries like Britain, Japan, Germany and China were among the top countries investing in Illinois in 2023. By that time, the sum was greater than USD $13.2 billion across agriculture, manufacturing and other sectors in Illinois alone.

Since 2014, nearly $1 billion in incentives has been granted under Illinois’ Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as clean energy production. The program was announced last month. DCEO also provided PsiQuantum Manufacturing with an incentive package worth more than 200 million dollars for their new modern manufacturing facility in East Alton.

Governor JB Pritzker was joined by representatives from Chan Zuckerberg Initiative, the 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 in the forefront of scientific research. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well in developing revolutionary therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their current production facility located in Elgin that will result in 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 funded by a co-operative agreement among U.S. Small Business Administration, illinois press association convention (pressez.substack.com) Department of Commerce and Economic Opportunity and Southern Illinois University. The Center provides local entrepreneurs with assistance in starting or expanding their businesses by offering services like free business planning workshops One-on-one counseling sessions with expert Business Advisors and access to financing options.

State officials in Indiana are informing employers to provide higher compensation and benefits as means of keeping childcare workers employed nationwide as they face a shortage of jobs. The decision comes after the closure of a care center located in Bronzeville which was struggling to retain staff.

Illinois Department of Labor also created an online tool to educate small businesses on lawful employment practices. Employers are able to search using keywords or browse categories on this site, and 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. They hosted the IBDA’s webinar this week on this subject, which was recorded and will become archived and posted on their site.