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Illinois Business Developments
Illinois, as the largest market in the Midwest and home to over two thousand corporate headquarters, a bustling business scene, and more than 1.2 million small enterprises, has all of the assets global businesses need to be successful in the current business climate. The world's best infrastructure connects businesses to suppliers and customers to a skilled and knowledgeable workforces in various industries and a thriving manufacturing base - Illinois is a leader in many areas like advanced and clean energy, agribusiness, IT life sciences transportation logistics.
Illinois has seen a huge foreign investment growth over recent years. Countries like Britain, Japan, Germany and China were among the most investing in Illinois and by 2023, this sum was greater than USD $13.2 billion across agriculture, manufacturing and other sectors in Illinois alone.
Since 2014, more than $1 billion worth of incentives have been granted under Illinois' Reimagining Energy and Vehicles program to businesses that offer electric vehicles and clean energy production. Last month, DCEO also granted PsiQuantum Manufacturing with an incentive package that was worth over $200 million for their brand new state-of-the-art manufacturing facility in East Alton.
Governor JB Pritzker was present along with representatives from The Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a cutting-edge research hub at the forefront of leading scientific research. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the human development of tissues as well and develop revolutionary therapies.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing production facility located in Elgin that will result in 50 full-time employees while maintaining the 140 full-time positions they currently have.
The Illinois Small Business Development Center at Southern Illinois University is funded partly through a cooperative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists local entrepreneurs with assistance for the creation or expansion of their businesses through programs such as free business planning workshops and one-on-one sessions with experienced Business Advisors and access to financing opportunities.
State leaders in Indiana are informing employers to provide higher wages and benefits as a way to keep child care employees in the United States and facing a lack of work. The move comes after the closing of a children's care facility in Bronzeville which struggled to retain staff.
Illinois Department of Labor also has launched an online tool to provide small-sized businesses with information on employment laws. Employers can search using keywords or browse through categories on this website; and connect to the appropriate state agencies and information sources.
Illinois Business Development Authority (IBDA) has taken steps to increase awareness about Illinois' tax incentives for business expansion. They hosted an interactive webinar about this topic. The event was recorded. It will then appear on the website.
