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Illinois Business Developments
Illinois as the biggest marketplace in the Midwest and the home of more than 22,000 corporate headquarters, a vibrant entrepreneurial scene, and more than 1.2 million small businesses, provides all of the assets global companies require to thrive in the modern business. From the world-class infrastructure that connects companies with suppliers and customers to skilled and knowledgeable workforces in various industries and a thriving manufacturing base, Illinois excels in a variety of areas such as clean and advanced technology, agriculture, energy, 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 most invested in Illinois and by 2023, this sum was greater than USD $13.2 billion in the agribusiness, manufacturing and manufacturing industries in Illinois all by itself.
Since 2014, nearly $1 billion in incentives were awarded under Illinois' Reimagining Energy and Vehicles program to companies providing electric vehicles and clean energy production. The program was announced last month. DCEO also awarded PsiQuantum Manufacturing with an incentive package worth more than $200 million for their new modern facility located 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 for the launch of CZ Biohub Chicago - a revolutionary research hub located in the forefront of research. The initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well and develop revolutionary therapies.
Governor JB Pritzker and Flender Corporation recently announced they have expanded their manufacturing facility in Elgin and will create 50 full-time jobs while keeping the existing 140 full-time employees.
The Illinois Small Business Development Center 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 assists entrepreneurs in the area with support for starting or expanding their businesses by offering services like free business planning workshops and one-on-one sessions with experienced Business Advisors, and access to funding opportunities.
State officials in Indiana are encouraging employers to offer higher pay and benefits as a means of keeping childcare workers in the country which is a problem due to a shortage of jobs. This comes following the closure of a child care facility in Bronzeville that struggled to keep its employees.
Illinois Department of Labor also launched an online tool designed to provide small-sized businesses with information on the laws governing employment. Employers can search for keywords or browse through categories on this website, as well as connect with state agencies and other resources.
Illinois Business Development Authority (IBDA) is working 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. It will then be available on their website.
