Illinois Business Developments
Illinois, as the largest marketplace in the Midwest and the home of more than two thousand corporate headquarters, a vibrant startup scene, and over 1.2 million small businesses, is home to the infrastructure that companies require to thrive in the modern business. From the world-class infrastructure that connects businesses with their suppliers and customers to a skilled workforce across various industries and an advanced manufacturing base, Illinois is a leader in many areas such as advanced and clean agricultural technology, energy, and life sciences, transportation logistics.
Illinois has seen tremendous increase in foreign investment over the last few years. Countries like Britain, Japan, Germany and China were among the countries that most invested in Illinois in 2023. By that time, the sum was greater than USD $13.2 billion across manufacturing, agribusiness and other areas in Illinois all by itself.
In 2014, over $1 billion in incentives has been distributed under Illinois Reimagining Energy and Vehicles program to firms that supply electric vehicles and renewable energy production. The program was announced last month. DCEO also awarded PsiQuantum Manufacturing with an incentive package totaling over $200 million press release for Upcoming event example, https://pressez.substack.com/about, their brand new state-of-the-art facility in East Alton.
Governor JB Pritzker accompanied by representatives of the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago for the launch of CZ Biohub Chicago - a cutting-edge research hub that is at the forefront of cutting-edge scientific research. The project will unite 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 are expanding their current plant for manufacturing in Elgin which 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 through a collaborative 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 creating or expanding their businesses by offering services like free business planning workshops individual counseling sessions with experienced Business Advisors and access to financing options.
State officials in Indiana are insisting on employers offering higher pay and benefits as a way to keep child care workers in the country as they face a shortage of work. This comes following the closing of a children's care facility located in Bronzeville where it was difficult to retain employees.
Illinois Department of Labor also has launched an online tool to provide small-sized businesses with information on lawful employment practices. Employers can search by keyword or browse categories on the website; and connect to the appropriate state agencies and information sources.
Illinois Business Development Authority (IBDA) is taking action to increase awareness about Illinois tax incentives to business expansion. They hosted the IBDA's webinar this week on this subject, which was recorded and will be available on their website.
