Illinois Business Developments
Illinois, as the largest markets in the Midwest and the home of more than 22,000 corporate headquarters, a thriving startup scene and over 1.2 million small businesses, lululemon press release (https://independent.academia.edu/Pressez) provides all of the assets global companies require to thrive in today's competitive business. From world-class infrastructure which connects businesses to suppliers and customers to a talented workforce in various industries and an advanced manufacturing base - Illinois leads in many areas including advanced and sustainable agricultural technology, energy, and life sciences transportation logistics.
Illinois has seen tremendous foreign investment growth over recent years. Countries such as Britain, Japan, Germany and China were among those most invested in Illinois In 2023, this amount was over USD $13.2 billion across the agribusiness, manufacturing and manufacturing sectors in Illinois alone.
Since 2014, nearly $1 billion worth of incentives have been given out under Illinois' Reimagining Energy and Vehicles program to companies providing electric vehicles and renewable energy production. In the last month, DCEO also rewarded PsiQuantum Manufacturing with an incentive package totaling over $200 million for their new modern manufacturing facility in East Alton.
Governor JB Pritzker accompanied by representatives of Chan Zuckerberg Initiative, the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a innovative research hub that is that is at the forefront of cutting-edge research. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as and develop revolutionary therapies.
Governor JB Pritzker and Flender Corporation recently announced they have expanded their plant for manufacturing in Elgin that will result in 50 full-time employees while maintaining 140 existing full-time positions intact.
The Illinois Small Business Development Center located 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 offers entrepreneurs in the area with support for starting or expanding their businesses through programs such as free workshops on business planning, one-on-one counseling sessions with expert Business Advisors and access financing options.
State leaders in Indiana are encouraging employers to offer higher compensation and benefits as way to keep child care workers employed nationwide and facing a lack of job. This comes following the closure of a care facility in Bronzeville which was struggling to retain employees.
Illinois Department of Labor also introduced an online tool to inform small-scale businesses about the laws governing employment. Employers can search using keywords or browse categories on this website; and connect to the appropriate state agencies and resources.
Illinois Business Development Authority (IBDA) is working to promote awareness of Illinois tax incentives that can be used for business expansion. They hosted a webinar this week on this subject, which was recorded and will appear on the website.
