Illinois Business Developments
Illinois as the biggest market in the Midwest and home to over 22,000 corporate headquarters, an active startup scene and over 1.2 million small-scale businesses, offers all of the assets global businesses need to be successful in business today. From the world-class infrastructure that connects companies with customers and suppliers to highly skilled workforce across various industries as well as a modern manufacturing base - Illinois is a leader in many areas including advanced and sustainable energy, agribusiness, IT life sciences transportation logistics.
Illinois has seen a huge increase in foreign investment over the last few years. Countries such as Britain, Japan, Germany and China were among the top countries investing in Illinois In 2023, this total was more than USD $13.2 billion in agriculture, manufacturing and other sectors in Illinois alone.
In 2014, over $1 billion in incentives have been awarded under Illinois Reimagining Energy and Vehicles program to companies providing electric vehicles and clean energy production. In the last month, DCEO also rewarded PsiQuantum Manufacturing with an incentive package of more than 200 million dollars for their new modern manufacturing facility located in East Alton.
Governor JB Pritzker was joined by representatives from his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago for the launch of CZ Biohub Chicago - a groundbreaking research hub that is at the forefront in scientific studies. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well in developing revolutionary therapeutics.
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 140 full-time positions they currently have.
The Illinois Small Business Development Center at Southern Illinois University is funded in part through a cooperative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center provides local entrepreneurs with assistance for the creation or expansion of their businesses through programs such as free workshops on business planning, one-on-one counseling sessions with experienced Business Advisors and access financing options.
State officials in Indiana are encouraging employers to offer higher wages and benefits as a way of keeping child care employees in the United States as they face a shortage of jobs. This follows the closure of a care facility located in Bronzeville which was struggling to retain staff.
Illinois Department of Labor also introduced an online tool to help small businesses understand the laws governing employment. Employers are able to search using keywords or browse categories on this site, and connect with state agencies and information sources.
Illinois Business Development Authority (IBDA) is working to promote awareness of Illinois tax incentives that can be used for business expansion by hosting an interactive webinar on the subject. It was recorded. The webinar will later appear on the free press advocate wilmington illinois website.
