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Illinois Business Developments

Illinois, as the largest market in the Midwest and home to more than 2000 corporate headquarters, a thriving startup scene and over 1.2 million small enterprises, has all the resources global businesses need to be successful in business today. From world-class infrastructure which connects businesses with their suppliers and customers to skilled and knowledgeable workforces in various industries and an advanced manufacturing base, Illinois is a leader in many areas such as clean and advanced technology, agriculture, energy, life sciences and 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 those most invested in Illinois in 2023. By that time, the sum was greater than USD $13.2 billion across agriculture, manufacturing and other areas in Illinois alone.

Since 2014, over $1 billion in incentives has been given out under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as renewable energy production. Last month, DCEO also rewarded PsiQuantum Manufacturing with an incentive package of more than $200 million for their brand new advanced 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 for the launch of CZ Biohub Chicago - a revolutionary research hub located that is at the forefront in scientific 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 to develop innovative therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current production facility located in Elgin that will result in 50 full-time employment while keeping the existing 140 full-time employees.

The illinois pressed penny - https://start.me/w/mBRA6P - Small Business Development Center at Southern Illinois University is funded partly through a cooperative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The center provides entrepreneurs from the local area with help in the creation or expansion of their businesses with services that include free business planning workshops individual counseling sessions with expert Business Advisors and access to financing opportunities.

State leaders in Indiana are informing employers to provide higher compensation and benefits as way to keep child care employees in the United States, who face a shortage of work. This follows the closing of a child care center located in Bronzeville where it was difficult to retain staff.

Illinois Department of Labor also created an online tool to help small businesses understand lawful employment practices. Employers can search using keywords or browse categories on the site, and connect to state agencies and resources.

Illinois Business Development Authority (IBDA) has taken steps to raise awareness of Illinois tax incentives that can be used for business expansion by hosting a webinar this week on this subject, which was recorded and will appear on the website.