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Illinois Business Developments

Illinois is the most populous markets in the Midwest and home to over 2000 corporate headquarters, a bustling entrepreneurial scene, and more than 1.2 million small businesses, provides all of the assets global businesses need to be successful in business today. From world-class infrastructure which connects businesses to suppliers and customers, to a skilled and knowledgeable workforces in various industries and a thriving manufacturing base - Illinois is a leader in many areas such as clean and advanced agricultural technology, energy, and life sciences logistics for transportation.

Illinois has seen tremendous foreign investment growth over 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 across manufacturing, agribusiness and other areas in Illinois all by itself.

Since 2014, over $1 billion in incentives were granted under Illinois Reimagining Energy and Vehicles program to companies providing electric vehicles and renewable energy production. This month, DCEO also awarded PsiQuantum Manufacturing with an incentive package worth more than $200 million for their brand new state-of-the-art facility located in East Alton.

Governor JB Pritzker was present along with representatives from Chan Zuckerberg Initiative, the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a innovative research hub that is at the forefront of leading scientific studies. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as as develop groundbreaking therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing manufacturing facility in Elgin and will create 50 full-time positions while keeping 140 existing full-time positions intact.

The Illinois Small Business Development Center located 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 beginning or expanding their business by offering services like free workshops on business planning, one-on-one counseling sessions with expert Business Advisors as well as access to funding opportunities.

State leaders in Indiana are encouraging employers to offer higher pay and benefits as a method of keeping child care workers in the country as they face a shortage of jobs. The decision comes after the closure of a care center located in Bronzeville which struggled to retain staff.

Illinois Department of Labor also created an online tool to educate small businesses on labor laws. Employers can search using keywords or browse categories on the website, as well as connect to appropriate state agencies and information sources.

Illinois Business Development Authority (IBDA) is taking steps to raise awareness of Illinois tax incentives that can be used for business expansion. They hosted an online webinar on the subject. It was recorded. It will then be available on their website.