Illinois Business Developments

Illinois is the most populous market of the Midwest and the home of more than 2,000 corporate headquarters, a thriving startup scene and over 1.2 million small-scale businesses, offers all the resources that global businesses require to succeed in the current business climate. From world-class infrastructure which connects businesses to suppliers and customers, to a talented workforce in various industries as well as a modern manufacturing base - Illinois is a leader in many areas such as clean and advanced agriculture, energy, IT life sciences logistics for transportation.

Illinois has witnessed a significant international investment growth in recent years. Countries such as Britain, Japan, Germany and China were among the top countries investing in Illinois; by 2023 this amount was over USD $13.2 billion in manufacturing, agribusiness and other sectors in Illinois all by itself.

Since 2014, more than $1 billion in incentives were awarded under Illinois' Reimagining Energy and Vehicles program to firms that supply electric vehicles and clean energy production. This month, DCEO also awarded PsiQuantum Manufacturing with an incentive package totaling over $200 million to build a state-of-the-art facility located in East Alton.

Governor JB Pritzker accompanied by representatives of the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to launch CZ Biohub Chicago - a groundbreaking research hub that is at the forefront of cutting-edge research. This initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as in developing revolutionary therapeutics.

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

The Illinois Small Business Development Center located 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 creating or expanding their businesses through programs such as free workshops on business planning and one-on-one sessions with expert Business Advisors and Press release packet (https://mirror.xyz/) access funding opportunities.

State officials in Indiana are encouraging employers to offer higher pay and benefits as a method of keeping child care employees in the United States which is a problem due to a shortage of job. This comes following the closing of a child care center in Bronzeville which struggled to retain employees.

Illinois Department of Labor also created an online tool to inform small-scale businesses about labor laws. Employers can search by keyword or browse categories on this site, and connect to the appropriate state agencies and other resources.

Illinois Business Development Authority (IBDA) is working to promote awareness of Illinois tax incentives for expanding businesses by hosting the IBDA's webinar this week on the subject. The webinar was recorded. It will then become archived and posted on their site.