Illinois Business Developments

Illinois is 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 the resources global businesses require to succeed in the current business climate. From world-class infrastructure which connects companies with customers and suppliers to highly skilled workforce across various industries as well as a modern manufacturing base - Illinois leads in many areas including advanced and sustainable agriculture, energy, IT life sciences transportation logistics.

Illinois has experienced a tremendous increase in foreign investment growth over recent years. Countries like Britain, Japan, Germany and China were among the countries that most invested in Illinois; by 2023 this amount was over USD $13.2 billion across agricultural, manufacturing, and other industries in Illinois alone.

In 2014, over $1 billion in incentives have been awarded under Illinois' Reimagining Energy and Vehicles program to businesses that offer electric vehicles and renewable energy production. Last month, DCEO also provided PsiQuantum Manufacturing with an incentive package totaling over $200 million for their new modern facility 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 inaugurate CZ Biohub Chicago - a cutting-edge research hub 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 human tissue development as in developing revolutionary therapeutics.

Governor ispr press release (https://start.me/w/mBRA6P) JB Pritzker and Flender Corporation recently announced they have expanded their production facility located 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 by a co-operative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center provides local entrepreneurs with assistance for creating or expanding their businesses with services that include free business planning workshops individual counseling sessions with experienced Business Advisors, and access to financing options.

State officials in Indiana are informing employers to provide higher wages and benefits as a way of keeping child care employees in the United States which is a problem due to a shortage of jobs. This follows the closing of a child care facility located in Bronzeville where it was difficult to retain employees.

Illinois Department of Labor also has launched an online tool to help small businesses understand employment laws. Employers can search using keywords or browse categories on this website, as well as connect to state agencies and sources.

Illinois Business Development Authority (IBDA) is taking action to raise awareness of Illinois tax incentives to business expansion. They hosted the IBDA's webinar this week about this topic. The event was recorded and will later appear on the website.