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Illinois Business Developments

Illinois as the biggest markets in the Midwest and the home of more than 2,000 corporate headquarters, a bustling startup scene and over 1.2 million small businesses, is home to all the resources that global firms require to flourish in the current business climate. From world-class infrastructure that connects companies with suppliers and customers to skilled and knowledgeable workforces in various industries as well as an advanced manufacturing base - Illinois is a leader in many areas including advanced and sustainable technology, agriculture, energy, life sciences, transportation logistics.

Illinois has witnessed a significant international investment growth in recent years. Countries such as Britain, Japan, Germany and China were among the most investing in Illinois In 2023, this amount was over USD $13.2 billion across agricultural, manufacturing, and other industries in Illinois all by itself.

Since 2014, more than $1 billion in incentives have been given out under Illinois' Reimagining Energy and Vehicles program to firms that supply electric vehicles and green energy production. Last month, DCEO also awarded PsiQuantum Manufacturing with an incentive package totaling over 200 million dollars for their new advanced manufacturing facility in East Alton.

Governor JB Pritzker accompanied by representatives of Chan Zuckerberg Initiative, the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a revolutionary research hub located at the forefront of leading scientific studies. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the human development of tissues as well in developing revolutionary therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing manufacturing facility in Elgin, creating 50 full-time jobs while keeping the 140 full-time positions they currently have.

The Illinois Small Business Development Center located at Southern Illinois University is funded by a co-operative agreement 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 workshops on business planning and one-on-one sessions with experienced Business Advisors as well as access to financing opportunities.

State leaders in Indiana are informing employers to provide higher wages and benefits as a way to keep child care workers in the country and facing a lack of job. The decision comes after the closure of a child care facility located in Bronzeville which was struggling to retain staff.

Illinois Department of Labor also has launched an online tool to educate small businesses on labor laws. Employers can search by keyword or browse through categories on this website; and connect to state agencies and resources.

Illinois Business Development Authority (IBDA) has taken steps to raise awareness of Illinois tax incentives to business expansion. The IBDA hosted an interactive webinar about this topic. The event was recorded and will become archived and posted on their site.