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Illinois Business Developments

Illinois as the biggest marketplace in the Midwest and the home of more than 22,000 corporate headquarters, a vibrant startup scene, and over 1.2 million small-scale businesses, offers the infrastructure that firms require to flourish in business today. From world-class infrastructure which connects businesses with their suppliers and customers to a skilled workforce across various industries and a thriving manufacturing base, Illinois has a leading position in many fields such as clean and advanced energy, agribusiness, IT life sciences, transportation logistics.

Illinois has seen tremendous expansion of foreign investments in recent years. Countries like Britain, Japan, Germany and China were among the top countries invested in Illinois in 2023. By that time, the total was more than USD $13.2 billion across manufacturing, agribusiness and other sectors in Illinois Click It Or Ticket, Https://Start.Me/W/MBRA6P, all by itself.

Since 2014, over $1 billion in incentives has been distributed under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and green energy production. Last month, DCEO also provided PsiQuantum Manufacturing with an incentive package worth

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 at the forefront of leading research. The initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well and develop revolutionary therapies.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their current production facility located in Elgin which will create 50 full-time employees while maintaining the 140 full-time jobs they have currently.

The Illinois Small Business Development Center located at Southern Illinois University is funded partly through a cooperative agreement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists local entrepreneurs with assistance for the creation or expansion of their businesses with services that include free business planning workshops individual counseling sessions with experienced Business Advisors, and access to funding opportunities.

State officials in Indiana are encouraging employers to offer higher compensation and benefits as means of keeping childcare workers employed nationwide which is a problem due to a shortage of employment. This follows the closure of a care center in Bronzeville that struggled to keep its employees.

Illinois Department of Labor also launched an online tool designed to help small businesses understand lawful employment practices. Employers can search by keyword or browse categories on this site; as well as connect with state agencies and information sources.

Illinois Business Development Authority (IBDA) has taken steps to raise awareness of Illinois tax incentives for business expansion. They hosted the IBDA's webinar this week on the subject. It was recorded and will be available on their website.