Illinois Business Developments

Illinois is the biggest markets in the Midwest and home to 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 businesses need to be successful in today's competitive business. From world-class infrastructure that connects companies with suppliers and customers to a talented workforce in various industries and an advanced manufacturing base - Illinois excels in a variety of areas such as clean and advanced agriculture, energy, IT life sciences logistics for transportation.

Illinois has witnessed a significant increase in foreign investment over the last few years. Countries such as Britain, Japan, Germany and China were among the countries that most invested in Illinois in 2023. By that time, the total was more than USD $13.2 billion in agriculture, manufacturing and other industries in Illinois all by itself.

Since 2014, more than $1 billion worth of incentives have been distributed under Illinois' Reimagining Energy and Vehicles program to companies providing electric vehicles and green energy production. The program was announced last month. DCEO also awarded PsiQuantum Manufacturing with an incentive package that was worth over $200 million for their new advanced manufacturing facility located 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 officially launch CZ Biohub Chicago - a groundbreaking research hub that is at the forefront in scientific studies. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well and develop revolutionary therapies.

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

The illinois newspaper project; https://start.me/w/mBRA6P, Small Business Development Center at Southern Illinois University is funded partly through a cooperative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center provides entrepreneurs in the area with support for creating or expanding their businesses through programs such as free workshops on business planning and one-on-one sessions with expert Business Advisors and access to funding opportunities.

State leaders in Indiana are pushing employers to offer better wages and benefits as a way of keeping child care employees in the United States as they face a shortage of job. The move comes after the closure of a care facility in Bronzeville that struggled to keep its employees.

Illinois Department of Labor also has launched an online tool to provide small-sized businesses with information on the laws governing employment. Employers can search by keyword or browse categories on this website, as well as connect with state agencies and resources.

Illinois Business Development Authority (IBDA) is taking steps to promote awareness of Illinois' tax incentives for business expansion. The IBDA hosted an online webinar about this topic. The event was recorded and will appear on the website.