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Illinois Business Developments

Illinois is the biggest market of the Midwest and home to more than 22,000 corporate headquarters, a bustling startup scene and over 1.2 million small-scale businesses, offers all the resources global businesses require to succeed in today's competitive business. From world-class infrastructure that connects companies to suppliers and customers to skilled workforce across various industries and a thriving manufacturing base - Illinois is a leader in many areas such as clean and advanced agricultural technology, energy, and life sciences and transportation logistics.

Illinois has witnessed a significant increase in foreign investment over the last few years. Countries such as Britain, Japan, Germany and China were among those most investing in Illinois In 2023, this total was more than USD $13.2 billion in the agribusiness, manufacturing and manufacturing areas in Illinois all by itself.

Since 2014, over $1 billion in incentives have been given out under Illinois' Reimagining Energy and Vehicles program to businesses that offer electric vehicles and green energy production. The program was announced last month. DCEO also provided PsiQuantum Manufacturing with an incentive package of more than $200 million for their new high-tech manufacturing facility in East Alton.

Governor JB Pritzker was present along with representatives from the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to launch CZ Biohub Chicago - a innovative research hub that is in the forefront of scientific research. This initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as as develop groundbreaking therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their current factory in Elgin and will create 50 full-time jobs while keeping the 140 full-time jobs they have currently.

The Illinois Small Business Development Center 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 in the area with support for the creation or expansion of their businesses with services that include free workshops on business planning One-on-one counseling sessions with experienced Business Advisors as well as access to financing options.

State officials in Indiana are informing employers to provide higher salaries and benefits as a method of keeping child care workers in the country and facing a lack of jobs. The move comes after the closing of a children's care facility in Bronzeville which struggled to retain employees.

Illinois Department of Labor also introduced an online tool to provide small-sized businesses with information on the laws governing employment. Employers are able to search using keywords or browse categories on the site, and connect to the appropriate state agencies and other resources.

Illinois Business Development Authority (IBDA) has taken steps to increase awareness about Illinois tax incentives for business expansion by hosting an interactive webinar about this topic. The event was recorded. It will then become archived and posted on their site.