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Illinois Business Developments

Illinois is the most populous market in the Midwest and home to more than two thousand corporate headquarters, a bustling business scene, and more than 1.2 million small-scale businesses, offers all the resources global companies require to thrive in the current business climate. From world-class infrastructure which connects businesses to customers and suppliers to highly skilled and knowledgeable workforces in various industries as well as an advanced manufacturing base, Illinois excels in a variety of areas such as advanced and clean agriculture, energy, IT life sciences and transportation logistics.

Illinois has seen tremendous increase in foreign investment over the last few years. Countries like Britain, Japan, Germany and China were among the top countries investing in Illinois In 2023, this amount was over USD $13.2 billion across the agribusiness, manufacturing and manufacturing sectors in Illinois all by itself.

Since 2014, over $1 billion in incentives were given out under Illinois' Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as clean energy production. In the last month, DCEO also granted PsiQuantum Manufacturing with an incentive package that was worth over 200 million dollars for their new advanced manufacturing facility located in East Alton.

Governor JB Pritzker was present along with representatives from his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to launch CZ Biohub Chicago - a innovative research hub that is at the forefront of leading 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 well in developing revolutionary therapeutics.

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

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 offers entrepreneurs in the area with support for beginning or expanding their business through services such as free workshops on business planning and one-on-one sessions with expert Business Advisors and access funding opportunities.

State officials in Indiana are informing employers to provide higher salaries and benefits as a way to keep child care workers in the country which is a problem due to a shortage of work. The decision comes after the closure of a care center in Bronzeville which was struggling to retain staff.

Illinois Department of Labor also has launched an online tool to provide small-sized businesses with information on employment laws. Employers can search by keyword or browse categories on this website; and irs press release (pressez.Blog.fc2.com) connect to state agencies and other resources.

Illinois Business Development Authority (IBDA) is taking action to raise awareness of Illinois tax incentives that can be used for expanding businesses by hosting an online webinar on the subject. The webinar was recorded and will appear on the website.