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Illinois Business Developments

Illinois as the biggest marketplace in the Midwest and home to over two thousand corporate headquarters, an active startup scene and over 1.2 million small-scale businesses, offers all the resources global firms require to flourish in the current business climate. The world's best infrastructure connects companies with suppliers and customers to skilled workforce across various industries as well as a modern manufacturing base, Illinois is a leader in many areas including advanced and sustainable technology, agriculture, energy, life sciences 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 most invested in Illinois In 2023, this amount reached over USD $13.2 billion across agricultural, manufacturing, and other areas in Illinois all by itself.

Since 2014, over $1 billion in incentives have been granted under Illinois Reimagining Energy and Vehicles program to companies providing electric vehicles and clean energy production. Last month, DCEO also awarded PsiQuantum Manufacturing with an incentive package of more than $200 million for their brand new advanced manufacturing facility in East Alton.

Governor JB Pritzker accompanied by representatives of his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a cutting-edge research hub in the forefront of scientific research. The initiative will bring together 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 and will create 50 full-time jobs while keeping 140 existing full-time positions intact.

The Illinois Small Business Development Center at Southern Illinois University is funded by a co-operative 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 creating or expanding their businesses through services such as free business planning workshops individual counseling sessions with expert Business Advisors as well as access to financing opportunities.

State officials in Indiana are encouraging employers to offer higher pay and benefits as a method of keeping child care workers in the country and facing a lack of jobs. The decision comes after the closing of a child care facility in Bronzeville which struggled to retain employees.

Illinois Department of Labor also launched an online tool designed to help small businesses understand labor laws. Employers can search for keywords or browse categories on the site; as well as connect with state agencies and information sources.

Illinois Business Development Authority (IBDA) is taking action to promote awareness of Illinois' tax incentives for expanding businesses by hosting an online webinar on this subject, which was recorded and will be available on their website.