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Illinois Business Developments
Illinois as the biggest markets in the Midwest and home to more than 2,000 corporate headquarters, an active business scene, and more than 1.2 million small businesses, is home to all the resources global businesses need to be successful in the modern business. From world-class infrastructure that connects companies to suppliers and customers to skilled and knowledgeable workforces in various industries as well as a modern manufacturing base, Illinois is a leader in many areas such as clean and advanced agricultural technology, energy, and life sciences, transportation logistics.
Illinois has seen a huge international investment growth in recent years. Countries like Britain, Japan, Germany and China were among the most invested in Illinois; by 2023 this sum was greater than USD $13.2 billion in the agribusiness, manufacturing and manufacturing areas in Illinois alone.
In 2014, over $1 billion in incentives were distributed under Illinois' Reimagining Energy and Vehicles program to businesses that offer electric vehicles and clean energy production. The program was announced last month. DCEO also rewarded PsiQuantum Manufacturing with an incentive package totaling over 200 million dollars for their new high-tech 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 groundbreaking research hub in the forefront of scientific studies. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the human development of tissues as well and develop revolutionary therapies.
Governor JB Pritzker and Flender Corporation recently announced they have expanded their factory in Elgin which will create 50 full-time employees while maintaining the existing 140 full-time employees.
The Illinois Small Business Development Center located at Southern Illinois University is funded in part through a cooperative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists entrepreneurs in the area with support for beginning or expanding their business through programs such as free workshops on business planning and one-on-one sessions with experienced Business Advisors, and access to financing opportunities.
State leaders in Indiana are informing employers to provide higher compensation and benefits as way of keeping child care employees in the United States as they face a shortage of work. This follows the closure of a care facility located in Bronzeville which struggled to retain employees.
Illinois Department of Labor also created an online tool to educate small businesses on labor laws. Employers are able to search using keywords or browse through categories on this site, and connect to appropriate state agencies and other resources.
Illinois Business Development Authority (IBDA) is working to raise awareness of Illinois' tax incentives for business expansion. They hosted the IBDA's webinar this week on the subject. It was recorded. The webinar will later be available on their website.