Illinois Business Developments
Illinois as the biggest market in the Midwest and home to more than 2,000 corporate headquarters, a bustling startup scene, and over 1.2 million small-scale businesses, offers the infrastructure that businesses need to be successful in business today. From world-class infrastructure which connects businesses to suppliers and customers, to a talented workforce in various industries and an advanced manufacturing base, Illinois is a leader in many areas like advanced and clean energy, agribusiness, IT life sciences and transportation logistics.
Illinois has seen tremendous international investment growth in recent years. Countries such as Britain, Japan, Germany and China were among the top countries investing in Illinois in 2023. By that time, the amount was over USD $13.2 billion in the agribusiness, manufacturing and manufacturing industries in Illinois all by itself.
In 2014, over $1 billion in incentives have been distributed under Illinois Reimagining Energy and Vehicles program to companies providing electric vehicles and renewable energy production. In the last month, DCEO also provided PsiQuantum Manufacturing with an incentive package of more than 200 million dollars for their new state-of-the-art manufacturing facility located in East Alton.
Governor JB Pritzker joined representatives from The Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago for the launch of CZ Biohub Chicago - a cutting-edge research hub that is at the forefront in scientific studies. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and 53rd gst council meeting press release [pressez.substack.com] Northwestern University researchers to study human tissue development as well as develop groundbreaking therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current manufacturing facility in Elgin that will result in 50 full-time employment while keeping the 140 full-time jobs they have currently.
The Illinois Small Business Development Center located 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 local entrepreneurs with assistance in the creation or expansion of their businesses by offering services like free workshops on business planning, one-on-one counseling sessions with expert Business Advisors as well as access to financing options.
State officials in Indiana are pushing employers to offer better wages and benefits as a way of keeping child care workers employed nationwide and facing a lack of work. This follows the closure of a child care facility located in Bronzeville which struggled to retain employees.
Illinois Department of Labor also introduced an online tool to inform small-scale businesses about the laws governing employment. Employers can search for keywords or browse categories on the website, as well as connect to appropriate state agencies and information sources.
Illinois Business Development Authority (IBDA) is taking action to make people aware of Illinois' tax incentives for business expansion. The IBDA hosted an online webinar about this topic. The event was recorded and will later be available on their website.
