Illinois Business Developments

Illinois is the most populous market of the Midwest and home to more than 2,000 corporate headquarters, a bustling business scene, and more than 1.2 million small-scale businesses, offers all the resources that global businesses need to be successful in today's competitive business. From the world-class infrastructure that connects businesses to customers and suppliers to highly talented workforce in various industries and a thriving manufacturing base, Illinois excels in a variety of areas including advanced and sustainable agriculture, energy, IT life sciences logistics for transportation.

Illinois has seen tremendous international investment growth in recent 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 agriculture, manufacturing and other industries in Illinois alone.

In 2014, over $1 billion worth of incentives have been distributed under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as clean energy production. This month, DCEO also granted PsiQuantum Manufacturing with an incentive package worth more than $200 million for their brand new high-tech facility located 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 officially launch CZ Biohub Chicago - a cutting-edge research hub that is at the forefront in research. This project will bring together university of illinois press submissions (pressez.substack.com) 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 existing factory in Elgin, creating 50 full-time employment while keeping 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 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 experienced Business Advisors as well as access to financing opportunities.

State officials in Indiana are insisting on employers offering higher pay and benefits as a way of keeping child care workers working across the nation, who face a shortage of employment. This comes following the closure of a care facility located in Bronzeville where it was difficult to retain employees.

Illinois Department of Labor also launched an online tool designed to inform small-scale businesses about employment laws. Employers can search for keywords or browse through categories on this site, and connect with state agencies and resources.

Illinois Business Development Authority (IBDA) has taken steps to make people aware of Illinois tax incentives that can be used for business expansion by hosting an interactive webinar on the subject. The webinar was recorded and will appear on the website.