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Illinois Business Developments

Illinois is the most populous marketplace in the Midwest and home to more than two thousand corporate headquarters, a thriving startup scene, and over 1.2 million small businesses, provides all of the assets global companies require to thrive in today's competitive business. From the world-class infrastructure that connects businesses with their suppliers and customers to skilled workforce across various industries as well as an advanced manufacturing base - Illinois leads in many areas including advanced and sustainable agriculture, energy, IT life sciences and transportation logistics.

Illinois has witnessed a significant international investment growth in recent years. Countries like Britain, Japan, Germany and China were among the countries that most invested in Illinois in 2023. By that time, the total was more than USD $13.2 billion in agriculture, manufacturing and other sectors in Illinois alone.

In 2014, over $1 billion in incentives has been given out under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as clean energy production. Last month, DCEO also rewarded PsiQuantum Manufacturing with an incentive package totaling over $200 million for their new advanced manufacturing facility in East Alton.

Governor JB Pritzker joined representatives from The Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a cutting-edge 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 human tissue development as well in developing revolutionary therapeutics.

Governor Chemours press release (https://form.jotform.com/) JB Pritzker and Flender Corporation recently announced they are expanding their current plant for manufacturing in Elgin and will create 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 agreement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists entrepreneurs from the local area with help in creating or expanding their businesses through programs such as free business planning workshops, one-on-one counseling sessions with expert Business Advisors, and access to funding opportunities.

State leaders in Indiana are pushing employers to offer better pay and benefits as a method of keeping child care employees in the United States which is a problem due to a shortage of work. This follows the closure of a care center located in Bronzeville that struggled to keep its staff.

Illinois Department of Labor also introduced an online tool to help small businesses understand labor laws. Employers can search using keywords or browse through categories on this site; as well as connect to state agencies and resources.

Illinois Business Development Authority (IBDA) is working to increase awareness about Illinois tax incentives for business expansion by hosting the IBDA's webinar this week on this subject, which was recorded and will later appear on the website.