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Illinois Business Developments

Illinois, as the largest 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 companies require to thrive in the current business climate. From the world-class infrastructure that connects businesses to suppliers and customers, to a talented workforce in various industries as well as a modern manufacturing base, Illinois is a leader in many areas such as advanced and clean agricultural technology, energy, and life sciences logistics for transportation.

Illinois has witnessed a significant expansion of foreign investments in recent years. Countries like Britain, Japan, Germany and China were among the most invested in Illinois in 2023. By that time, the total was more than USD $13.2 billion across agriculture, manufacturing and other areas in Illinois alone.

Since 2014, over $1 billion in incentives has been awarded under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as green energy production. In the last month, DCEO also awarded PsiQuantum Manufacturing with an incentive package of more than $200 million for their new advanced facility located in East Alton.

Governor JB Pritzker was joined by representatives from 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 at the forefront of leading scientific studies. The project will unite University 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 have expanded their factory in Elgin which will create 50 full-time positions while keeping 140 existing full-time positions intact.

The illinois medicaid news (pressez.substack.com) Small Business Development Center at Southern Illinois University is funded through a collaborative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers entrepreneurs in the area with support for the creation or expansion of their businesses through services such as free business planning workshops and one-on-one sessions with experienced Business Advisors, and access to financing options.

State officials in Indiana are pushing employers to offer better wages and benefits as a means of keeping childcare workers in the country and facing a lack of work. The decision comes after the closure of a care center located in Bronzeville where it was difficult to retain staff.

Illinois Department of Labor also introduced an online tool to inform small-scale businesses about labor laws. Employers can search using keywords or browse categories on the website, as well as connect to state agencies and sources.

Illinois Business Development Authority (IBDA) is taking action to raise awareness of Illinois tax incentives to business expansion. They hosted the IBDA's webinar this week on this subject, which was recorded and will later become archived and posted on their site.