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Illinois Business Developments

Illinois as the biggest market of the Midwest and home to over 22,000 corporate headquarters, a bustling startup scene, and over 1.2 million small enterprises, has the infrastructure that companies require to thrive in business today. From world-class infrastructure that connects businesses with their customers and suppliers to highly skilled workers in various fields as well as an advanced manufacturing base, Illinois has a leading position in many fields such as advanced and clean energy, agribusiness, IT life sciences transportation logistics.

Illinois has witnessed a significant increase in foreign investment over the last few years. Countries such as Britain, Japan, Germany and China were among the most investing in Illinois In 2023, this amount reached over USD $13.2 billion across agricultural, manufacturing, and other sectors in Illinois alone.

Since 2014, more than $1 billion in incentives were awarded under Illinois Reimagining Energy and Vehicles program to firms that supply electric vehicles and green energy production. The program was announced last month. DCEO also awarded PsiQuantum Manufacturing with an incentive package of more than 200 million dollars for their new high-tech manufacturing facility in East Alton.

Governor JB Pritzker accompanied by representatives of The Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a groundbreaking research hub that is at the forefront in scientific research. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well and develop revolutionary therapies.

Governor JB Pritzker and kpmg press release (pressez.substack.com) Flender Corporation recently announced they have expanded their factory in Elgin which will create 50 full-time jobs while keeping 140 existing full-time positions intact.

The Illinois Small Business Development Center located 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 assists local entrepreneurs with assistance in the creation or expansion of their businesses through programs such as free business planning workshops One-on-one counseling sessions with experienced Business Advisors as well as access to funding opportunities.

State leaders in Indiana are insisting on employers offering higher pay and benefits as a means of keeping childcare employees in the United States which is a problem due to a shortage of employment. This comes following the closure of a child care facility located in Bronzeville which struggled to retain staff.

Illinois Department of Labor also launched an online tool designed to inform small-scale businesses about the laws governing employment. Employers are able to search using keywords or browse categories on this website; and connect with state agencies and resources.

Illinois Business Development Authority (IBDA) is taking steps to promote awareness of Illinois tax incentives to business expansion. The IBDA hosted a webinar this week on the subject. It was recorded and will later be available on their website.