Emerging Business Developments in the Prairie State to Watch in 2024
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Illinois Business Developments
Illinois is the biggest markets in the Midwest and home to more than 22,000 corporate headquarters, an active startup scene and over 1.2 million small enterprises, has all the resources that global firms require to flourish in business today. The world's best infrastructure connects businesses to suppliers and customers to skilled workers in various fields and a thriving manufacturing base, Illinois leads in many areas like advanced and clean technology, agriculture, energy, life sciences and transportation logistics.
Illinois has seen a huge increase in foreign investment over the last few years. Countries like Britain, Japan, Germany and China were among the top countries invested in Illinois and by 2023, this amount was over USD $13.2 billion in the agribusiness, manufacturing and manufacturing areas in Illinois alone.
Since 2014, more than $1 billion worth of incentives have been given out under Illinois' Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as renewable energy production. Last month, DCEO also awarded PsiQuantum Manufacturing with an incentive package of more than $200 million for their brand new state-of-the-art facility 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 inaugurate 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 the human development of tissues as well as develop groundbreaking therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their current plant for manufacturing in Elgin which will create 50 full-time jobs while keeping the 140 full-time positions they currently have.
The Illinois Small Business Development Center located at Southern Illinois University is funded through a collaborative agreement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers local entrepreneurs with assistance for beginning or expanding their business through programs such as free business planning workshops and one-on-one sessions with expert Business Advisors and access financing options.
State officials in Indiana are insisting on employers offering higher pay and benefits as a way of keeping child care workers employed nationwide as they face a shortage of work. This follows the closure of a care center located in Bronzeville where it was difficult to retain employees.
Illinois Department of Labor also launched an online tool designed to educate small businesses on labor laws. Employers can search using keywords or browse categories on the site, and connect how to cite a press release in chicago (pressez.blog.fc2.com) state agencies and sources.
Illinois Business Development Authority (IBDA) is working to raise awareness of Illinois tax incentives that can be used for expanding businesses by hosting the IBDA's webinar this week about this topic. The event was recorded and will be available on their website.