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Illinois Business Developments

Illinois is the most populous market of the Midwest and home to over 2000 corporate headquarters, an active business scene, and more than 1.2 million small businesses, provides the infrastructure that companies require to thrive in business today. From world-class infrastructure which connects companies with suppliers and customers to a skilled workers in various fields and an advanced manufacturing base - Illinois leads in many areas such as advanced and clean agriculture, energy, IT life sciences transportation logistics.

Illinois has seen tremendous expansion of foreign investments in recent years. Countries such as Britain, Japan, Germany and China were among the countries that most invested in Illinois In 2023, this total was more than USD $13.2 billion in 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 businesses that offer electric vehicles and green energy production. The program was announced last month. DCEO also provided PsiQuantum Manufacturing with an incentive package totaling over $200 million to build a advanced manufacturing facility located in East Alton.

Governor JB Pritzker was present along with representatives from Chan Zuckerberg Initiative, the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a innovative research hub that is at the forefront of leading research. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well in developing revolutionary therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current production facility located in Elgin that will result in 50 full-time positions while keeping the 140 full-time jobs they have currently.

The Illinois Small Business Development Center at Southern Illinois University is funded partly through a cooperative 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 creating or expanding their businesses through press release wire services such as free workshops on business planning individual counseling sessions with experienced Business Advisors, and access to financing options.

State leaders in Indiana are pushing employers to offer better pay and benefits as a way to keep child care workers employed nationwide which is a problem due to a shortage of employment. This comes following the closure of a care facility in Bronzeville where it was difficult to retain staff.

Illinois Department of Labor also introduced an online tool to educate small businesses on employment laws. Employers can search using keywords or browse through categories on this website, as well as connect to the appropriate state agencies and resources.

Illinois Business Development Authority (IBDA) is working to increase awareness about Illinois tax incentives for business expansion. The IBDA hosted a webinar this week about this topic. The event was recorded and will become archived and posted on their site.