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Illinois Business Developments

Illinois as the biggest marketplace in the Midwest and home to more than 22,000 corporate headquarters, an active startup scene and over 1.2 million small-scale businesses, offers all the resources global businesses require to succeed in business today. From world-class infrastructure that connects companies with suppliers and customers to skilled workforce across various industries and an advanced manufacturing base - Illinois leads in many areas including advanced and sustainable agriculture, energy, IT life sciences logistics for transportation.

Illinois has seen a huge expansion of foreign investments in recent years. Countries such as Britain, Japan, Germany and China were among those most invested in Illinois In 2023, this amount reached over USD $13.2 billion across agricultural, manufacturing, and other areas in Illinois alone.

Since 2014, over $1 billion in incentives has been granted under Illinois' Reimagining Energy and Vehicles program to firms that supply electric vehicles and green energy production. This month, DCEO also awarded PsiQuantum Manufacturing with an incentive package of more than 200 million dollars for their new high-tech facility located in East Alton.

Governor JB Pritzker joined representatives from The Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a innovative research hub that is in the forefront of scientific studies. The initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as and develop revolutionary therapies.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their current plant for manufacturing in Elgin that will result in 50 full-time employment while keeping 140 existing full-time positions intact.

The Illinois Small Business Development Center at Southern Illinois University is funded partly through a cooperative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center provides entrepreneurs from the local area with help in creating or expanding their businesses through programs such as free workshops on business planning individual counseling sessions with experienced Business Advisors and access to financing options.

State leaders in Indiana are informing employers to provide higher pay and benefits as a method of keeping child care workers working across the nation as they face a shortage of job. This comes following the closure of a child care facility in Bronzeville where it was difficult to retain employees.

Illinois Department of Labor also introduced an online tool to inform small-scale businesses about labor laws. Employers can search by keyword or browse through categories on this site, and connect with state agencies and other resources.

Illinois Business Development Authority (IBDA) is taking steps to raise awareness of Illinois tax incentives for business expansion by hosting the IBDA's webinar this week on the subject. The webinar was recorded and will later be available on their website.