Illinois Business Developments
Illinois, as the largest markets in the Midwest and the home of more than 22,000 corporate headquarters, a bustling business scene, and more than 1.2 million small enterprises, has all the resources that global businesses need to be successful in today's competitive business. From world-class infrastructure which connects businesses to suppliers and customers to skilled workforce across various industries and a thriving manufacturing base, Illinois has a leading position in many fields like advanced and clean agriculture, energy, IT life sciences, transportation logistics.
Illinois has seen tremendous international investment growth in recent years. Countries such as Britain, Japan, Germany and China were among the countries that most invested in Illinois in 2023. By that time, the amount reached over USD $13.2 billion across agriculture, manufacturing and other areas in Illinois alone.
Since 2014, nearly $1 billion worth of incentives have been granted under Illinois' Reimagining Energy and Vehicles program to firms that supply electric vehicles and clean energy production. Last month, DCEO also rewarded PsiQuantum Manufacturing with an incentive package that was worth over $200 million to build a high-tech facility in East Alton.
Governor JB Pritzker accompanied by representatives of his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub chicago press review (https://pressez.substack.com/p/the-importance-of-press-releases) - a innovative research hub that is that is at the forefront in scientific research. The initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the human development of tissues as well to develop innovative therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they have expanded their plant for manufacturing in Elgin which will create 50 full-time positions while keeping 140 existing full-time positions intact.
The Illinois Small Business Development Center located at Southern Illinois University is funded through a collaborative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists entrepreneurs in the area with support for the creation or expansion of their businesses through programs such as free business planning workshops and one-on-one 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 way of keeping child care workers employed nationwide, who face a shortage of work. The decision comes after the closing of a child care center in Bronzeville that struggled to keep its staff.
Illinois Department of Labor also created an online tool to provide small-sized businesses with information on labor laws. Employers are able to search using keywords or browse categories on the website; and connect with state agencies and other resources.
Illinois Business Development Authority (IBDA) is taking action to raise awareness of Illinois tax incentives for business expansion by hosting a webinar this week on the subject. It was recorded and will later become archived and posted on their site.