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Illinois Business Developments

Illinois is the biggest market in the Midwest and the home of more than 22,000 corporate headquarters, a bustling business scene, and more than 1.2 million small businesses, is home to the infrastructure that businesses require to succeed in the modern business. From world-class infrastructure which connects companies to customers and suppliers to highly skilled workforce across various industries and an advanced manufacturing base, Illinois is a leader in many areas such as clean and advanced energy, agribusiness, IT life sciences logistics for transportation.

Illinois has witnessed a significant international investment growth in recent years. Countries like Britain, Japan, Germany and China were among the top countries invested in Illinois In 2023, this amount was over USD $13.2 billion across the agribusiness, manufacturing and manufacturing sectors in Illinois all by itself.

Since 2014, over $1 billion in incentives has been given out under Illinois Reimagining Energy and Vehicles program to firms that supply electric vehicles and clean energy production. This month, DCEO also awarded PsiQuantum Manufacturing with an incentive package of more than $200 million for their brand new state-of-the-art facility located in East Alton.

Governor JB Pritzker accompanied by representatives of Chan Zuckerberg Initiative, the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a cutting-edge research hub in the forefront of scientific studies. 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 Flender Corporation recently announced they have expanded their manufacturing facility in Elgin, creating 50 full-time employees while maintaining the 140 full-time jobs they have currently.

The Illinois Small Business Development Center 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 in the creation or expansion of their businesses by offering services like free workshops on business planning One-on-one counseling sessions with expert Business Advisors, and access to funding opportunities.

State leaders in Indiana are pushing employers to offer better compensation and benefits as way of keeping child care workers employed nationwide and facing a lack of work. The move comes after the closure of a care facility in Bronzeville that struggled to keep its staff.

Illinois Department of Labor also has launched an online tool to inform small-scale businesses about lawful employment practices. Employers can search for keywords or browse categories on this website; and connect with state agencies and sources.

Illinois Business Development Authority (IBDA) is taking steps to raise awareness of Illinois tax incentives that can be used for business expansion. They hosted the IBDA's webinar this week on the subject. The webinar was recorded and will become archived and posted on their site.