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Illinois Business Developments

Illinois is the biggest market of the Midwest and the home of more than 2,000 corporate headquarters, a vibrant entrepreneurial 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 companies to suppliers and customers to a skilled workers in various fields as well as an advanced manufacturing base, Illinois is a leader in many areas including advanced and sustainable agriculture, energy, IT life sciences logistics for transportation.

Illinois has seen tremendous international investment growth in recent years. Countries like Britain, Japan, Germany and China were among the most invested in Illinois in 2023. By that time, the total was more than USD $13.2 billion across agriculture, manufacturing and press release definition (Hashnode website) other areas in Illinois all by itself.

Since 2014, more than $1 billion worth of incentives have been granted 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 granted PsiQuantum Manufacturing with an incentive package worth more than $200 million for their brand new high-tech manufacturing facility 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 inaugurate CZ Biohub Chicago - a cutting-edge research hub that is at the forefront in scientific research. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as to develop innovative therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current manufacturing facility in Elgin and will create 50 full-time jobs while keeping 140 existing full-time positions intact.

The Illinois Small Business Development Center located at Southern Illinois University is funded by a co-operative agreement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The center provides local entrepreneurs with assistance in starting or expanding their businesses through services such as free business planning workshops and one-on-one sessions with expert Business Advisors and access financing opportunities.

State officials in Indiana are encouraging employers to offer higher salaries and benefits as a means of keeping childcare workers in the country, who face a shortage of jobs. The decision comes after the closure of a child care center in Bronzeville where it was difficult to retain employees.

Illinois Department of Labor also created an online tool to inform small-scale businesses about employment laws. Employers are able to search using keywords or browse categories on this website, as well as connect to appropriate state agencies and other resources.

Illinois Business Development Authority (IBDA) has taken steps to raise awareness of Illinois tax incentives that can be used for business expansion. They hosted a webinar this week about this topic. The event was recorded and will later be archived on their website.