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Illinois Business Developments

Illinois is the biggest market of the Midwest and home to more than two thousand corporate headquarters, a thriving startup scene, and over 1.2 million small-scale businesses, offers all the resources global firms require to flourish in the current business climate. From world-class infrastructure that connects businesses to suppliers and customers, to a talented workforce in various industries and a thriving manufacturing base, Illinois is a leader in many areas such as advanced and clean energy, agribusiness, IT life sciences and transportation logistics.

Illinois has witnessed a significant increase in foreign investment over the last few years. Countries such as Britain, Japan, Germany and China were among the top countries investing in Illinois and by 2023, this amount reached over USD $13.2 billion in the agribusiness, manufacturing and manufacturing industries in Illinois all by itself.

Since 2014, over $1 billion in incentives has been granted under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and green energy production. This month, DCEO also provided PsiQuantum Manufacturing with an incentive package that was worth over 200 million dollars for their new state-of-the-art manufacturing facility in East Alton.

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

Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing plant for manufacturing in Elgin which will create 50 full-time jobs while keeping the existing 140 full-time employees.

The Illinois Small Business Development Center at Southern Illinois University is funded in part through a cooperative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers local entrepreneurs with assistance for beginning or expanding their business through programs such as free business planning workshops One-on-one counseling sessions with experienced Business Advisors as well as access to financing options.

State leaders in Indiana are encouraging employers to offer higher wages and benefits as a method of keeping child care workers employed nationwide, who face a shortage of employment. The move comes after the closure of a care facility located in Bronzeville which was struggling to retain employees.

Illinois Department of Labor also created an online tool to help small businesses understand labor laws. Employers are able to search using keywords or browse through categories on this website, as well as connect to appropriate state agencies and resources.

Illinois Business Development Authority (IBDA) is working to raise awareness of Illinois tax incentives for expanding businesses by hosting a webinar this week on the subject. The webinar was recorded. It will then become archived and posted on their site.