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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 vibrant business scene, and more than 1.2 million small businesses, is home to all the resources global companies require to thrive in the modern business. From the world-class infrastructure that connects companies with suppliers and customers, to a skilled and knowledgeable workforces in various industries as well as a modern manufacturing base - Illinois excels in a variety of areas such as clean and advanced energy, agribusiness, IT life sciences logistics for transportation.

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 invested in Illinois in 2023. By that time, the sum was greater than USD $13.2 billion across agriculture, manufacturing and other areas in Illinois alone.

Since 2014, more than $1 billion in incentives has been awarded under Illinois Reimagining Energy and Vehicles program to firms that supply electric vehicles and green energy production. This month, DCEO also provided PsiQuantum Manufacturing with an incentive package of more than $200 million to build a modern facility located in East Alton.

Governor JB Pritzker joined representatives from his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a groundbreaking research hub that is at the forefront in scientific research. This 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 and develop revolutionary therapies.

Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current factory in Elgin which will create 50 full-time employment while keeping the 140 full-time jobs they have currently.

The Illinois Small Business Development Center located at Southern Illinois University is funded by a co-operative agreement among 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 with services that include free workshops on business planning One-on-one counseling sessions with experienced Business Advisors, and access to financing options.

State leaders in Indiana are informing employers to provide higher compensation and benefits as way of keeping child care employees in the United States which is a problem due to a shortage of employment. The decision comes after the closing of a children's care center located in Bronzeville which struggled to retain staff.

Illinois Department of Labor also created an online tool to help small businesses understand employment laws. Employers can search for keywords or browse categories on this site; as well as connect with state agencies and resources.

Illinois Business Development Authority (IBDA) is working to increase awareness about Illinois tax incentives to business expansion. The IBDA hosted the IBDA's webinar this week on the subject. The webinar was recorded and will be available on their website.