Illinois Business Developments

Illinois as the biggest markets in the Midwest and the home of more than 2000 corporate headquarters, an active startup scene, and over 1.2 million small enterprises, has all of the assets global companies require to thrive in the modern business. From world-class infrastructure which connects businesses to suppliers and customers to skilled and knowledgeable workforces in various industries and a thriving manufacturing base - Illinois excels in a variety of areas like advanced and clean agricultural technology, energy, and life sciences transportation logistics.

Illinois has seen tremendous increase in foreign investment over the last few years. Countries such as Britain, press conference 2024 (Pressez.substack.com) Japan, Germany and China were among those most invested in Illinois; by 2023 this total was more than USD $13.2 billion in agricultural, manufacturing, and other areas in Illinois alone.

In 2014, over $1 billion in incentives have been awarded under Illinois Reimagining Energy and Vehicles program to firms that supply electric vehicles and renewable energy production. This month, DCEO also awarded PsiQuantum Manufacturing with an incentive package of more than $200 million for their new advanced facility located in East Alton.

Governor JB Pritzker was present along with representatives from the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to launch CZ Biohub Chicago - a revolutionary research hub located at the forefront of leading scientific studies. This initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as 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

State officials in Indiana are encouraging employers to offer higher compensation and benefits as means of keeping childcare workers in the country and facing a lack of job. The decision comes after the closing of a child care center in Bronzeville that struggled to keep its staff.

Illinois Department of Labor also has launched an online tool to inform small-scale businesses about the laws governing employment. Employers are able to search using keywords or browse categories on the site; as well as connect to state agencies and resources.

Illinois Business Development Authority (IBDA) is taking action to increase awareness about Illinois tax incentives that can be used for business expansion. They hosted an online webinar on the subject. It was recorded and will later be available on their website.