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Illinois Business Developments

Illinois, as the largest markets in the Midwest and home to more than two thousand 7-11 press release (https://form.jotform.com/) corporate headquarters, a bustling startup scene, and over 1.2 million small enterprises, has all of the assets global firms require to flourish in today's competitive business. From the world-class infrastructure that connects businesses to suppliers and customers to skilled workforce across various industries and an advanced manufacturing base, Illinois has a leading position in many fields including advanced and sustainable agricultural technology, energy, and life sciences, transportation logistics.

Illinois has experienced a tremendous increase in expansion of foreign investments in recent years. Countries like Britain, Japan, Germany and China were among the most investing in Illinois in 2023. By that time, the total was more than USD $13.2 billion in agricultural, manufacturing, and other sectors in Illinois all by itself.

Since 2014, over $1 billion worth of incentives have been distributed under Illinois' Reimagining Energy and Vehicles program to firms that supply electric vehicles and clean energy production. Last month, DCEO also rewarded PsiQuantum Manufacturing with an incentive package that was worth over $200 million for their new advanced facility located in East Alton.

Governor JB Pritzker accompanied by representatives of The Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a innovative research hub that is at the forefront of leading research. The initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well to develop innovative therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing manufacturing facility in Elgin and 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 through a collaborative 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 beginning or expanding their business with services that include free business planning workshops and one-on-one sessions with expert Business Advisors as well as access to financing opportunities.

State officials in Indiana are informing employers to provide higher salaries and benefits as a means of keeping childcare workers in the country and facing a lack of employment. This comes following the closure of a care facility in Bronzeville that struggled to keep its employees.

Illinois Department of Labor also has launched an online tool to help small businesses understand labor laws. Employers can search using keywords or browse categories on this site; as well as connect to state agencies and other resources.

Illinois Business Development Authority (IBDA) has taken steps to make people aware of Illinois tax incentives to expanding businesses by hosting an interactive webinar on this subject, which was recorded and will later become archived and posted on their site.