Illinois Business Developments

Illinois as the biggest market in the Midwest and home to more than 2000 corporate headquarters, a vibrant startup scene and over 1.2 million small enterprises, has all of the assets global companies require to thrive in the current business climate. From world-class infrastructure which connects businesses with their suppliers and customers, to a skilled and knowledgeable workforces in various industries and an advanced manufacturing base, Illinois leads in many areas including advanced and sustainable energy, agribusiness, IT life sciences and transportation logistics.

Illinois has experienced a tremendous increase in increase in foreign investment over the last few years. Countries like Britain, Japan, Germany and China were among the top countries investing in Illinois in 2023. By that time, the total was more than USD $13.2 billion across agriculture, manufacturing and other industries in Illinois all by itself.

Since 2014, over $1 billion worth of incentives have been distributed 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 awarded PsiQuantum Manufacturing with an incentive package of more than $200 million for their new state-of-the-art facility in East Alton.

Governor JB Pritzker joined representatives from Chan Zuckerberg Initiative, the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a innovative research hub that is 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 as develop groundbreaking therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing manufacturing facility in Elgin that will result in 50 full-time employees while maintaining 140 existing full-time positions intact.

The Illinois Small Business Development Center 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 assists local entrepreneurs with assistance in creating or expanding their businesses by offering services like free workshops on business planning One-on-one counseling sessions with expert Business Advisors, and access to financing options.

State leaders in Indiana are encouraging employers to offer higher wages and benefits as a method of keeping child care employees in the United States and facing a lack of job. The move comes after the closure of a care facility in Bronzeville where it was difficult to retain staff.

Illinois Department of Labor also introduced an online tool to inform small-scale businesses about lawful employment practices. Employers can search by keyword or browse through categories on this site, and icai press release 8 march 2024 (blog) connect to the appropriate state agencies and sources.

Illinois Business Development Authority (IBDA) is taking steps to raise awareness of Illinois tax incentives that can be used for business expansion by hosting an interactive webinar on the subject. The webinar was recorded and will appear on the website.