Illinois Business Developments

Illinois as the biggest market of the Midwest and the home of more than 2,000 corporate headquarters, a bustling entrepreneurial scene, and more than 1.2 million small-scale businesses, offers all the resources global businesses need to be successful in the current business climate. From world-class infrastructure which connects companies to suppliers and customers, to a skilled workforce across various industries and an advanced manufacturing base, Illinois is a leader in many areas such as clean and advanced agriculture, energy, IT life sciences logistics for transportation.

Illinois has seen a huge 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 was over USD $13.2 billion across agricultural, manufacturing, and other sectors in Illinois alone.

Since 2014, more than $1 billion in incentives has been given out under Illinois Reimagining Energy and Vehicles program to companies providing electric vehicles and clean energy production. In the last month, DCEO also awarded PsiQuantum Manufacturing with an incentive package worth more than $200 million for their brand new high-tech facility 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. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as to develop innovative therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current plant for manufacturing in Elgin which will create 50 full-time employees while maintaining the 140 full-time positions they currently have.

The Illinois Small Business Development Center located 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 Press University. The Center provides local entrepreneurs with assistance in the creation or expansion of their businesses through services such as free business planning workshops and one-on-one sessions with experienced Business Advisors, and access to funding opportunities.

State leaders in Indiana are insisting on employers offering higher pay and benefits as a means of keeping childcare workers working across the nation, who face a shortage of jobs. The decision comes after the closure of a child care facility located in Bronzeville which struggled to retain staff.

Illinois Department of Labor also has launched an online tool to educate small businesses on the laws governing employment. Employers can search using keywords or browse through categories on this website, as well as connect to the appropriate state agencies and sources.

Illinois Business Development Authority (IBDA) has taken steps to raise awareness of Illinois' tax incentives for business expansion. The IBDA hosted the IBDA's webinar this week on the subject. It was recorded and will later be available on their website.