Illinois Business Developments

Illinois as the biggest market of the Midwest and home to over 22,000 corporate headquarters, an active startup scene, and over 1.2 million small businesses, Media news (visit their website) provides all the resources that global businesses require to succeed in the modern business. From world-class infrastructure which connects businesses to customers and suppliers to highly skilled workforce across various industries and a thriving manufacturing base, Illinois has a leading position in many fields including advanced and sustainable agricultural technology, energy, and life sciences logistics for transportation.

Illinois has seen tremendous increase in foreign investment over the last few years. Countries like Britain, Japan, Germany and China were among the most investing in Illinois; by 2023 this amount was over USD $13.2 billion across manufacturing, agribusiness and other sectors in Illinois all by itself.

Since 2014, nearly $1 billion in incentives have been awarded under Illinois Reimagining Energy and Vehicles program to companies providing electric vehicles and clean energy production. This month, DCEO also granted PsiQuantum Manufacturing with an incentive package worth more than $200 million to build a advanced facility in East Alton.

Governor JB Pritzker was joined by 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 groundbreaking research hub that is at the forefront in scientific research. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the human development of tissues as well to develop innovative therapeutics.

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

The Illinois Small Business Development Center at Southern Illinois University is funded in part through a cooperative agreement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists local entrepreneurs with assistance for creating or expanding their businesses through programs such as free workshops on business planning One-on-one counseling sessions with experienced Business Advisors as well as access to financing opportunities.

State leaders in Indiana are insisting on employers offering higher compensation and benefits as way to keep child care employees in the United States and facing a lack of jobs. The move comes after the closing of a child care facility located in Bronzeville that struggled to keep its staff.

Illinois Department of Labor also launched an online tool designed to inform small-scale businesses about employment laws. Employers can search using keywords or browse categories on this website; and connect with state agencies and information sources.

Illinois Business Development Authority (IBDA) is working to increase awareness about Illinois' tax incentives for business expansion by hosting a webinar this week on the subject. It was recorded and will later appear on the website.