Illinois Business Developments

Illinois as the biggest markets in the Midwest and home to over 2000 corporate headquarters, a thriving startup scene and over 1.2 million small businesses, provides all the resources global companies require to thrive in today's competitive business. The world's best infrastructure connects companies to suppliers and customers, to a talented workforce in various industries and a thriving manufacturing base - Illinois has a leading position in many fields such as clean and advanced energy, agribusiness, IT life sciences and transportation logistics.

Illinois has seen a huge foreign investment growth over recent years. Countries like Britain, Japan, Germany and China were among those most investing in Illinois in 2023. By that time, the amount was over USD $13.2 billion in manufacturing, agribusiness and other sectors in Illinois all by itself.

Since 2014, over $1 billion worth of incentives have been awarded under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and renewable energy production. The program was announced last month. DCEO also granted PsiQuantum Manufacturing with an incentive package of more than 200 million dollars for their new modern facility in East Alton.

Governor JB Pritzker was joined by representatives from the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago for the launch of CZ Biohub Chicago - a innovative research hub that is that is at the forefront in scientific research. 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 are expanding their current factory in Elgin which will create 50 full-time jobs while keeping 140 existing full-time positions intact.

The Illinois Small Business Development Center at Southern Illinois University is funded through a collaborative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center provides entrepreneurs in the area with support for beginning or expanding their business through services such as free workshops on business planning and one-on-one sessions with expert Business Advisors and access financing options.

State leaders in Indiana are pushing employers to offer better compensation and benefits as way of keeping child care workers in the country which is a problem due to a shortage of job. This comes following the closing of a child care center in Bronzeville which was struggling to retain employees.

Illinois Department of Labor also created an online tool to help small businesses understand lawful employment practices. Employers can search using keywords or browse categories on this site; as well as connect to appropriate state agencies and other resources.

Illinois Business Development Authority (IBDA) has taken steps to raise awareness of Illinois tax incentives that can be used for business expansion by hosting the IBDA's webinar this week about this topic. The event was recorded. The webinar will later be available on their website.