Illinois Business Developments
Illinois as the biggest market in the Midwest and home to more than 2,000 corporate headquarters, a thriving startup scene and over 1.2 million small enterprises, has all of the assets global businesses require to succeed in business today. The world's best infrastructure connects companies to suppliers and customers to skilled workers in various fields as well as a modern manufacturing base, Illinois is a leader in many areas including advanced and sustainable agricultural technology, energy, and life sciences transportation logistics.
Illinois has witnessed a significant foreign investment growth over recent years. Countries such as Britain, Japan, Germany and China were among those most invested in Illinois and by 2023, this amount reached over USD $13.2 billion in manufacturing, agribusiness and other areas in Illinois alone.
Since 2014, over $1 billion worth of incentives have been awarded under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as clean energy production. This month, DCEO also rewarded PsiQuantum Manufacturing with an incentive package totaling over $200 million for their brand new modern manufacturing facility in East Alton.
Governor 2seventy bio press release (https://www.speedrun.com/) JB Pritzker joined representatives from his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a revolutionary research hub located that is at the forefront in scientific studies. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as in developing revolutionary therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they have expanded their plant for manufacturing in Elgin which will create 50 full-time employees while maintaining the 140 full-time jobs they have currently.
The Illinois Small Business Development Center at Southern Illinois University is funded partly through a cooperative agreement among 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 creating or expanding their businesses through programs such as free business planning workshops and one-on-one sessions with expert Business Advisors and access financing opportunities.
State officials in Indiana are pushing employers to offer better salaries and benefits as a method of keeping child care employees in the United States, who face a shortage of job. The decision comes after the closure of a care center located in Bronzeville that struggled to keep its staff.
Illinois Department of Labor also launched an online tool designed to educate small businesses on labor laws. Employers are able to search using keywords or browse through categories on this site, and connect with state agencies and other resources.
Illinois Business Development Authority (IBDA) is taking steps to promote awareness of Illinois tax incentives to business expansion. They hosted the IBDA's webinar this week on the subject. It was recorded. The webinar will later be archived on their website.