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Illinois Business Developments

Illinois, as the largest market of the Midwest and the home of more than 22,000 corporate headquarters, a thriving startup scene, and over 1.2 million small-scale businesses, offers all the resources global businesses need to be successful in the current business climate. The world's best infrastructure connects businesses to suppliers and customers to skilled and knowledgeable workforces in various industries and an advanced manufacturing base, Illinois is a leader in many areas like advanced and clean 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 the most invested in Illinois; by 2023 this sum was greater than USD $13.2 billion across the agribusiness, manufacturing and manufacturing areas in Illinois all by itself.

Since 2014, over $1 billion worth of incentives have been distributed under Illinois' Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as renewable energy production. The program was announced last month. DCEO also granted PsiQuantum Manufacturing with an incentive package that was worth over $200 million for their new advanced manufacturing facility located in East Alton.

Governor JB Pritzker joined representatives from The Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to launch CZ Biohub Chicago - a cutting-edge research hub in the forefront of scientific research. The project will unite 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 existing factory 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 at Southern Illinois University is funded by a co-operative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers entrepreneurs from the local area with help in the creation or expansion of their businesses through services such as free workshops on business planning individual counseling sessions with experienced Business Advisors and access financing opportunities.

State leaders in Indiana are pushing employers to offer better compensation and benefits as way of keeping child care workers in the country as they face a shortage of job. The decision comes after the closing of a children's care facility located in Bronzeville that struggled to keep its staff.

Illinois Department of Labor also created an online tool to inform small-scale businesses about labor laws. Employers can search using keywords or browse categories on this site, and connect to state agencies and sources.

Illinois Business Development Authority (IBDA) is taking steps to increase awareness about Illinois tax incentives that can be used for business expansion. The IBDA hosted an online webinar on this subject, which was recorded. It will then be available on their website.