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Illinois Business Developments

Illinois is the most populous market of the Midwest and home to over 2,000 corporate headquarters, a vibrant business scene, and more than 1.2 million small businesses, is home to the infrastructure that firms require to flourish in the modern business. The world's best infrastructure connects businesses to customers and suppliers to highly skilled workers in various fields and a thriving manufacturing base - Illinois is a leader in many areas like advanced and clean energy, agribusiness, IT life sciences transportation logistics.

Illinois has experienced a tremendous increase in expansion of foreign investments in recent years. Countries like Britain, Japan, Germany and China were among the most invested in Illinois in 2023. By that time, the sum was greater than USD $13.2 billion in agricultural, manufacturing, and other areas in Illinois alone.

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

Governor JB Pritzker accompanied by representatives of 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 at the forefront of leading scientific research. The initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as as develop groundbreaking therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they have expanded their manufacturing facility in Elgin and 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 partly through a cooperative 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 with services that include free business planning workshops and one-on-one sessions with experienced Business Advisors and access funding opportunities.

State officials in Indiana are encouraging employers to offer higher pay and benefits as a method of keeping child care workers working across the nation which is a problem due to a shortage of jobs. This follows the closure of a child care facility in Bronzeville that struggled to keep its employees.

Illinois Department of Labor also launched an online tool designed to educate small businesses on the laws governing employment. Employers can search using keywords or browse categories on this website; and connect with state agencies and resources.

Illinois Business Development Authority (IBDA) is taking action to promote awareness of Illinois' tax incentives for business expansion. The IBDA hosted an online webinar on the subject. It was recorded. The webinar will later be archived on their website.