Illinois Business Developments

Illinois is the biggest marketplace in the Midwest and home to more than 2,000 corporate headquarters, a thriving business scene, and more than 1.2 million small businesses, is home to all the resources global companies require to thrive in the current business climate. From the world-class infrastructure that connects companies with customers and suppliers to highly talented workforce in various industries as well as an advanced manufacturing base - Illinois leads in many areas including advanced and sustainable agricultural technology, energy, and life sciences, transportation logistics.

Illinois has seen a huge increase in foreign investment over the last few 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 agriculture, manufacturing 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 provided PsiQuantum Manufacturing with an incentive package that was worth over $200 million for their new high-tech manufacturing facility 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 groundbreaking research hub that is at the forefront of cutting-edge 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 in developing revolutionary therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing factory in Elgin that will result in 50 full-time jobs while keeping the 140 full-time jobs they have currently.

The Illinois Small Business Development Center located 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 offers local entrepreneurs with assistance for creating or expanding their businesses through programs such as free business planning workshops and one-on-one sessions with experienced Business Advisors as well as access to financing opportunities.

State officials in Indiana are informing employers to provide higher compensation and benefits as means of keeping childcare workers employed nationwide as they face a shortage of job. The move comes after the closing of a children's care facility located in Bronzeville where it was difficult to retain employees.

Illinois Department of Labor also has launched an online tool to inform small-scale businesses about employment laws. Employers can search for keywords or browse categories on this website; and connect to appropriate state agencies and other resources.

Illinois Business Development Authority (IBDA) is taking steps to make people aware of Illinois' tax incentives for expanding businesses by hosting an online webinar on the subject. The webinar was recorded and will later appear on the website.