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Illinois Business Developments

Illinois as the biggest marketplace in the Midwest and home to over 2000 corporate headquarters, a bustling entrepreneurial scene, and more than 1.2 million small businesses, is home to the infrastructure that businesses need to be successful in today's competitive business. From the world-class infrastructure that connects companies to customers and suppliers to highly skilled workers in various fields as well as a modern manufacturing base, Illinois excels in a variety of areas such as clean and advanced agricultural technology, energy, and life sciences transportation logistics.

Illinois has experienced a tremendous increase in foreign investment growth over recent years. Countries like Britain, Japan, Germany and China were among the most invested in Illinois and by 2023, this sum was greater than USD $13.2 billion across agricultural, manufacturing, and other areas in Illinois all by itself.

Since 2014, nearly $1 billion in incentives has been awarded under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as green energy production. In the last month, DCEO also awarded PsiQuantum Manufacturing with an incentive package worth more than 200 million dollars for their new state-of-the-art facility in East Alton.

Governor JB Pritzker was present along with representatives from Chan Zuckerberg Initiative, the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a groundbreaking research hub at the forefront of leading research. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well to develop innovative therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their current plant for manufacturing in Elgin which will create 50 full-time employment while keeping the 140 full-time jobs they have currently.

The Illinois Small Business Development Center located at Southern Illinois University is funded by a co-operative agreement 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 business planning workshops, one-on-one counseling sessions with expert Business Advisors, and access to financing options.

State officials in Indiana are pushing employers to offer better salaries and benefits as a way to keep child care workers employed nationwide and facing a lack of job. This follows the closure of a care center located in Bronzeville which was struggling to retain staff.

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 website; and connect to the appropriate state agencies and information sources.

Illinois Business Development Authority (IBDA) has taken steps to raise awareness of Illinois' tax incentives for business expansion by hosting an interactive webinar about this topic. The event was recorded and will be archived on their website.