Emerging Commercial Opportunities In The Prairie State Making Waves Right Now
Illinois Business Developments
Illinois as the biggest markets in the Midwest and home to more than 22,000 corporate headquarters, a vibrant entrepreneurial scene, and more than 1.2 million small businesses, provides all the resources global companies require to thrive in the modern business. From world-class infrastructure which connects companies to customers and suppliers to highly skilled workforce across various industries as well as a modern manufacturing base, Illinois excels in a variety of areas including advanced and sustainable energy, agribusiness, IT 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 investing in Illinois in 2023. By that time, the total was more than USD $13.2 billion across manufacturing, agribusiness and other areas in Illinois alone.
Since 2014, over $1 billion in incentives were granted under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and green energy production. Last month, DCEO also awarded PsiQuantum Manufacturing with an incentive package totaling over $200 million for their brand new state-of-the-art facility located in East Alton.
Governor JB Pritzker was present along with representatives from 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 in scientific research. This initiative 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 announced they are expanding their current manufacturing facility in Elgin, creating 50 full-time jobs while keeping the 140 full-time positions they currently have.
The Illinois Small Business Development Center located 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 assists local entrepreneurs with assistance in the creation or expansion of their businesses by offering services like free workshops on business planning One-on-one counseling sessions with experienced Business Advisors, and access to financing options.
State leaders in Indiana are encouraging employers to offer higher salaries and benefits as a means of keeping childcare workers in the country and facing a lack of job. The decision comes after the closure of a care center in Bronzeville where it was difficult to retain employees.
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Illinois Department of Labor also launched an online tool designed to educate small businesses on the laws governing employment. Employers can search for keywords or browse categories on this site, unicredit press release (www.diigo.com) and connect to the appropriate state agencies and resources.
Illinois Business Development Authority (IBDA) is working to raise awareness of Illinois' tax incentives for business expansion by hosting the IBDA's webinar this week on the subject. The webinar was recorded. The webinar will later appear on the website.
