Emerging Commercial Trends In The Prairie State On The Rise In 2024
Illinois Business Developments
Illinois as the biggest marketplace in the Midwest and the home of more than two thousand corporate headquarters, a vibrant startup scene, and over 1.2 million small businesses, is home to all the resources that global businesses require to succeed in today's competitive business. From the world-class infrastructure that connects businesses to customers and suppliers to highly talented workforce in various industries and an advanced manufacturing base, Illinois has a leading position in many fields such as clean and advanced technology, agriculture, energy, life sciences and transportation logistics.
Illinois has witnessed a significant increase in foreign investment over the last few years. Countries like Britain, Japan, Germany and China were among the top countries invested in Illinois in 2023. By that time, the sum was greater than USD $13.2 billion in manufacturing, agribusiness and other areas in Illinois Press (hop over to these guys) alone.
Since 2014, nearly $1 billion in incentives have been granted under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as renewable energy production. This month, DCEO also provided PsiQuantum Manufacturing with an incentive package that was worth over $200 million to build a high-tech facility located in East Alton.
Governor JB Pritzker joined representatives from Chan Zuckerberg Initiative, 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 studies. The initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well in developing revolutionary therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing plant for manufacturing in Elgin which will create 50 full-time positions while keeping the 140 full-time positions they currently have.
The Illinois Small Business Development Center at Southern Illinois University is funded through a collaborative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers local entrepreneurs with assistance in creating or expanding 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 officials in Indiana are insisting on employers offering higher salaries and benefits as a way to keep child care workers employed nationwide and facing a lack of jobs. The decision comes after the closure of a care center located in Bronzeville that struggled to keep its staff.
Illinois Department of Labor also has launched an online tool to educate small businesses on employment laws. Employers are able to search using keywords or browse categories on the site; as well as connect to the appropriate state agencies and information sources.
Illinois Business Development Authority (IBDA) has taken steps to raise awareness of Illinois tax incentives to business expansion by hosting a webinar this week on this subject, which was recorded and will later be available on their website.