New Commercial Developments In The Prairie State On The Rise This Year
Illinois Business Developments
Illinois is the most populous markets in the Midwest and home to more than 2000 corporate headquarters, an active entrepreneurial scene, and more than 1.2 million small businesses, provides all the resources that global firms require to flourish in the modern business. From world-class infrastructure that connects companies to suppliers and customers to skilled workforce across various industries as well as a modern manufacturing base - Illinois has a leading position in many fields such as clean and advanced agriculture, energy, IT life sciences, transportation logistics.
Illinois has seen tremendous international investment growth in recent years. Countries like Britain, Japan, Germany and China were among the countries that most invested in Illinois in 2023. By that time, the amount reached over USD $13.2 billion in agriculture, manufacturing and other industries in Illinois all by itself.
Since 2014, nearly $1 billion in incentives were given out under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as clean energy production. Last month, DCEO also granted PsiQuantum Manufacturing with an incentive package that was worth over 200 million dollars for their new advanced manufacturing facility in East Alton.
Governor JB Pritzker was joined by representatives from Chan Zuckerberg Initiative, the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago Press (pressez.substack.com) for the launch of CZ Biohub Chicago - a revolutionary research hub located that is at the forefront in research. This project 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 current factory in Elgin which will create 50 full-time jobs while keeping the existing 140 full-time employees.
The Illinois Small Business Development Center 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 provides local entrepreneurs with assistance for beginning or expanding their business with services that include free workshops on business planning individual counseling sessions with expert Business Advisors as well as access to funding opportunities.
State leaders in Indiana are informing employers to provide higher pay and benefits as a method of keeping child care workers employed nationwide which is a problem due to a shortage of jobs. The move comes after the closure of a care facility located in Bronzeville which struggled to retain employees.
Illinois Department of Labor also launched an online tool designed to inform small-scale businesses about labor laws. Employers can search for keywords or browse categories on the site; as well as connect to the appropriate state agencies and other resources.
Illinois Business Development Authority (IBDA) has taken steps to increase awareness about Illinois tax incentives to business expansion by hosting an interactive webinar on the subject. The webinar was recorded. The webinar will later appear on the website.