Emerging Commercial Developments In Illinois To Watch This Year
Illinois Business Developments
Illinois is the biggest market in the Midwest and the home of more than two thousand corporate headquarters, a bustling startup scene, and over 1.2 million small enterprises, has the infrastructure that firms require to flourish in the current business climate. From world-class infrastructure that connects companies to suppliers and customers, to a talented workforce in various industries and an advanced manufacturing base - Illinois excels in a variety of areas such as clean and advanced technology, agriculture, energy, life sciences logistics for transportation.
Illinois has seen tremendous international investment growth in recent years. Countries like Britain, Japan, Germany and China were among those most investing in Illinois and by 2023, this sum was greater than USD $13.2 billion in manufacturing, agribusiness and other sectors in Illinois alone.
Since 2014, more than $1 billion in incentives have been granted under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and green energy production. In the last month, DCEO also awarded PsiQuantum Manufacturing with an incentive package worth more than $200 million for their brand new high-tech manufacturing 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 to inaugurate CZ Biohub Chicago - a revolutionary research hub located that is at the forefront in scientific research. The initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well in developing revolutionary therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they have expanded their manufacturing facility 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 located at Southern Illinois University is funded in part through a cooperative agreement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The center provides entrepreneurs from the local area with help in starting or expanding their businesses with services that include press release distribution free (https://pressez.blog.fc2.com/) 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 pay and benefits as a means of keeping childcare workers working across the nation which is a problem due to a shortage of job. The move comes after the closing of a child care facility located in Bronzeville which struggled to retain employees.
Illinois Department of Labor also has launched an online tool to inform small-scale businesses about labor laws. Employers are able to search using keywords or browse categories on this website, as well as connect to the appropriate state agencies and information sources.
Illinois Business Development Authority (IBDA) is taking steps to raise awareness of Illinois tax incentives to business expansion. They hosted a webinar this week on the subject. The webinar was recorded and will later be available on their website.