DWQA Questions › Category: Questions › New Commercial Opportunities in Illinois to Watch in 2024
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Audrey Ligar asked 1 year ago

Illinois Business Developments

Illinois, as the largest marketplace in the Midwest and home to over 22,000 corporate headquarters, a thriving business scene, and more than 1.2 million small businesses, is home to all of the assets global businesses require to succeed in the current business climate. The world’s best infrastructure connects companies with suppliers and customers to a skilled and knowledgeable workforces in various industries as well as an advanced manufacturing base, Illinois leads in many areas including advanced and sustainable energy, agribusiness, IT life sciences, transportation logistics.

Illinois has witnessed a significant expansion of foreign investments in recent years. Countries such as Britain, Japan, Germany and China were among the top countries investing in Illinois and by 2023, this total was more than USD $13.2 billion across agricultural, manufacturing, and other sectors in Illinois alone.

Since 2014, more than $1 billion in incentives have been granted under Illinois Reimagining Energy and Honda Press Release (Pressez.Substack.Com) Vehicles program to companies providing electric vehicles and clean energy production. Last month, DCEO also awarded PsiQuantum Manufacturing with an incentive package of more than 200 million dollars for their new state-of-the-art manufacturing facility 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 groundbreaking research hub that is at the forefront in research. The initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the human development of tissues as well and develop revolutionary therapies.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their current plant for manufacturing in Elgin, creating 50 full-time employees while maintaining 140 existing full-time positions intact.

The Illinois Small Business Development Center located at Southern Illinois University is funded in part through a cooperative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers entrepreneurs in the area with support for beginning or expanding their business with services that include free business planning workshops and one-on-one sessions with experienced Business Advisors and access financing opportunities.

State officials in Indiana are informing employers to provide higher salaries and benefits as a way to keep child care workers working across the nation as they face a shortage of jobs. This follows the closure of a child care facility in Bronzeville where it was difficult to retain employees.

Illinois Department of Labor also introduced an online tool to help small businesses understand the laws governing employment. Employers can search by keyword or browse categories on this site; as well as connect to appropriate state agencies and sources.

Illinois Business Development Authority (IBDA) is taking action to make people aware of Illinois’ tax incentives for expanding businesses by hosting the IBDA’s webinar this week on the subject. The webinar was recorded and will later appear on the website.