Emerging Business Opportunities In Illinois Making Waves This Year
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Illinois Business Developments
Illinois is the most populous market of the Midwest and home to over 22,000 corporate headquarters, an active business scene, and more than 1.2 million small-scale businesses, offers all of the assets global businesses require to succeed in business today. The world's best infrastructure connects companies to customers and suppliers to highly skilled and knowledgeable workforces in various industries as well as an advanced manufacturing base - Illinois excels in a variety of areas including advanced and sustainable technology, agriculture, energy, life sciences transportation logistics.
Illinois has seen a huge expansion of foreign investments in recent years. Countries such as Britain, Japan, Germany and China were among those most invested in Illinois In 2023, this amount was over USD $13.2 billion in the agribusiness, manufacturing and manufacturing industries in Illinois all by itself.
In 2014, over $1 billion in incentives were given out under Illinois Reimagining Energy and Vehicles program to firms that supply electric vehicles and green energy production. In the last month, DCEO also awarded PsiQuantum Manufacturing with an incentive package that was worth over 200 million dollars for their new high-tech manufacturing facility located in East Alton.
Governor JB Pritzker was joined by representatives from his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a cutting-edge research hub in the forefront of scientific studies. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well and develop revolutionary therapies.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing plant for manufacturing in Elgin, creating 50 full-time jobs while keeping 140 existing full-time positions intact.
The Illinois Small Business Development Center 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 for creating or expanding their businesses with services that include free business planning workshops One-on-one counseling sessions with experienced Business Advisors and access funding opportunities.
State officials in Indiana are informing employers to provide higher wages and benefits as a means of keeping childcare workers in the country which is a problem due to a shortage of jobs. The move comes after the closure of a child care facility located in Bronzeville where it was difficult to retain employees.
Illinois Department of Labor also launched an online tool designed to help small businesses understand labor laws. Employers can search using keywords or browse categories on the website; and connect with state agencies and information sources.
Illinois Business Development Authority (IBDA) is taking action to raise awareness of Illinois tax incentives to business expansion by hosting the IBDA's webinar this week on the subject. The webinar was recorded. The webinar will later be available on their website.