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Emerging Business Trends in the Prairie State On the Rise Right Now

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Illinois Business Developments

Illinois is the biggest market of the Midwest and home to over two thousand corporate headquarters, a thriving business scene, and more than 1.2 million small enterprises, has the infrastructure that businesses require to succeed in the modern business. From world-class infrastructure that connects companies to suppliers and customers to a skilled workers in various fields as well as a modern manufacturing base, Illinois leads in many areas such as advanced and clean agricultural technology, energy, and life sciences, transportation logistics.

Illinois has experienced a tremendous increase in expansion of foreign investments in recent years. Countries like Britain, Japan, Germany and China were among the top countries invested in Illinois in 2023. By that time, the amount was over USD $13.2 billion in manufacturing, agribusiness and other sectors in Illinois all by itself.

Since 2014, over $1 billion in incentives have been given out under Illinois' Reimagining Energy and Vehicles program to companies providing electric vehicles and renewable energy production. Last month, DCEO also provided PsiQuantum Manufacturing with an incentive package that was worth over $200 million to build a high-tech manufacturing facility in East Alton.

Governor JB Pritzker was present along with representatives from his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a innovative research hub that is in the forefront of scientific studies. The project will unite 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 have expanded their production facility located in Elgin, creating 50 full-time employees while maintaining 140 existing full-time positions intact.

The Illinois Small Business Development Center at Southern Illinois University is funded partly through a cooperative agreement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers local entrepreneurs with assistance for beginning or expanding their business with services that include free workshops on business planning, one-on-one counseling sessions with expert Business Advisors and access to funding opportunities.

State officials in Indiana are informing employers to provide higher pay and benefits as a way to keep child care employees in the United States which is a problem due to a shortage of employment. This follows the closure of a child care facility in Bronzeville which struggled to retain employees.

Illinois Department of Labor also has launched an online tool to inform small-scale businesses about employment laws. Employers can search using keywords or browse categories on this website; and connect to state agencies and resources.

Illinois Business Development Authority (IBDA) is working to increase awareness about Illinois tax incentives to business expansion. They hosted a webinar this week on this subject, which was recorded. The webinar will later appear on the website.

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