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Emerging Business Developments in Illinois to Watch in 2024
Illinois Business Developments
Illinois is the biggest markets in the Midwest and home to over 2,000 corporate headquarters, a thriving startup scene, and over 1.2 million small-scale businesses, offers all the resources that global companies require to thrive in business today. From the world-class infrastructure that 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 such as clean and advanced energy, agribusiness, IT life sciences, transportation logistics.
Illinois has experienced a tremendous increase in increase in foreign investment over the last few years. Countries like Britain, Japan, Germany and China were among the most investing in Illinois and by 2023, this amount reached over USD $13.2 billion across agricultural, manufacturing, and other sectors in Illinois all by itself.
Since 2014, nearly $1 billion in incentives has been awarded under Illinois Reimagining Energy and Vehicles program to companies providing electric vehicles and green energy production. This month, DCEO also granted PsiQuantum Manufacturing with an incentive package worth more than $200 million for their new state-of-the-art facility located in East Alton.
Governor JB Pritzker was joined by representatives from The Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to launch CZ Biohub Chicago - a revolutionary research hub located at the forefront of leading scientific studies. This initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as in developing revolutionary therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing plant for manufacturing in Elgin, creating 50 full-time positions while keeping the 140 full-time jobs they have currently.
The Illinois Small Business Development Center located 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 assists entrepreneurs from the local area with help in beginning or expanding their business by offering services like free workshops on business planning One-on-one counseling sessions with expert Business Advisors and 7im press release (pressez.substack.com) access to financing opportunities.
State officials in Indiana are insisting on employers offering higher salaries and benefits as a method of keeping child care workers employed nationwide, who face a shortage of jobs. This comes following the closure of a care center located in Bronzeville which struggled to retain staff.
Illinois Department of Labor also has launched an online tool to educate small businesses on the laws governing employment. Employers can search for keywords or browse through categories on this website, as well as connect to the appropriate state agencies and sources.
Illinois Business Development Authority (IBDA) is working to promote awareness of Illinois tax incentives to business expansion by hosting the IBDA's webinar this week on this subject, which was recorded and will be available on their website.
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Website: https://pressez.substack.com/p/the-importance-of-press-releases
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