Emerging Business Opportunities In Illinois To Watch In 2024
Illinois Business Developments
Illinois, as the largest markets in the Midwest and home to more than 22,000 corporate headquarters, a vibrant startup scene, and over 1.2 million small-scale businesses, offers all the resources global companies require to thrive in the modern business. From world-class infrastructure that connects businesses with their customers and suppliers to highly talented workforce in various industries as well as a modern manufacturing base, Illinois has a leading position in many fields such as clean and advanced agricultural technology, energy, and life sciences logistics for transportation.
Illinois has experienced a tremendous increase in international investment growth in recent years. Countries such as Britain, Japan, Germany and China were among the countries that most invested in Illinois in 2023. By that time, the amount reached over USD $13.2 billion in manufacturing, agribusiness and other industries in Illinois alone.
Since 2014, nearly $1 billion in incentives has been awarded under Illinois' Reimagining Energy and Vehicles program to businesses that offer electric vehicles and clean energy production. This month, DCEO also awarded PsiQuantum Manufacturing with an incentive package worth more than $200 million to build a state-of-the-art manufacturing facility in East Alton.
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Governor JB Pritzker accompanied by representatives of the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a groundbreaking research hub that is at the forefront of cutting-edge scientific research. This initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well to develop innovative therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their current plant for manufacturing in Elgin that will result in 50 full-time employment while keeping the existing 140 full-time employees.
The Illinois Small Business Development Center at Southern Illinois University is funded by a co-operative agreement among U.S. Small Business Administration, illinois news bomb threat (https://www.diigo.com) Department of Commerce and Economic Opportunity and Southern Illinois University. The center provides local entrepreneurs with assistance in starting or expanding their businesses through services such as free business planning workshops, one-on-one counseling sessions with experienced Business Advisors, and access to financing options.
State leaders in Indiana are insisting on employers offering higher pay and benefits as a means of keeping childcare workers employed nationwide and facing a lack of work. This follows the closing of a children's care center in Bronzeville that struggled to keep its staff.
Illinois Department of Labor also created an online tool to educate small businesses on lawful employment practices. Employers can search for keywords or browse through categories on this website, as well as connect to state agencies and sources.
Illinois Business Development Authority (IBDA) has taken steps to promote awareness of Illinois tax incentives for business expansion. The IBDA hosted an interactive webinar about this topic. The event was recorded. The webinar will later be available on their website.