Emerging Business Trends In The Prairie State Making Waves Right Now
Illinois Business Developments
Illinois is the most populous market in the Midwest and home to over 2,000 corporate headquarters, a thriving business scene, and more than 1.2 million small businesses, is home to the infrastructure that businesses require to succeed in today's competitive business. From the world-class infrastructure that connects companies with suppliers and customers to a skilled and knowledgeable workforces in various industries and an advanced manufacturing base - Illinois has a leading position in many fields including advanced and sustainable agriculture, energy, IT life sciences and transportation logistics.
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Illinois has witnessed a significant foreign investment growth over recent years. Countries like Britain, Japan, Germany and China were among the countries that most invested in Illinois and by 2023, this amount was over USD $13.2 billion across agriculture, manufacturing and other areas in Illinois alone.
Since 2014, nearly $1 billion in incentives have been awarded under Illinois' Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as clean energy production. Last month, DCEO also provided PsiQuantum Manufacturing with an incentive package totaling over $200 million for their brand new state-of-the-art facility located in East Alton.
Governor JB Pritzker was joined by representatives from Chan Zuckerberg Initiative, the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a cutting-edge research hub that is at the forefront in scientific research. This project 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 have expanded their production facility located in Elgin and will create 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 partly through a cooperative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern illinois speed press duet [https://www.speedrun.com] University. The center provides entrepreneurs in the area with support for creating or expanding their businesses with services that include free business planning workshops and one-on-one sessions with expert Business Advisors and access financing options.
State officials in Indiana are informing employers to provide higher wages and benefits as a method of keeping child care workers employed nationwide which is a problem due to a shortage of work. This follows the closing of a children's care center located in Bronzeville that struggled to keep its staff.
Illinois Department of Labor also introduced an online tool to educate small businesses on labor laws. Employers can search for keywords or browse categories on this website, as well as connect to appropriate state agencies and resources.
Illinois Business Development Authority (IBDA) is taking action to promote awareness of Illinois tax incentives to business expansion. The IBDA hosted a webinar this week about this topic. The event was recorded and will appear on the website.