Exciting Business Trends In The Prairie State To Watch This Year
Illinois Business Developments
Illinois, as the largest market in the Midwest and home to over 2,000 corporate headquarters, a thriving entrepreneurial scene, and more than 1.2 million small businesses, provides all of the assets global firms require to flourish in the current business climate. The world's best infrastructure connects companies to customers and suppliers to highly talented workforce in various industries as well as an advanced manufacturing base, Illinois excels in a variety of areas including advanced and sustainable agricultural technology, energy, and life sciences logistics for transportation.
Illinois has experienced a tremendous increase in foreign investment growth over recent years. Countries like Britain, Japan, Germany and China were among the most invested in Illinois in 2023. By that time, the total was more than USD $13.2 billion across agricultural, manufacturing, and other industries in Illinois alone.
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In 2014, over $1 billion in incentives have been granted under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as clean energy production. This month, DCEO also granted PsiQuantum Manufacturing with an incentive package of more than 200 million dollars for their press release new ceo - simply click the next site - high-tech manufacturing facility in East Alton.
Governor JB Pritzker accompanied by representatives of 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 that is at the forefront in scientific studies. This initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well to develop innovative therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they have expanded their plant for manufacturing in Elgin, creating 50 full-time jobs while keeping the 140 full-time jobs they have currently.
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 University. The center provides entrepreneurs in the area with support for creating or expanding their businesses by offering services like free workshops on business planning individual counseling sessions with experienced Business Advisors, and access to financing options.
State officials in Indiana are informing employers to provide higher salaries and benefits as a means of keeping childcare workers working across the nation as they face a shortage of job. This follows the closure of a care facility in Bronzeville where it was difficult to retain employees.
Illinois Department of Labor also has launched an online tool to help small businesses understand labor laws. Employers are able to search using keywords or browse categories on the site, and connect with state agencies and information sources.
Illinois Business Development Authority (IBDA) is taking steps to raise awareness of Illinois tax incentives that can be used for business expansion. The IBDA hosted the IBDA's webinar this week on the subject. The webinar was recorded and will be available on their website.