New Commercial Trends In Illinois To Watch This Year
Illinois Business Developments
Illinois is the most populous market in the Midwest and the home of more than 2,000 corporate headquarters, a bustling entrepreneurial scene, and more than 1.2 million small businesses, provides all the resources that global companies require to thrive in today's competitive business. From world-class infrastructure that connects companies to suppliers and customers to skilled workforce across various industries and press release vs media advisory (pressez.substack.com) an advanced manufacturing base, Illinois is a leader in many areas like advanced and clean agriculture, energy, 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 those most investing in Illinois in 2023. By that time, the amount was over USD $13.2 billion across agriculture, manufacturing and other industries in Illinois all by itself.
In 2014, over $1 billion worth of incentives have been given out under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and clean energy production. The program was announced last month. DCEO also awarded PsiQuantum Manufacturing with an incentive package of more than $200 million for their new 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 launch CZ Biohub Chicago - a cutting-edge research hub at the forefront of leading scientific research. The initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the human development of tissues as well as develop groundbreaking therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing production facility located in Elgin which will create 50 full-time employees while maintaining the 140 full-time jobs they have currently.
The Illinois Small Business Development Center at Southern Illinois University is funded through a collaborative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The center provides entrepreneurs from the local area with help in beginning or expanding their business through services such as free workshops on business planning One-on-one counseling sessions with experienced Business Advisors, and access to financing opportunities.
State officials in Indiana are insisting on employers offering higher pay and benefits as a method of keeping child care employees in the United States, who face a shortage of employment. This comes following the closing of a child care center in Bronzeville where it was difficult to retain staff.
Illinois Department of Labor also has launched an online tool to help small businesses understand the laws governing employment. Employers can search for keywords or browse categories on the website; and connect to state agencies and information sources.
Illinois Business Development Authority (IBDA) is taking action to increase awareness about Illinois tax incentives that can be used for expanding businesses by hosting a webinar this week on the subject. It was recorded. It will then be available on their website.