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MarchEmerging Business Trends in Illinois to Watch This Year
Illinois Business Developments
Illinois is the most populous market of the Midwest and the home of more than 2000 corporate headquarters, a vibrant business scene, and more than 1.2 million small businesses, provides all the resources global businesses need to be successful in today's competitive business. From the world-class infrastructure that connects businesses with their suppliers and customers to a skilled workforce across various industries as well as a modern manufacturing base - Illinois has a leading position in many fields such as clean and advanced energy, agribusiness, IT life sciences transportation logistics.
Illinois has seen tremendous foreign investment growth over recent years. Countries like Britain, Japan, Germany and China were among the most invested in Illinois; by 2023 this total was more than USD $13.2 billion in agricultural, manufacturing, and other sectors in Illinois alone.
In 2014, over $1 billion in incentives has been granted under Illinois' Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as green energy production. This month, DCEO also awarded PsiQuantum Manufacturing with an incentive package totaling over 200 million dollars for their new modern manufacturing facility in East Alton.
Governor JB Pritzker accompanied by representatives of Chan Zuckerberg Initiative, the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago for the launch of CZ Biohub Chicago - a revolutionary research hub located in the forefront of research. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well in developing revolutionary therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current manufacturing facility in Elgin which will create 50 full-time employees while maintaining the existing 140 full-time employees.
The Illinois Small Business Development Center located at Southern Illinois University is funded by a co-operative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center provides local entrepreneurs with assistance in starting or expanding their businesses through programs such as free workshops on business planning, one-on-one counseling sessions with experienced Business Advisors, and access to financing options.
State leaders in Indiana are informing employers to provide higher salaries and benefits as a method of keeping child care employees in the United States, who face a shortage of work. The decision comes after the closure of a child care facility located in Bronzeville that struggled to keep its employees.
Illinois Department of Labor also created an online tool to provide small-sized businesses with information on labor laws. Employers can search using keywords or browse through categories on this website, as well as connect with state agencies and information sources.
Illinois Business Development Authority (IBDA) is taking action to make people aware of Illinois tax incentives that can be used for business expansion by hosting the IBDA's webinar this week on this subject, which was recorded and atos press release (https://pressez.blog.fc2.com/) will later appear on the website.
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