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Blog entry by Lanny Pirkle

Emerging Commercial Trends in the Prairie State to Watch This Year

Emerging Commercial Trends in the Prairie State to Watch This Year

Illinois Business Developments

Illinois is the most populous marketplace in the Midwest and home to over 22,000 corporate headquarters, a bustling business scene, and more than 1.2 million small businesses, is home to all the resources that global businesses need to be successful in business today. From the world-class infrastructure that connects companies to suppliers and customers to skilled workers in various fields as well as an advanced manufacturing base - Illinois is a leader in many areas such as clean and advanced energy, agribusiness, IT life sciences transportation logistics.

Illinois has witnessed a significant increase in foreign investment over the last few years. Countries like Britain, Japan, Germany and China were among the countries that most investing in Illinois In 2023, this amount was over USD $13.2 billion across manufacturing, agribusiness and other areas in Illinois all by itself.

Since 2014, over $1 billion in incentives have been distributed under Illinois' Reimagining Energy and Vehicles program to firms that supply electric vehicles and renewable energy production. The program was announced last month. DCEO also provided PsiQuantum Manufacturing with an incentive package that was worth over $200 million to build a advanced manufacturing facility in East Alton.

Governor JB Pritzker was joined by representatives from his organization, 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 at the forefront of leading research. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the human development of tissues as well to develop innovative therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing production facility located in Elgin that will result in 50 full-time positions while keeping 140 existing full-time positions intact.

The illinois speed press duet songs (start.me) Small Business Development Center at Southern Illinois University is funded through a collaborative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists local entrepreneurs with assistance for starting or expanding their businesses through programs such as free business planning workshops and one-on-one sessions with experienced Business Advisors and access to funding opportunities.

State officials in Indiana are insisting on employers offering higher wages and benefits as a way of keeping child care workers in the country as they face a shortage of work. The move comes after the closure of a child care facility located in Bronzeville which was struggling to retain staff.

Illinois Department of Labor also created an online tool to educate small businesses on the laws governing employment. Employers can search by keyword or browse through categories on this site, and connect with state agencies and sources.

Illinois Business Development Authority (IBDA) is taking action to increase awareness about Illinois tax incentives to business expansion by hosting a webinar this week on the subject. The webinar was recorded. The webinar will later be archived on their website.

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