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AprilEmerging Commercial Developments in Illinois Making Waves in 2024
Illinois Business Developments
Illinois as the biggest markets in the Midwest and the home of more than 22,000 corporate headquarters, an active startup scene and over 1.2 million small enterprises, has the infrastructure that firms require to flourish in the modern business. From world-class infrastructure which connects businesses to suppliers and customers to skilled workforce across various industries and a thriving manufacturing base - Illinois is a leader in many areas including advanced and sustainable agriculture, energy, IT life sciences transportation logistics.
Illinois has seen tremendous foreign investment growth over recent years. Countries such as Britain, Japan, Germany and China were among the top countries invested in Illinois In 2023, this amount reached over USD $13.2 billion in agricultural, manufacturing, and other areas in Illinois all by itself.
Since 2014, more than $1 billion worth of incentives have been distributed under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as renewable energy production. This month, DCEO also awarded PsiQuantum Manufacturing with an incentive package totaling over $200 million for xbox press Release (Hashnode.com) their brand new advanced manufacturing facility located in East Alton.
Governor JB Pritzker was present along with representatives from The Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to launch CZ Biohub Chicago - a groundbreaking research hub that is at the forefront of cutting-edge research. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the human development of tissues as well in developing revolutionary therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their current manufacturing facility in Elgin that will result in 50 full-time positions while keeping the 140 full-time jobs they have currently.
The Illinois Small Business Development Center at Southern Illinois University is funded partly through a cooperative 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 starting or expanding their businesses through services such as free business planning workshops and one-on-one sessions with expert Business Advisors and access to financing options.
State leaders in Indiana are insisting on employers offering higher compensation and benefits as way of keeping child care workers in the country as they face a shortage of job. The move comes after the closure of a child care center in Bronzeville that struggled to keep its staff.
Illinois Department of Labor also launched an online tool designed to educate small businesses on labor laws. Employers can search for keywords or browse categories on this site; as well as connect with state agencies and resources.
Illinois Business Development Authority (IBDA) has taken steps to make people aware of Illinois' tax incentives for expanding businesses by hosting the IBDA's webinar this week on the subject. It was recorded. The webinar will later be available on their website.

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