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Blog entry by Avis Yali

New Business Trends in Illinois Making Waves in 2024

New Business Trends in Illinois Making Waves in 2024

Illinois Business Developments

Illinois, as the largest marketplace in the Midwest and the home of more than 22,000 corporate headquarters, a bustling startup scene, and over 1.2 million small-scale businesses, offers the infrastructure that companies require to thrive in today's competitive business. From the world-class infrastructure that connects businesses to suppliers and customers to a skilled and knowledgeable workforces in various industries and a thriving manufacturing base, Illinois leads in many areas including advanced and sustainable agricultural technology, energy, and life sciences and 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 sum was greater than USD $13.2 billion across agriculture, manufacturing and other areas in Illinois alone.

In 2014, over $1 billion in incentives have been given out under Illinois' Reimagining Energy and Vehicles program to companies providing electric vehicles and clean energy production. In the last month, DCEO also granted PsiQuantum Manufacturing with an incentive package totaling over $200 million for their new advanced manufacturing facility located in East Alton.

Governor JB Pritzker joined representatives from the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to launch CZ Biohub Chicago - a innovative research hub that is in the forefront Central District Of Illinois Press Release - Www.Speedrun.Com - scientific studies. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well and develop revolutionary therapies.

Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current factory in Elgin, creating 50 full-time employment while keeping the existing 140 full-time employees.

The Illinois Small Business Development Center located at Southern Illinois University is funded through a collaborative agreement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists entrepreneurs from the local area with help in beginning or expanding their business by offering services like free business planning workshops and one-on-one sessions with experienced Business Advisors, and access to financing options.

State officials in Indiana are pushing employers to offer better pay and benefits as a means of keeping childcare workers working across the nation and facing a lack of jobs. The decision comes after the closure of a child care facility in Bronzeville which was struggling to retain staff.

Illinois Department of Labor also launched an online tool designed to educate small businesses on lawful employment practices. Employers can search using keywords or browse through categories on this site; as well as connect to state agencies and sources.

Illinois Business Development Authority (IBDA) is taking steps to increase awareness about Illinois' tax incentives for business expansion. The IBDA hosted an online webinar on this subject, which was recorded. The webinar will later be available on their website.

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