Exciting Business Opportunities In The Prairie State On The Rise In 2024
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Illinois Business Developments
Illinois is the biggest market in the Midwest and home to over 22,000 corporate headquarters, a thriving startup scene and over 1.2 million small businesses, is home to the infrastructure that firms require to flourish in business today. From world-class infrastructure which connects businesses to suppliers and customers to skilled and knowledgeable workforces in various industries as well as a modern manufacturing base, Illinois excels in a variety of areas like advanced and clean technology, agriculture, energy, life sciences logistics for transportation.
Illinois has witnessed a significant expansion of foreign investments in recent years. Countries such as Britain, Japan, Germany and China were among the most invested in Illinois; by 2023 this sum was greater than USD $13.2 billion in agricultural, manufacturing, and other industries in Illinois alone.
Since 2014, nearly $1 billion in incentives has been given out 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 rewarded PsiQuantum Manufacturing with an incentive package totaling over $200 million to build a modern facility located in East Alton.
Governor JB Pritzker accompanied by representatives of the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to launch CZ Biohub Chicago - a cutting-edge research hub in the forefront of scientific research. The initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as in developing revolutionary therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their current factory in Elgin, creating 50 full-time positions while keeping 140 existing full-time positions intact.
The Illinois Small Business Development Center 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 provides entrepreneurs from the local area with help in starting or expanding their businesses by offering services like free business planning workshops, one-on-one counseling sessions with expert Business Advisors as well as access to financing options.
State leaders in Indiana are insisting on employers offering higher pay and benefits as a method of keeping child care employees in the United States which is a problem due to a shortage of work. The move comes after the closure of a child care center located in Bronzeville where it was difficult to retain employees.
Illinois Department of Labor also created an online tool to help small businesses understand lawful employment practices. Employers can search using keywords or browse categories press release on table 8a of gstr-9 (form.jotform.com) this site; as well as connect to appropriate state agencies and sources.
Illinois Business Development Authority (IBDA) is taking action to increase awareness about Illinois tax incentives to business expansion by hosting the IBDA's webinar this week about this topic. The event was recorded and will be archived on their website.