New Business Developments In Illinois To Watch In 2024

Illinois Business Developments



Illinois as the biggest market of the Midwest and home to over two thousand corporate headquarters, a vibrant entrepreneurial scene, and more than 1.2 million small businesses, is home to all of the assets global companies require to thrive in the modern business. From world-class infrastructure which connects companies with customers and press release email subject line (https://www.diigo.com/profile/pressez) suppliers to highly talented workforce in various industries as well as an advanced manufacturing base - Illinois is a leader in many areas such as clean and advanced agriculture, energy, IT life sciences logistics for transportation.




Illinois has seen tremendous international investment growth in recent years. Countries such as Britain, Japan, Germany and China were among the most invested in Illinois; by 2023 this amount reached over USD $13.2 billion in the agribusiness, manufacturing and manufacturing areas in Illinois all by itself.




Since 2014, nearly $1 billion in incentives have been granted under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as clean energy production. In the last month, DCEO also awarded PsiQuantum Manufacturing with an incentive package worth more than 200 million dollars for their new advanced facility in East Alton.




Governor JB Pritzker joined representatives from the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago for the launch of CZ Biohub Chicago - a cutting-edge research hub at the forefront of leading scientific research. This project will bring together 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 plant for manufacturing in Elgin, creating 50 full-time positions while keeping the 140 full-time jobs they have currently.




The Illinois Small Business Development Center located at Southern Illinois University is funded partly through a cooperative agreement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The center provides local entrepreneurs with assistance for the creation or expansion of their businesses through programs such as free workshops on business planning individual counseling sessions with expert Business Advisors as well as access to financing opportunities.




State officials in Indiana are informing employers to provide higher compensation and benefits as way to keep child care workers working across the nation which is a problem due to a shortage of job. The decision comes after the closure of a child care center in Bronzeville which struggled to retain employees.




Illinois Department of Labor also introduced an online tool to educate small businesses on labor laws. Employers can search using keywords or browse categories on the website; and connect with state agencies and information sources.




Illinois Business Development Authority (IBDA) is taking action to increase awareness about Illinois tax incentives for business expansion. The IBDA hosted a webinar this week about this topic. The event was recorded and will be archived on their website.