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Emerging Business Trends in Illinois On the Rise in 2024
Illinois Business Developments
Illinois is the biggest markets in the Midwest and home to more than 22,000 corporate headquarters, an active startup scene, and over 1.2 million small businesses, provides all of the assets global companies require to thrive in today's competitive business. From world-class infrastructure that connects companies with suppliers and customers to skilled workforce across various industries as well as a modern manufacturing base, Illinois has a leading position in many fields like advanced and clean agriculture, energy, IT life sciences logistics for transportation.
Illinois has seen a huge increase in foreign investment over the last few years. Countries like Britain, Japan, Germany and China were among the most investing in Illinois and by 2023, this amount was over USD $13.2 billion in manufacturing, agribusiness and other sectors in Illinois all by itself.
Since 2014, more than $1 billion worth of incentives have been given out under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and green energy production. In the last month, DCEO also rewarded PsiQuantum Manufacturing with an incentive package totaling over $200 million for their brand new modern facility in East Alton.
Governor JB Pritzker accompanied by representatives of his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a groundbreaking research hub that is at the forefront in research. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well to develop innovative therapeutics.
Governor JB Pritzker and takeda press release (pressez.substack.com) Flender Corporation recently announced they are expanding their current production facility located in Elgin which will create 50 full-time employees while maintaining the 140 full-time positions they currently have.
The Illinois Small Business Development Center located 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 provides entrepreneurs in the area with support for the creation or expansion of their businesses through services such as free business planning workshops, one-on-one counseling sessions with experienced Business Advisors and access funding opportunities.
State leaders in Indiana are pushing employers to offer better salaries and benefits as a way of keeping child care workers employed nationwide which is a problem due to a shortage of job. This follows the closure of a care center in Bronzeville which struggled to retain staff.
Illinois Department of Labor also launched an online tool designed to provide small-sized businesses with information on labor laws. Employers can search for keywords or browse categories on the website; and connect with state agencies and sources.
Illinois Business Development Authority (IBDA) has taken steps to increase awareness about Illinois' tax incentives for expanding businesses by hosting an interactive webinar on the subject. The webinar was recorded. The webinar will later appear on the website.
(image: https://surlaroutekm.com/wp-content/uploads/2023/11/Freinds-have-your-back.png)
Website: https://pressez.substack.com/about
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