New Business Developments in the Prairie State Making Waves in 2024
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Illinois Business Developments
Illinois is the biggest market in the Midwest and home to over 2,000 corporate headquarters, an active startup scene, and over 1.2 million small businesses, is home to all the resources global businesses require to succeed in the current business climate. From world-class infrastructure which connects companies to suppliers and customers to skilled workforce across various industries and an advanced manufacturing base, Illinois is a leader in many areas such as clean and advanced agricultural technology, energy, and life sciences transportation logistics.
Illinois has seen tremendous international investment growth in recent years. Countries such as Britain, Japan, Germany and China were among those most investing in Illinois; by 2023 this sum was greater than USD $13.2 billion in manufacturing, agribusiness and other sectors in Illinois all by itself.
Since 2014, nearly $1 billion in incentives have been given out under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as renewable energy production. The program was announced last month. DCEO also rewarded PsiQuantum Manufacturing with an incentive package that was worth over $200 million for their new modern manufacturing facility in East Alton.
Governor JB Pritzker was joined by representatives from the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago for the launch of CZ Biohub Chicago - a innovative research hub that is at the forefront of leading scientific studies. 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 Flender Corporation recently announced they have announced they are expanding their current manufacturing facility in Elgin, creating 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 through a collaborative 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 creating or expanding their businesses with services that include free business planning workshops One-on-one counseling sessions with expert Business Advisors as well as access to financing options.
State officials in Indiana are informing employers to provide higher pay and benefits as a way to keep child care workers employed nationwide and facing a lack of job. The move comes after the closing of a children's care facility in Bronzeville that struggled to keep its employees.
Illinois Department of Labor also created an online tool to educate small businesses on the laws governing employment. Employers are able to search using keywords or browse categories on the site, and connect to appropriate state agencies and other resources.
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