Illinois, also known as the Land of Lincoln, has long been an attractive location to start a business, grow an enterprise, or as an expansion location. The state’s central location, access to both air and seaports, robust rail system, and dozens of colleges and universities make it an enticing option. In fact, the large workforce has been growing in recent years at a rate of 1.2% annually. Other indications of economic vitality include the 2.2% growth in non-residential construction and $3.8 billion invested in residential construction over the past five years. While conditions appear favorable there are other important details about the business environment that should be considered. To help business owners and managers, a brief overview of doing business in Illinois is included below.
Illinois Economic Profile
The state’s economy is comprised of newly established and mature enterprises serving several industries. There are 375,830 businesses located in Illinois with a total workforce of 8M. The top sectors by employment include healthcare, retail trade, manufacturing, technical services, food service, and waste management. Business ownership is diverse with 42.2% being women-owned, 4.7% veteran-owned, and 20.2% owned by racial minorities. Beyond this, Illinois was ranked the 18th Best State to Live In, and 29th in the Best States to Start a Business.
Illinois Business Incentives
There are several funding programs and tax incentives available to those looking to expand, make targeted investments, or relocate. Eligibility is often determined by the industry served and the services offered. The programs include the Data Centers Investment Program, Illinois Historic Preservation Tax Credit Program, Illinois Opportunity Zones, EDGE Agreements, Film Production Tax Credit, and the Illinois Angel Investment Credit Program.
Illinois Business Resources
- Starting a Business in Illinois
- Business Services – Illinois Secretary of State
- Business and Corporate Filings Search
- Chicago COVID-19 Guidance for Employers
- World Business Chicago
- Small Business Administration – Chicago (IL)
- Small Business Administration – Springfield (IL)
- Tax Consulting – Chicago
- Chicago Outsourced CFO Services
- Illinois Business Valuations
Interesting Facts About Illinois
- Chicago’s O’Hare Airport is the busiest in the world. A plane lands or takes off every 23 seconds.
- Illinois generates more nuclear power than any other state.
- Twinkies were invented in River Forest, Illinois on April 6, 1930.
- The state is home to the only river that flows backward.
- The Ice Cream Sundae originated in Evanston, IL.
Contact Us
There are many advantages to doing business here. If you have questions about a specific issue or simply need assistance getting established Selden Fox can help. For additional information call us at 630-954-1400 or click here to contact us. We look forward to speaking with you soon.