“Your Timely Roundup of Local, State, and Federal Updates”
Chamber members:
What a great day again, back in the day we used to call this a “Chamber of Commerce” type day. Think picturesque post card view.
Today’s roundup shares some good news locally with updated news on the Hyundai Translead project as well as the City of Joliet Comprehensive Plan unveiling. Also, on the national level interest rates will be holding steady.
A few notes on items to participate in: Joliet Comprehensive Plan Final Community Workshop
Thursday, October 29 | 5 to 7:30 PM | Joliet West H.S. Cafeteria | 401 N. Larkin Ave.
Also, remember to get out and vote – whether it’s on November 3 or earlier as we’re less than a week away!
*Government Affairs Roundup brought to you by CITGO*
Hyundai Translead to Create 3,750 New Jobs in Will County
Hyundai Translead is expanding its planned investment in Will County to $600 million and will create a total of 3,750 new full-time jobs, Gov. JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) announced. The company’s decision to add a third shift comes just seven months after it announced plans in March 2026 to establish a manufacturing presence in Illinois, reflecting growing demand for its products.
To support the project and help prepare Illinoisans for careers in advanced manufacturing, the state is also investing in a new Manufacturing Training Academy (MTA) at Joliet Junior College (JJC).
“Hyundai Translead’s expanded investment is yet another vote of confidence in Illinois, our workers, and our strength as a manufacturing hub,” said Governor JB Pritzker. “Creating 3,750 new jobs is transformational for the region and builds on our state’s manufacturing momentum. Through our investment in Joliet Junior College, we’re expanding training opportunities for Illinoisans in advanced manufacturing while bolstering our world-class workforce.”
Hyundai Translead, a subsidiary of Hyundai Motor Company, manufactures transportation equipment, including dry and refrigerated van trailers, flatbeds, truck bodies and dollies. Its two planned Will County facilities will establish new manufacturing operations at the former sites of Caterpillar’s heavy equipment operations and Lion Electric’s electric bus operations. The facilities will expand the company’s U.S. manufacturing footprint and help it better serve customers with industry-leading commercial transportation products.
“Expanding our planned investment reflects our confidence in Illinois, its workforce, and the long-term growth of our U.S. operations,” said Sean Kenney, CEO of Hyundai Translead. “This increased commitment will create more opportunities for working families, strengthen our manufacturing capabilities, and enhance our ability to serve customers. We appreciate the continued partnership of state and local leaders in advancing this important project.”
“Hyundai Translead’s additional third shift is a sign to all manufacturers that investing in Illinois communities is a reliable choice,” said Lt. Governor Juliana Stratton. “Will County is home to a world-class workforce with state-of-the-art infrastructure; this investment continues to open employment opportunities right here at home.”
“Hyundai Translead’s decision to expand its investment just seven months after choosing Illinois speaks volumes about the strength of our manufacturing ecosystem,” said Illinois Economic Development Corporation President and CEO Christy George. “From our transportation infrastructure and customer access to our workforce and economic development partnerships, Illinois offers manufacturers what they need to succeed and grow. Illinois EDC was proud to help bring Hyundai Translead to our state, and we’re equally proud to support the company’s growth.”
DCEO Director Kristin Richards said the project will create economic opportunities throughout the region while strengthening Illinois’ position in advanced manufacturing.
“Hyundai Translead’s expanded investment is a significant commitment to Illinois and to the skilled workforce that drives our manufacturing industry forward,” Richards said. “This project is creating meaningful economic opportunities for Will County and the surrounding region while strengthening Illinois’ position as a destination for advanced manufacturing.”
The new Manufacturing Training Academy at Joliet Junior College will strengthen the regional workforce development pipeline, equip Illinoisans with the skills needed for in-demand manufacturing careers, and help ensure the state’s growing manufacturing industry has access to a highly skilled workforce.
The academy will expand JJC’s capacity to train industrial maintenance and advanced manufacturing technicians while doubling its welding training capacity. The state’s investment builds on previously announced manufacturing training academies being developed across Illinois to prepare residents for good-paying manufacturing careers.
“Governor Pritzker’s investment in Joliet Junior College’s Manufacturing Training Academy will open doors to meaningful careers and prepare the skilled workforce that Hyundai Translead needs to thrive,” said JJC President Dr. Clyne G. H. Namuo. “We intend to honor our partners’ confidence in JJC through the students we prepare, the employers we support, and the opportunities we create for generations to come.”
“Will County is at the center of growth for jobs and manufacturing in Illinois and the Midwest,” said Will County Executive Jennifer Bertino-Tarrant. “This investment by Hyundai Translead will be transformational for our region, creating quality employment opportunities close to home for our residents. I appreciate them choosing Will County and the partnerships that made this opportunity possible.”
Guided by Illinois’ Economic Growth Plan, Governor Pritzker has prioritized attracting major job creators to expand opportunities for working families. Hyundai Translead’s investment further reinforces Illinois’ position as a destination for business expansion, supported by its infrastructure, strategic location and workforce. Site Selection Magazine has ranked Illinois No. 2 nationally for corporate expansion and relocation for four consecutive years.
“Manufacturing has long been an important part of Joliet’s economy, and Hyundai Translead’s growing investment is a tremendous vote of confidence in our city and its workforce,” said Joliet Mayor Terry D’Arcy. “We’re proud to welcome this continued investment in Joliet, bringing new employment opportunities for our residents and strengthening our city’s position as a destination for advanced manufacturing.”
Mark Denzler, president and CEO of the Illinois Manufacturers’ Association, also pointed to the state’s workforce and transportation advantages as factors in attracting manufacturers.
“Today’s announcement by Hyundai Translead shows once again that Illinois is a manufacturing powerhouse. This significant investment will create thousands of great manufacturing jobs in Will County because of our advantages,” Denzler said. “Illinois’ best-in-class workforce, central location, access to water and transportation infrastructure ensure that we will continue to attract the next generation of advanced manufacturers.”
As part of a comprehensive incentive package, Hyundai Translead is participating in Illinois’ Economic Development for a Growing Economy (EDGE) program. So far in 2026, companies participating in the program have committed to creating 6,000 new jobs and nearly $2.8 billion in investments.
City of Joliet Comprehensive Plan
The City of Joliet’s draft Comprehensive Plan is now available for public review on the City’s website at www.joliet.gov/comprehensiveplan. Residents are encouraged to review the draft and attend the final Community Workshop on Thursday, October 29, 2026, from 5 to 7:30 p.m. at Joliet West High School.
The draft plan follows more than a year of community engagement, including focus groups, surveys, and workshops that generated more than 2,600 interactions. It establishes a long-term framework for growth and development in Joliet, with recommendations addressing housing, transportation, economic development, and other community priorities.
At the October 29 workshop, residents will have the opportunity to provide feedback on the draft recommendations, review the vision for different areas of Joliet, and identify the actions they believe will have the greatest impact on the city’s future. The workshop is open to the public, and participation in previous planning activities is not required.
For those unable to attend, an online comment portal will be available on the City’s website beginning Friday, October 30. Residents may also submit comments by email to comprehensiveplan@joliet.gov.
Feedback received at the workshop and online will help inform revisions to the plan before it is presented to City Council for adoption in early 2027. For questions about the Comprehensive Plan or Community Workshop, please contact City Hall at 815-724-4000.
Illinois Veto Session Update
Given the turnover in the General Assembly this year, the next two months could bring an unprecedented level of legislative activity. A total of 15 members of the House and Senate will not return for the 105th General Assembly, potentially giving House Speaker Emanuel “Chris” Welch and Senate President Don Harmon more flexibility to advance legislation without the same political consequences they might face ahead of an election.
Expectations may be low for next month’s legislative veto session, with a potential deal to keep the Chicago Bears in Illinois emerging as the most likely priority. Ethics reform also remains as a possible agenda item, but significant action may have to wait until January.
Lawmakers have just six scheduled days beginning Nov. 17 for the veto session, leaving limited time to negotiate major legislation. However, they could return to those discussions when the General Assembly reconvenes for its regular session in January.
Governor Pritzker told reporters recently that he is encouraging lawmakers to pursue legislation that would clear the way for the Bears to build a new stadium in Illinois. The team continues to weigh its options as it searches for a new home.
“I like to set expectations low,” Pritzker said, pointing to the short session and the supermajority votes required to pass legislation. “It’s unlikely we’ll have a whole slate of legislation. It’ll just be a few specific items that get brought up.”
Two additional proposals could come up during the veto session. The POWER Act would require large data centers to cover the costs of the electricity infrastructure they need, bring new clean energy online to match their power consumption, and disclose their water usage. The BUILD Act would seek to increase housing development by loosening local zoning restrictions, allowing more multifamily housing and backyard apartments, and streamlining the development process. Both proposals have faced questions about the extent to which the state should limit local governments’ authority.
As mentioned above, Governor Pritzker also wants to strengthen the state’s ethics laws, particularly by addressing conduct that undermines public trust but falls outside existing legal restrictions. His administration has proposed adding members of the public to the state ethics commission and making certain reports available to the public.
The ethics proposals have not received sufficient legislative hearings, and Pritzker has not yet met with Welch or Harmon to discuss the specifics of a potential ethics package.
Governor Pritzker maintains that ethics reform is a priority, emphasizing that elected officials should follow the rules and hold themselves to high standards. However, with limited time remaining on the fall legislative calendar, a comprehensive ethics overhaul could prove more difficult to advance than a potential agreement involving the Bears.
Federal Reserve Holds Interest Rates Steady
The Federal Reserve held interest rates steady today as officials weigh persistent inflation against the effects of previous rate increases on the economy.
The central bank’s Federal Open Market Committee (FOMC) voted 10-2 to keep its benchmark federal funds rate between 3.75% and 4%. This rate influences borrowing costs throughout the economy, including rates on credit cards, business loans and other forms of credit.
“The committee believes that the accumulation of more information will help it determine the policy stance appropriate to ensure a timely return of inflation to the 2 percent goal,” Fed Chair Kevin Warsh told reporters, reiterating the committee’s statement. In other words, officials want to see more economic data before deciding whether another rate adjustment is necessary.
Two officials dissented, favoring a quarter-percentage-point rate increase. They were Federal Reserve Board of Governors member Lisa Cook and Beth Hammack, president of the Federal Reserve Bank of Cleveland. Hammack also supported a rate increase in late July, when she joined two other officials in opposing the decision to hold rates steady.
Wednesday’s decision came six weeks after the Fed raised rates by a quarter percentage point, marking the first increase in more than three years. Inflation has risen this year amid the war involving Iran, creating economic challenges.
Warsh said he has begun to see changes in financial markets and credit conditions since the Fed’s September rate increase. Higher interest rates generally make borrowing more expensive, which can lead businesses to delay investments and households to cut back on spending. Over time, that can help slow down demand and ease inflation.
“They have tightened for some businesses and households, much as we would expect,” Warsh said. “Market participants are becoming somewhat more discerning in their capital allocations.”
Warsh stopped short of describing overall financial conditions as tight, saying he was “unwilling and unable” to make that assessment. However, he said conditions are moving “in the direction of achieving a longer or durable period of economic growth and price stability.”
The Fed’s challenge is to bring inflation back toward its 2% goal without unnecessarily slowing economic growth. Keeping rates elevated can help control inflation, but it also increases borrowing costs for consumers and businesses.
DCEO, IRMA, Lawmakers Introduce EDGE Essentials Legislation to Support Independent Grocers and Pharmacies Across Illinois
Today, the Illinois Department of Commerce and Economic Opportunity (DCEO) and the Illinois Retail Merchants Association (IRMA) announced support for HB5828 (EDGE Essentials) – new legislation that would create a streamlined package of tax incentives for independently owned grocery stores and pharmacies, helping small businesses invest in their operations, retain and hire workers, and continue serving communities across Illinois.
Independent grocers and pharmacies play an essential role in Illinois communities, providing access to fresh food, prescription medications and other everyday necessities while supporting local jobs and economic activity. In communities with limited access to grocery stores or pharmacies, these businesses can be particularly important to residents who might otherwise need to travel significant distances to meet basic needs.
EDGE Essentials is designed to ease the strain of opening or maintaining an independent store during a time of increasing costs. This program would provide access to several tax benefits through a simple application process. The benefits would include enhanced incentives for businesses located in designated food or pharmacy deserts, where maintaining access to essential goods and services can be especially challenging.
“Independent grocers and pharmacies are important parts of the local economy, creating jobs, investing in their communities, and making sure families can access the everyday essentials they need,” said DCEO Director Kristin Richards. “By making it easier for independent retailers to access incentives for hiring and expansion, we can support small businesses while strengthening local economies and helping communities across our state thrive.”
“Pharmacies and grocery stores are essential to the health and wellbeing of communities throughout Illinois, but these businesses operate on the very thinnest of margins and are finding it increasingly difficult to keep their doors open,” said Rob Karr, president and CEO of the Illinois Retail Merchants Association. “EDGE Essentials will help relieve some pressure by providing tax benefits to independent grocery stores and pharmacies in exchange for meaningful investments, including hiring and retaining employees, and improving property and store fronts. We appreciate the partnership of DCEO, as well as the support of our legislative champions, Rep. Will Guzzardi and Sen. Doris Turner, as we work together to preserve and grow these vital businesses.”
Under the program, eligible businesses would need to be independently owned, with no more than four stores, and plan to make a qualifying capital investment of at least $500,000. Grocery stores with more than 15 employees would be required to make a capital investment of at least $1 million. Participating grocers would also be required to accept Supplemental Nutrition Assistance Program (SNAP) and Women, Infants, and Children (WIC) benefits.
EDGE Essentials would establish two primary benefits for these businesses including:
- Payroll withholding credits: Businesses located in food or pharmacy deserts could receive a credit of up to 100% of payroll withholding for new employees and 50% for retained employees. Businesses outside designated deserts could receive credits of up to 75% for new employees and 25% for retained employees.
- Enterprise Zone High Impact Business benefits: Eligible businesses would be automatically enrolled in the Enterprise Zone High Impact Business Program, providing access to applicable tax benefits, including a sales tax exemption on qualifying building materials.
The legislation responds to significant changes to the national policy landscape affecting food assistance and independent retailers. Federal legislation surrounding SNAP changes, unpredictable tariffs, and rising fuel costs have raised costs for households already experiencing food insecurity and for the independent grocers that depend in part on SNAP-supported sales.
For independent grocers and pharmacies, higher operating expenses and uncertainties about the cost of maintaining or expanding facilities can make long-term investment difficult, particularly in communities where customer purchasing power is limited. When a local store closes or a business decides against expanding, residents may face fewer options for purchasing groceries or obtaining prescriptions close to home.
By providing incentives tied to employment and capital investment, EDGE Essentials would seek to help independent retailers manage these costs while preserving and expanding access to essential goods. Its additional benefits for businesses in food and pharmacy deserts would recognize the importance of these stores in communities with fewer retail options.
Follow-up/reminders
High-Speed Rail Feasibility Study
The Illinois Department of Transportation is leading the High-Speed Rail Study to determine the necessity and feasibility of a statewide high-speed railway network for Illinois.
This study was developed in response to the establishment of the High-Speed Rail Commission. On August 6, 2021, Illinois Governor J.B. Pritzker signed the High-Speed Railway Commission Act (20 ILCS 4102) into law. This legislation established a 21-member commission responsible for developing a statewide plan for a high-speed rail line and feeder network.
The study, in accordance with the Commission, will propose a plan for a network linking St. Louis, MO, and Chicago, IL, integrating existing Amtrak and Metra services, and linking Rockford, Moline, Peoria, and Decatur. Additionally, intercity bus services will be coordinated with the rail line.
The Illinois Department of Transportation along with the Illinois High-Speed Railway Commission will be hosting a public event for the High-Speed Rail Feasibility Study. It will be an on-line event that can be viewed anytime between October 23rd and November 6th on the project website at www.ILHighSpeedRail.com
You can attend any time that is convenient for you. Due to the volume of information to convey, the event has been divided into 8 modules, each with a video covering that topic. Strong public participation throughout the state is needed for the success of this study.
The Commissioners are interested in your feedback and encourage you to take time to review the materials and leave comments at the online event.
SBA Offers Relief
The U.S. Small Business Administration announced the availability of low- interest federal disaster loans for businesses, private nonprofits, and residents affected by severe storms, tornadoes, straight-line winds, and flash flooding occurring June 6 – 26.
The declaration covers the Indiana counties of Clark, Crawford, Dubois, Elkhart, Floyd, Gibson, Harrison, Jasper, Jefferson, Jennings, Knox, Kosciusko, Lagrange, Lake, Marshall, Newton, Noble, Pike, Porter, Posey, Ripley, Scott, Spencer, St. Joseph, Switzerland, Vanderburgh, Warrick, and Washington, the Illinois counties of Cook, Kankakee, Wabash, White, and Will, the Kentucky counties of Carroll, Daviess, Hardin, Henderson, Jefferson, Meade, and Trimble, as well as the Michigan counties of Cass and St. Joseph, which are eligible for both physical damage loans and Economic Injury Disaster Loans from SBA.
Businesses and private nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
“When disasters strike, SBA’s Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities,” said Chris Stallings, Associate Administrator of the Office of Disaster Recovery at SBA. “At these centers, our specialists help business owners and residents apply for disaster loans and learn about the full range of programs available to support their recovery.”
The SBA’s Economic Injury Disaster Loan program is available to eligible small businesses, small agricultural cooperatives, and private nonprofits — including faith-based organizations — impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.
EIDLs are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills which could not be paid due to the disaster.
Interest rates are as low as 4% for businesses, 3.625% for private nonprofits, and 3.00% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.
Federal Reserve’s 2026 Small Business Credit Survey
Owners and key financial decision makers of for-profit businesses, share your recent experiences about what financial conditions you face, whether and how you use debt, and more. Your perspective matters. Answers to these questions contribute to data that directly informs the Fed, federal government agencies, service providers, policymakers, and others, a public good ultimately benefiting your business and others like yours.
Survey closes November 13, 2026. Click below to take the 12-minute survey now:
https://fedreserveboard.gov1.qualtrics.com/jfe/form/SV_38k9xZy8ayEERue?orgID=20261024
Stay well,
Mike Paone
Executive Vice President
Joliet Region Chamber of Commerce & Industry
mpaone@jolietchamber.com
815.727.5371 main
815.727.5373 direct