Illinois’ Economy Is Growing
The Illinois economy is growing at a brisk pace. New businesses, more jobs and lower unemployment are helping Illinois dig out of the deep recession that had plagued the United States since 2008. Despite demands for business “reforms” – including “workers’ compensation reforms” and/or “tort reform” – it is obvious that the economy in Illinois is rebounding from the national recession. The next time you hear cries of “reform” from the insurance industry and big business, remember it is massive profits, not facts or principles that drive those who seek to close the courthouse doors to injured people.
- Despite claims that businesses and jobs are leaving Illinois, the data prove otherwise. Illinois gained 138,000 jobs in 2014 and 2015, up by 2.3 percent.1
- Illinois saw growth in the number of businesses in the state between 2003 and 2015, and has not lost one net business over that time period. No other state is able to match that steady and sustained growth.2
- Illinois is ranked second in the nation where businesses are being created the fastest.3
- According to national payroll records, small business job growth in Chicago and Illinois is among the strongest in the nation. Chicago ranks seventh among the nation’s largest 20 largest cities for small business growth. The state as a whole also ranks seventh among the largest states in job growth over the last year.4
- Corporations locate in Illinois at a higher frequency than in our neighboring states. Compared to Indiana, Iowa, Kentucky, Missouri and Wisconsin, Illinois has the most Fortune 1000 companies per capita in the Midwest.5
1 “State’s job growth much better than Rauner said.” Crain’s Chicago Business. March 11, 2016.
2 Bureau of Labor and Statistics. http://www.bls.gov/home.htm
3 “Illinois among top states in creating businesses.” Crain’s Chicago Business. June 19, 2015
4 “Small business job growth strong in Chicago and Illinois.” Chicago Tribune. November 3, 2015
5 Illinois Economic Policy Institute. “Stop Saying That Illinois is Bad for Business, The Data Show Otherwise.” http://illinoisepi.org/countrysidenonprofit/wp-content/uploads/2013/10/ILEPI-Economic-Commentary-Illinois-Is-Not-Bad-for-Business.pdf
PDF Fact Sheet: Illinois’ Economy is Growing