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Illinois’ annual GDP reaches $1 trillion

Tuesday, Oct 4, 2022 - Posted by Isabel Miller

* Illinois’ economy, boosted by Chicago, hits milestone. Crain’s

Using new federal data, the report [by the Illinois Economic Policy Institute] says the size of Illinois’ total economy has passed the $1 trillion mark in annualized GDP. The state first crossed that threshold in the first quarter of 2022, according to quarterly estimates from the U.S. Department of Commerce, and hit $1.024 trillion in the second quarter of this year. Illinois is just the fifth state to top $1 trillion in annualized GDP, joining California, Texas, New York and Florida. […]

That being said, Illinois’ Q2 number is 20% higher than the closest Midwest state, Ohio ($818 billion), and more than double that of Indiana ($452 billion). The state’s annualized GDP per non-farm worker ($170,298) is higher than the national average ($166,538), the report says. And if Illinois were its own country, its economy would be better than that of Poland, Turkey or Sweden.

The report suggests that it’s downstate that is holding back the state’s overall growth. From 2010 to 2019, Illinois’ overall annualized growth rate was 3.3% but downstate’s annualized growth rate was only 2.1%, half the national average of 4%.

Meanwhile, if metropolitan Chicago were its own state, its 3.7% annualized growth between 2010 and 2019 would rank 21st in the nation, the study says. That’s tied with Ohio and ahead of states like Iowa, Michigan and Indiana.

* The manufacturing market is a major contributor to the Southern Illinois economy. the Southern reports

The study found that manufacturing is responsible for $2.5 billion in economic impact in Jackson and Williamson Counties annually. The findings were shared by Gordy Hulten, CEO of the Illinois Manufacturers’ Association during a stop at Com-Pac International in Carbondale on Wednesday morning. The results were part of a University of South Carolina study looking at the economic impact of manufacturing in the state of Illinois.

Statewide, manufacturing has an estimated annual economic impact between $580 billion and $611 billion each year. Hulten said manufacturing is the largest contributor to the state’s gross domestic product and Illinois manufactures employ more than 660,000 people directly and support 1.7 million jobs. […]

[Hulten] said Williamson County manufacturing supports 20% of the county’s economy, including 5,454 jobs, generating more than $316 million in salaries and benefits. Overall, the economic impact in the county from manufacturing is $1.9 billion.

Jackson County manufacturing includes 1,942 employees earning $101 million in pay and benefits each year. The total economic impact in Jackson County from manufacturing is $594.8 million.

* The Bureau of Economic Analysis reported Illinois experienced a GDP decrease of 2.5 percent this quarter

Real gross domestic product (GDP) decreased in 40 states and the District of Columbia in the second quarter of 2022, with the percent change in real GDP ranging from 1.8 percent in Texas to –4.8 percent in Wyoming (table 1), according to statistics released today by the U.S. Bureau of Economic Analysis (BEA).

Current-dollar GDP increased in all 50 states and the District of Columbia in the second quarter, with the percent change ranging from 30.5 percent in North Dakota to 0.7 percent in Connecticut.

In the second quarter of 2022, as real GDP for the nation decreased at an annual rate of 0.6 percent, real GDP decreased in 8 of the 23 industry groups for which BEA prepares quarterly state estimates (table 2). Construction; nondurable-goods manufacturing; and wholesale trade were the leading contributors to the decrease in real GDP nationally.

Personal income increased in all 50 states and the District of Columbia in the second quarter, with the percent change ranging from 10.9 percent in North Dakota to 2.2 percent in Connecticut (table 3).

Greg Hinz noted other studies have not been as positive as the Illinois Economic Policy Institute. “But economists rarely agree on anything.”

What do you think of this data?

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Tuesday, Oct 4, 2022 - Posted by Isabel Miller

* Howdy. What’s on your Illinois-centric mind today?

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