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State’s economy grew at a 6.4 percent annual rate during first quarter

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Illinois

* Capitol News Illinois…

The Illinois economy showed strong signs of recovery during the first quarter of 2021 as businesses continued to reopen from the pandemic and direct government payments flowed to businesses and individual consumers.

Data released last week from the U.S. Bureau of Economic Analysis showed the state’s economy grew at an annual rate of 6.4 percent during the quarter as its gross domestic product – the market value of all goods and services produced by labor and property – approached its pre-pandemic level.

That growth rate was on par with the rest of the nation and slightly ahead of the pace set by most of Illinois’ surrounding states. But the state’s total GDP, at just under $770 billion annually, remained below where it was two years earlier, before the pandemic. […]

The most improved sectors of the Illinois economy were also among the hardest-hit by the pandemic – arts, entertainment and recreation, which grew at a 38.6 percent annual rate, followed by accommodation and food services, which grew at an 18.4 percent pace.

Durable goods manufacturing also showed strong improvement with a 13 percent growth rate, as did the information sector, which includes the media, which grew at a 14 percent rate.

posted by Rich Miller
Wednesday, Jun 30, 21 @ 3:15 am

Comments

More good news means more trouble for the nattering nabob of negativism chorus.

Comment by Chicago Cynic Wednesday, Jun 30, 21 @ 3:24 am
From your lips, CC, to IPI, Center Square, and Griffy’s ears.

Comment by PublicServant Wednesday, Jun 30, 21 @ 8:21 am
“Economic growth is meaningless if it happens while a democrat holds executive office. More than anything, Chicago and Illinois need to experience the cleansing fire of austerity if they are ever to be rebuilt.”-

Hurricane Katrina probably, but I wouldn’t know because she just got canned with no buyout by the same kinds of corporate bustout artists she thinks should run governments.

Comment by Larry Bowa Jr. Wednesday, Jun 30, 21 @ 8:33 am
“nattering nabob of negativism”

Their opinions in these matters are only fit to line the bottoms of bird cages.

Comment by Grandson of Man Wednesday, Jun 30, 21 @ 8:41 am
I wouldn’t even subject innocent birds to that tripe. Good on Illinois. Keep up the good work.

Comment by PublicServant Wednesday, Jun 30, 21 @ 8:55 am
Good news.
Looks like we are coming back.
I know the loop and financial district have had a lot more people out and about.
While I appreciate the fact that things are still really tough for a lot of people, we shouldn’t overlook the fact that Illinois overall is on a good path and going in the right direction.

Comment by Back to the Future Wednesday, Jun 30, 21 @ 10:31 am
Eastern Bloc will have their usual hissy fit that Illinois IS WORKING. Imagine if they actually HELPED how far we can go?

Comment by truthteller Wednesday, Jun 30, 21 @ 11:32 am
Economic activity coming back is a good thing. Among other stuff, it means increased tax revenue for the State, so maybe the State can stay on track fiscally … but I fear, given history, the Legislature will not exercise enough fiscal restraint on future spending.

And being a pessimist, I fear too fast of a recovery will eventually result in runaway inflation like we saw in the late 70’s and early 80’s. That, again, is good for government revenue and bad for the average person.

Comment by RNUG Wednesday, Jun 30, 21 @ 2:06 pm
RNUG, I get the historical reasons for your fear. But the governor seems pretty focused on improving the situation and keeping the ratings agencies happy. Harmon and Welch are on board with this. I think we’re likely to hold the line for the foreseeable future. Don’t worry. Be happy with the rare good news.

Comment by Chicago Cynic Wednesday, Jun 30, 21 @ 2:40 pm