Economy of Illinois

Economy of Illinois
Chicago, the largest city in Illinois
Statistics
GDP$1.132 trillion (2024)[1]
GDP per capita
$90,449 (2024)
0.469[2]
Labor force
6,483,999 (August 2023)[3]
Unemployment4.4% (March 2023)[4]
Public finances
Revenues$29.762 billion[5]
Expenses$19.831 billion[6]
  Illinois unemployment rate, 1976–2021
  US unemployment rate
Illinois counties by GDP in 2021 (chained 2012 US$)

The economy of Illinois is the fifth largest by GDP in the United States and one of the most diversified economies in the world.[7] Fueled by the economy of Chicago, the Chicago metropolitan area is home to many of the United States' largest companies, including Abbott Laboratories, AbbVie Inc., Allstate, Baxter International, Conagra, Crate and Barrel, Kraft Heinz, McDonald's, CNH Industrial, GE Healthcare, Aon PLC, Willis Towers Watson, Mondelez International, Motorola, United Airlines, US Foods, Walgreens, and more. The Chicago area is a global financial center and headquarters a wide variety of financial institutions including Citadel LLC, CNA Financial, Discover Financial Services, Morningstar, Inc., Nuveen, and more. Chicago is also home to the largest futures exchange in the world, the Chicago Mercantile Exchange.

Across the state, other Fortune 500 world headquarters based in Illinois include State Farm in Bloomington and John Deere in Moline. As of 2017, Illinois ranked fourth in the nation for the most Fortune 500 based companies with a total of 36.[8] For six consecutive years, Chicagoland was ranked the nation's top metropolitan area for corporate relocations.[9]

The 2024 total gross state product for Illinois was $1.132 trillion, placing it fifth in the nation. The 2021 median household income was $72,205, one of the nation's highest.[10] In 2016, the nine counties of the Chicago metropolitan area accounted for 77.3% of the state's total wages, with the remaining 93 counties at 22.7%.[11] The state's industrial outputs include machinery, food processing, electrical equipment, chemical products, publishing, fabricated metal products and transportation equipment. Corn and soybeans are important agricultural products. Service industries of note are financial trading, higher education, logistics, and medicine.

  1. ^ "Total Gross Domestic Product for Illinois". BEA. 1 January 1997. Retrieved 30 July 2019.
  2. ^ Bureau, U.S. Census. "U.S. Census website". United States Census Bureau. Retrieved 1 April 2018. {{cite web}}: |last= has generic name (help)
  3. ^ "Civilian Labor Force in Illinois". fed.stlouisfed.org. 21 August 2023. Archived from the original on 4 September 2023. Retrieved 4 September 2023.
  4. ^ "Current Monthly Unemployment Rates". www.ides.illinois.gov. Retrieved 30 July 2019.
  5. ^ Eljalde Ruiz, Alexia (19 May 2016). "Illinois' unemployment rate rises to 6.6 percent in April". Chicago Tribune.
  6. ^ "Archived copy". Archived from the original on 2011-08-23. Retrieved 2011-10-01.{{cite web}}: CS1 maint: archived copy as title (link)
  7. ^ "Chicago Economy". World Business Chicago. Retrieved 26 January 2019.
  8. ^ "Illinois has 4th-most Fortune 500 corporate headquarters in U.S." Illinois Policy. 13 June 2017. Retrieved 21 July 2019.
  9. ^ "Chicago Named Nation's Top Metro Area for Corporate Relocation For the Sixth Straight Year". World Business Chicago. 25 March 2019. Retrieved 21 July 2019.
  10. ^ "Illinois State Household Income – Department of Numbers". www.deptofnumbers.com. Retrieved 1 April 2018.
  11. ^ Bieneman, Dave (September 2016). "2016 Illinois Economic Report" (PDF). Illinois Economic Report: 1–98. Retrieved 2 April 2018.