Meanwhile, if metropolitan Chicago were its own state, its 3.7% annualized growth between 20 would rank 21st in the nation, the study says. RELATED: Here's where inflation's grip is squeezing Chicago's economy tightest 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%. The report suggests that it's downstate that is holding back the state's overall growth. And if Illinois were its own country, its economy would be better than that of Poland, Turkey or Sweden. The state's annualized GDP per non-farm worker ($170,298) is higher than the national average ($166,538), the report says. 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). And the authors concede that Illinois, "has been growing more slowly than the rest of the U.S." One note, though: those figures are in nominal, non-inflation-adjusted dollars. RELATED: State to reduce $1.8 billion federal unemployment debt by $450 million Illinois is just the fifth state to top $1 trillion in annualized GDP, joining California, Texas, New York and Florida. Department of Commerce, and hit $1.024 trillion in the second quarter of this year. The state first crossed that threshold in the first quarter of 2022, according to quarterly estimates from the U.S. Using new federal data, the report says the size of Illinois' total economy has passed the $1 trillion mark in annualized GDP. That's the bottom line of a new report by the Illinois Economic Policy Institute, a left-leaning research group, and the Project for Middle Class Renewal at the University of Illinois at Urbana-Champaign. Whatever its woes, Illinois' economy remains a national leader and stands above that of any other Midwest state thanks to a boost from the Chicago area. Illinois' economy hits a rare mark, boosted by Chicago: Today's Juice, by Greg Hinz Photo: iStock
0 kommentar(er)
