One of the state’s biggest employers is relocating their headquarters to Irving, Texas. A decade ago Caterpillar’s CEO warned state leaders of business losses unless they balanced the budget, controlled workers’ comp costs and cut taxes. He was ignored.
Illinois’ employment recovery continued in April, but the state is still missing almost one in five jobs lost during the pandemic.
A WalletHub report examining economic racial inequality ranked Illinois No. 50 for disproportionate rates of unemployment, income, poverty, homelessness and representation in business leadership between Black and white residents.
Consumer prices rose 8.6% in May. Illinois wage growth hasn’t kept up, leaving the average worker over $2,200 worse off.
Illinois’ history of poor policy decisions left homeowners behind the pandemic era housing boom. Continuing the trend leaves homeowners more susceptible to future downturns.
“Lowering fuel costs helps the economy grow. When fuel costs go up, logistics become inefficient and hurt the economy, which is the last thing Illinois needs.”
As jobs growth and wage growth show signs of slowing, tax and regulatory changes could help prevent economic pain.
Wages rose in Illinois, but inflation rose even more. That left the average worker almost $2,200 worse off.
Illinois is already behind the national pandemic recovery. As the risk of recession increases, Illinoisans could fall farther behind.
Illinois lost more than 100,000 residents and $8.5 billion on net in adjusted gross income to other states from 2019-2020, according to new federal tax return data. Those leaving earned $31K more than those coming in.
1,019 Illinois communities of all sizes shared in the loss of 114,000 residents in 2021, new census data shows. Chicago lost 40% of the total.
A Census survey intended to estimate the accuracy of the 2020 Census is being used to project an Illinois population increase. While there may be more Illinoisans than originally thought, that does not mean they aren’t leaving at an accelerating pace.
Some Illinois politicians are using an estimate to revise the Census count and claim Illinois doesn't have a problem with its residents moving away. A closer look shows they are wrong, and the danger of denial.
Illinois is steadily adding jobs lost during the COVID-19 economic downturn, but despite 10 months of gains the state recovery lags the nation. Some metropolitan areas are far behind where they were.