PRESS RELEASE from the
ILLINOIS POLICY INSTITUTE

CONTACT: Micky Horstman (312) 607-4977

Small Business Saturday: Small businesses lead Illinois job growth
The Illinois Policy Institute finds Illinois businesses with fewer than 50 employees created nearly 31,000 jobs in 2023

CHICAGO (Nov. 29, 2024) – Illinois shoppers should be extra thankful for small businesses on Small Business Saturday, Nov. 30.

According to the Illinois Policy Institute, small businesses are leading the state’s net job growth, with businesses under 20 employees creating 74% of new net jobs for the state in 2023 – or nearly 31,000 total. Small businesses have been the only ones to add to Illinois’ job market since the pandemic.

In comparison, Illinois businesses with 500 or more employees have seen jobs decline by over 17,000.

“Illinois has a lot to celebrate this Small Business Saturday. Our smallest businesses have proven to be among the most resilient and consistent job creators in the state,” said Bryce Hill, director of fiscal policy at the Illinois Policy Institute. “And now they’re delivering some of the best results for workers, despite facing massive governmental obstacles.”

For the first time in 20 years, small businesses delivered consistently faster wage growth than large businesses, coming in 32% faster than the statewide wage. While average employee wages for small businesses remain below the levels of larger businesses, experts said this is most likely because of the reliance on part-time and seasonal workers.

“Businesses face challenges with the state’s unfriendly business environment, high taxes and burdensome regulations. Illinois can do more to help small businesses and the employees they support,” Hill said. 

To read more about Small Business Saturday, visit illin.is/small-biz-2024.

For interviews or interviews, contact media@illinoispolicy.org or (312) 607-4977.