Illinois market
The economy of Illinois is diverse and strong, and it is a major contributor to the overall economy of the United States. Some key points about the economy of Illinois include:
- Illinois is the sixth-largest state in the United States by population, and its economy is the fifth-largest in the United States.
- The gross state product (GSP) of Illinois was estimated to be around $746 billion in 2021, which accounts for about 3.5% of the total GSP of the United States.
- The state’s economy is diverse, with major industries including manufacturing, agriculture, finance, and healthcare.
- Illinois is home to many major cities, including Chicago, which is a center of business and commerce and home to a range of industries.
- The state is known for its strong transportation infrastructure, with major airports, railroads, and waterways connecting Illinois to other parts of the country.
The GDP of Illinois is driven by a range of industries, and the percentage of the state’s GDP contributed by each industry can vary from year to year.
Illinois Market contributors
According to data from the United States Bureau of Economic Analysis →, the industries that contributed the most to the GDP of Illinois in 2020 were:
- Manufacturing: 15.2%
- Professional, scientific, and technical services: 12.6%
- Finance and insurance: 11.6%
- Healthcare and social assistance: 11.3%
- Real estate, rental, and leasing: 10.3%
Other major industries in Illinois include retail trade, educational services, and wholesale trade.
Employment generators – By industry
According to data from the Bureau of Labor Statistics → (BLS), the industries with the largest employment in Illinois as of May 2021 were:
- Trade, transportation, and utilities: 2,455,300
- Professional and business services: 1,902,800
- Education and health services: 1,812,400
- Government: 1,792,300
- Manufacturing: 1,497,400
Other major industries in Illinois include financial activities, leisure and hospitality, and construction. The BLS data also shows that the sectors with the fastest employment growth in Illinois from May 2020 to May 2021 were professional and business services, education and health services, and leisure and hospitality.
Illinois Market - IT Industry
The IT market in Illinois is a significant contributor to the state’s economy, with many major companies and startups operating in the sector. Some key points about the IT market in Illinois include:
- Illinois is home to a number of major tech hubs, including Chicago, which is known for its strong tech scene and a range of IT companies and skilled professionals.
- The IT market in Illinois is diverse, with companies operating in a range of areas such as software development, data analytics, cybersecurity, and cloud computing.
- Some major IT companies with a significant presence in Illinois include Motorola Solutions, CDW, and Siemens.
- Illinois also has a strong startup ecosystem, with many small companies in the IT sector receiving funding and support from investors and accelerators.
- The IT market in Illinois is expected to continue growing in the coming years, as the state’s strong economy and diverse talent pool attract more companies and entrepreneurs to the sector.
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