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Economy of Illinois

From Wikipedia, the free encyclopedia

Economy of Illinois
Chicago Board Of Trade Building.jpg
Chicago Board of Trade building
Statistics
GDP$822,540 million (2017) [1]
GDP per capita
$64,330 (2017) [2]
Population below poverty line
12.2%[3]
0.469[4]
Labour force
6,488,200 (May 2015) [5]
Unemployment4.3% (Feb. 2019) [6]
Public finances
Revenues$29,761.862 million[7]
Expenses$19,831 million[8]

The economy of Illinois is the fifth largest by GDP in the United States and one of the most diversified economies in the world.[9] The Chicago metropolitan area is home to many of the United States' largest companies, including Allstate, Boeing, Caterpillar, Kraft Heinz, McDonald's, Motorola, United Airlines, Walgreens, and more. The Chicago area headquarters a wide variety of financial institutions, and is home to the largest futures exchange in the world, the Chicago Mercantile Exchange.

The 2018 total gross state product for Illinois was $857 billion, placing it fifth in the nation. The 2015 median household income was $59,588.[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.

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Transcription

...us here so we want to probably take a look over here. I was going to say those are the local heroes... Yeah I'm ready. Yes I can hear you, Dave. Well, it's a very calm crowd considering the President of the United States has just stepped onto our ground. Everyone in a very professional, very relaxed atmosphere here he appears to be greeting some of the people right now. Yes Dave, certainly a very exciting and proud moment for this group of local heroes we saw them earlier getting checked out by the security folks. Many of them were carrying flowers I saw a teddy bear, just smiles all around for these folks and a lot of people here was a very interesting stories to tell about their work in the community some of these folks involved with the the homeless others involved in helping senior citizens so just a wide variety in this group that you see before you here quite an honor for them to be meeting President Clinton, politics aside, Dave. And Vice President Gore, of course, in one meeting, yes. Very exciting. I'm sorry but I'm having trouble hearing you, like Tricia, it's kind of hard to hear out here I think you're asking me about, um, he's going down the line here I see him shaking the hand of a Champaign police officer I believe. A lot of these folks from my vantage point I'm having a hard time seeing and hearing, but I can tell you that they have traveled from all over central Illinois. As Dave mentioned, some of them are not just from the Champaign-Urbana area, some of them from as far away as Springfield, so really, um quite an exciting time for these people. Yes, he's a--right. A member of the task force for the homeless so a lot of folks here championing causes that I'm sure are near and dear to the President the Vice President's hearts. And the interesting thing is that the folks behind the effort to get him nominated were both senators. Carol Moseley-Braun and Dick Durbin so getting some support from the senators there. Maggie, that's right. Cer-- ...President and Vice President of the United States. They have just been announced. As Chancellor of the University of Illinois at Urbana-Champaign, it is my privilege to welcome President Clinton, Vice President Gore, distinguished officials, and other guests here today. And now it is my pleasure to introduce an outstanding leader in higher education today doctor James Stukel, the president of the University of Illinois. Thank you chancellor Aiken, I too am honored to welcome President Clinton, Vice President Gore, and secretary Riley to one of the nation's original land-grant institutions. ...Vice President Al Gore. Thank you. Thank you very much. Thank you very much. Thank you. Thank you very much. Thank you very much, it is great to be here. Thank you for all that enthusiasm, I really do appreciate it very much. I want to thank Carol Moseley-Braun for her kind words and her friendship and I want to thank her for doing a great job for the people of Illinois and the people of our country. Thank you Carol. And I want to thank Senator Dick Durbin for also doing a spectacular job for this nation and for the people of this state. I want to thank Congressman Tom Ewing for coming here with us and being a very gracious host, thank you congressman. Congressman Ron Kind from Wisconsin is here with the President today and I want to thank Chancellor Michael Aiken and President James Stukel. Ladies and gentlemen, I want to ask you to join me in expressing thanks to a man who I think without question has been the the best Secretary of Education our country's ever had, Dick Riley, would you stand up, secretary? Riley, we appreciate you. I want to thank Mayor Dan McCollum of Champaign and Mayor Tod Satterthwaite of Urbana and all the other distinguished guests who were here and on behalf of the President I want to thank the, the groups that provided music, the members of the black chorus, The Girls Next Door and The Other Guys, the University of Illinois pep band and Tony Clements, thank you Tony. I was listening as Dick Durbin did that experiment in--with the sound system of the I-L-L (audience): "I-N-I" See, I'm not from here so I didn't know what that--I'm, I'm liable to say something like, you know, oskee wow wow. Well, what does that mean again? Anyway, thank you very much. I'm really excited to be back here on this campus. As Dick said I've been here many times, I've got a lot of friends on this campus and back when I was in House of Representatives and then in the United States Senate I worked for 20 years to create what we now call the information superhighway and I'm I'm telling you this is really the the the central cloverleaf for the information superhighway right here on this campus. I don't think we'll have time to go to the Beckman Institute and play their computer in air hockey today but I did get a chance to see Larry Smarr and some other friends who do such a great job on this campus and there are people from other parts of the nation here who don't really realize necessarily because they might not have been here before, that anybody who surfs the net and goes to a home page on the World Wide Web owes a debt of gratitude to this university and this campus for the creation of Mosaic that made the World Wide Web accessible all around the country. When we took office five years ago, it's hard to believe this, but there were only 50 sites, 50 web pages on the World Wide Web. Only 50 and now they're of course tens of millions hundreds of millions, it is absolutely incredible. But this university made that possible and that's in the tradition of Chambana--y'all don't mind me saying that, do you? And, um, the first transistor was created here and incidentally a half-century ago and this year, more than a half a billion transistors are created every second in the world so from the World Wide Web to the transistor to so many other things this campus has helped to create the future. And you know as much as any group of people in the world that our future depends upon our willingness to invest in education. Less than a year ago I was here on this campus again and I was introduced by Laura Appenzeller, your student body president, and I conducted a town hall meeting on education and the new proposals that President Clinton had put before the Congress at that time to expand access to education and we help to build the case right here on this campus, and with the with the help of these three federal legislators who were with us, we were able to expand the Pell Grants and create the HOPE Scholarships and set standards and have a a whole new revolution in education. How many people here have personally benefitted from expanded Pell Grants and student loans and interest deductions for student loans? Well, that is what we must depend upon for the future and ladies and gentleman, the agenda that has made this investment in the future possible has been put before, before our country by President Clinton; and last night he stood before the American people and told us what we all know to be true the state of our Union is strong and he laid out a plan to make it stronger still we're gonna stand by him and support him and help him to enact that agenda for the good of our country. The 21st century can be the most prosperous and productive time in all of human history if we share President Clinton's vision and follow his leadership and help to put this agenda into action. But in mapping out the, the, the plans for enacting these proposals that he presented to the country last night let's don't forget for one minute what it was like more than five years ago when we came to this state and talked about the need for change. The future back then didn't look so rosy. Don't ever forget the fact that when we took office there was a budget deficit of 300 billion dollars, the highest in history, it was projected that year to be 357 billion dollars, higher still, it was projected in the following years to go out higher than 500 billion dollars a year and people were beginning to lose hope unemployment was up and job creation was down crime and welfare were both up and investment in education and opportunity were both down. The hunger for change was up but hope for the future was down. I used to say back then everything that should be up was down and everything that should have been down was up and we, we need a change in America, and thanks to you, we have had a chance over these last five years to put this agenda for change before the people and I'm telling you President Clinton has brought change for the better in America. He has improved the prospect for the people of our country. Despite, despite all of the problems and challenges that he inherited he did not look for scapegoats, he looked for solutions he moved out beyond the false choices and toward the future. He said let's stop arguing about the left and the right and move forward toward a better day for our country; he said we can eliminate the deficit and at the same time invest in our people in our country and that's what we've got under President Clinton's leadership. He said, he said that we need to move past the old argument as he said last night about whether the government is the problem or the solution because there is a new way, his way, which is to cut down the size of the government but invest more in education and environment and healthcare and job training and technology and the future of this country. And that's what we've been doing. And now, and now we have got the first balanced budget presented to the congress in more than 30 years and at the same time, and at the same time, he has presented the largest new investments in education in more than a generation and we've seen the creation almost 15 million new jobs in America, good jobs with higher wages. More Americans own their own private homes now than ever before in the entire history of the United States of America. We're seeing the income gap close up. African-American poverty, for example, is at the lowest level in the history of the United States of America; that's progress. Our cities are coming back, our environment is cleaner, our communities and families are stronger. We've got welfare down by almost four million people, the, the biggest drop in welfare in the history of the United States of America. I'm telling you, we're moving in the right direction. Our air is cleaner, our water is cleaner, we're cleaning up the toxic waste sites. So today, let's remember the contrast between what we have seen happening for the good in our nation these last five years compared to what was going on before we got here because the country was then moving in the wrong direction, they had driven the economy into the ditch, the problems were not being solved so the agenda that this President has been pursuing and presented again last night is good for this nation in today just 700 days before the dawn of the 21st century we are ready to seize this moment in American history to make your generation the best-educated, best-prepared generation ever in the history of the United States of America; we've got to do that. We've seen, we've seen almost a hundred thousand new police put on our streets. We've gotta finish that job and we've seen how it's working because crime in every category is on the way down now he has proposed in his speech last night to put a hundred thousand new teachers in our schools in this country to bring the classroom sizes down and improve the quality of elementary and secondary education. He's already cut taxes for families and let parents take time off from work to care for a sick child or newborn. Now he is asking our country to focus on improved access to high-quality child care and after school care and we can do it. I'm proud that he is leading our nation and the world to address the problem of global warming and clean up our world's environment for you and for your children. I'm proud that he announced the largest increase ever in history in the national institutes of health and the sciences and research and development to benefit the work in this university and elsewhere. So ladies and gentleman we have a choice before us in this nation to continue this agenda and the investments and fiscal responsibility involved and to continue building this bright future that the President of the United States has not only sketched out for us, but that he is helping us to reach. A future where you can rise as high and travel as far as your God-given gifts can carry you. So let us move together into that future, let us dedicate ourselves to working with President Clinton, to fighting alongside him for the 21st century that we all deserve. I am now pleased to introduce the man who has brought us this far and will help us finish our journey to the 21st century. He is the President of the country, he is also my friend, and I want to ask you now, every single one of you, to join me in supporting him and standing by his side; I give to you the President of the United States of America, William Jefferson Clinton. Thank you, thank you. Thank you very much, thank you. Thank you. Thank you very much, thank you. Thank you. Thank you. Thank you. Thank you very much, thank you. Thank you. Thank you very much. Well, thank you, thank you. I was, uh, just sitting here thinking two things: first, when the Vice President got really warmed up, I thought to myself, first, it will become slightly obvious to this audience that he and I come from a little further south in the United States. And then, then I was thinking when he really got going, I wish I had people walking the aisles passing the plate you know, it was amazing. I thought we, uh, ought to have an invitation or something. Anyway, the second thing I thought in the midst of this wonderful event was that I, I wish I could take the pep band with me for the next month and to wherever I go. Thank you. (Pep band member): "We love you Bill!" Thank you. I want to, I want to say to the Chancellor Aiken and President Stukel and Mayor McCollum, Mayor Satterthwaite, Congressman Ewing Senator Durbin, Senator Moseley-Braun, Secretary Riley and Mr. Vice President, I am delighted to be here. I, I have spent a lot of time in Illinois in the last seven years and this state has been very good to me in many ways. The Vice President has been here a lot and Hillary came and got an honorary degree was able to speak here. And I have heard from also our families and friends what a wonderful place this is I don't know how, with all my roaming across America, I have never lit down here before, but I'm sure glad I got here today and I thank you for making me feel welcome. If you heard the State of the Union last night or just listened to the Vice President here today you know that--you know there's a reason we're here because you represent, both all of you individually and this great institution, what we're trying to build for the future of America. Last night I talked about all the changes that have occurred just in the last few years. We've had one foot in the 21st century for quite some time. The generation living today has lived through more changes and more different areas in a shorter time than virtually any generation in the history of this country and when the Vice President and I took office, we were committed to trying to make America work again, to try to fix the things just weren't working for ordinary people and then to free us up to sort of imagine the future and take the steps it would, that were necessary to get us to the future we want to build. That's really what I talked about last night: how can we strengthen this country for the 21st century; what do we have to do? Now I don't wanna go over everything that was said, and besides that I can't do as well as the Vice President. He must have gotten 30 more minutes' sleep than I did last night, he was terrific. But I wanna talk to you about just two or three things that I think we should be thinking about for tomorrow. Let me begin with a bit of history and your Chancellor mentioned it earlier, or the President did. Shortly before, er, shortly after Abraham Lincoln was elected President, Congressman Justin Morrill from Vermont asked his colleagues to help him create a system of land grant colleges. It was in the middle of the Civil War and frankly most of them thought he was nuts. You know, people were worried about the survival of the Union but Abraham Lincoln was always worrying about other things, even in the middle of the Civil War. At night when I work in the White House I go to an office that I've had restored to the way it was in the mid-1800s and I remember that room was Abraham Lincoln's waiting room during the Civil War and all during the Civil War at certain appointed hours he kept a, he kept a time apart to meet with ordinary citizens. I mean, if you wanted a job in a post office in Baltimore in 1862, if you came at the appointed day at the appointed hour, you can walk up to the room that I go into every night and sit there and Abraham Lincoln would see you, the President would see you and listen to you tell why you wanted to post office job. And, uh, when he was asked why he did this he said, I have to remember that people are concerned about other things and I want this war to be over so all of us can go back to thinking about things like that. So he always thought about what life would be like when the war was over and he was open to this. In 1862, Morrill's bill passed and President Lincoln signed into law. It became one of the wisest investments our nation ever made and the University of Illinois here was one of the original land grant colleges under that Morrill act. It's played a dramatic role in helping to shape our nation. You heard and you were cheering about all the Nobel Prize winners and all that. The Vice President pointed out that it was here that the transistor was invented, Jack Kilby, Class of '47, co-invented the microchip. NCSA, headed by Larry Smarr, launched a billion-dollar browser industry. Illinois and other land grant colleges have literally let our way into the information age and all stemmed from something somebody did in 1862 that no one could have imagined would one day have led all you see around you. I think Lincoln would've liked the pep band. But he could not have imagined it. So that's what we've been trying to do and you heard the Vice President said that basically our view was, first thing we had to do is to--we had to get rid of the deficit but we had to do it in a way that would enable us to invest in our future. We had to shrink the government but we had to do it the way that would allow us to be more active in the areas that were important to our future, that would help to bring us together and widen the circle of opportunity and the strategy is working. Now as you look ahead, I just like to mention three things today that I think the University can have a major impact on, two directly and one indirectly. First we should look to the millennium to try to speed the pace of scientific and technological advances in a way that benefit all of us so I proposed last night a huge increase in medical research, an increase in the National Science Foundation doubling the national cancer institute because I believe we have enormous opportunities there and you should be a part of that. I think it is highly likely that many of you who will be having children in the next three or four years will have children that will live into the 22nd century because the work that will be done in places like the University of Illinois. The second thing that I think we should think about is we should reaffirm our commitment to the exploration of outer space, I talked a little about the International Space Station last night and, uh, and about Senator John Glenn, at seventy seven years old, going back into space it's so thrilling and I know all of you are happy about that. But we are learning a lot from our work in space about how our bodies work here on Earth and about how our environment works here on Earth and how it might be better preserved and so I ask all of you to continue to support the work we're doing there and finally I'd ask you to support, as the Vice President said, this next-generation Internet. I mean, can you can you really believe that only five years ago they were just 50 web pages on the Internet? That the Internet was the private preserve of physicists five years ago and now most eight-year-olds know more about it than their parents. I mean, that gives you some sense of the speed of change so we're trying to develop the next generation Internet, and Larry Smarr's helping us, and if it works, it'll work about a thousand times faster than the present one does. I don't know how we can absorb anymore speed and information but we have to be able to. We have to maintain public support across party lines and regional lines and age lines and race lines and all kinds of lines for investments in the future. We always have to be trying to shape the future and we need your help to do that. The second thing that I want to emphasize is that I want all of you to support the proposition that we have to make in the years ahead: a college education as universal as a high school education is today. Now, why do I say that? Already, it is perfectly clear from looking at all the census figures that any young person who has at least two years of college or more is highly likely to get a job with growing income prospects and high stability and the prospect of positive change in the future. Then a young person with less than two years of college is highly likely to be in a job where income increases don't keep up with inflation, subject to changes which may be unstable and not positive. We have to create a network of lifetime learning. We have to, first of all, make our elementary and secondary education as excellent as our higher education is today so more people will be prepared to go to to college. Then we literally, we gotta make sure that college is open to all. Now, as a congressman said, 1997 was the best year for education in a generation and I believe clearly, the best year, and since the GI Bill was passed, if you listen all the things that were done, and I'll just litanize them for you, I think you can make a compelling case that the doors of college have been open to everybody who will work for it. Now listen to this: 220 thousand new Pell Grant scholarships in the maximum amount increased, 300 thousand new work-study positions, 50 thousand Americorps slots for people to do community service work and earn money to go to college. As Senator Mosley-Braun said, she co-sponsored the bill to make interest on student loans tax-deductible again. There are--there are IRA's now that you can invest in and then withdraw from tax-free if the money is used for education. The first two years of college virtually all Americans are eligible for a 1500 dollar tax cut to pay for tuition in the first two years of college, the HOPE Scholarship and then another tax credit for the third and fourth years of college, for graduate school, and for further job training. A lifetime learning credit. Now this is an amazing thing but what I wanna say to you is all you who are here, I came here to ask you as a great university, and whatever service groups you're in, whatever family or neighborhood or church networks you have, you need to get this message out to people who are coming on behind you we need every child in this country to know that if he or she works hard and learns what they're supposed to learn they can all go to college now and we need them there for our future and the 21st century. Now, last thing I want to ask your help on in the coming year, 'cause we're gonna have a big dialogue about it, is something that all the students probably never think about and that is Social Security in your retirement. I don't know about you but when I was your age I never all about it. I thought I would live forever. Always young. And, uh, what Senator Moseley-Braun said is true, the older you get, the faster time goes. I never will forget once a few years ago I saw a man who was 76 years old at an airport meeting his brother getting ready to go to his sister's funeral and I said, what are you thinking about? He said, oh I'm thinking about we were five years old how used to play together. He said, you know, Bill, doesn't take long to live a life. I say that to say that even the young must care for the future. Even the young must think about their obligations to generations yet unborn, that America must work as a seamless web of community always doing what is best for today and tomorrow. Now what's that got to do with Social Security? There are polls that say that young people in their 20's think it's more likely that they will see UFO's and that they will never collect Social Security. And, uh all of you know that the Social Security system is supposed to be in trouble, now what does that mean? It is not in trouble today, nobody today's got any problems growing their money. In fact, today we collect more money in Social Security taxes every year quite a bit more than we pay out. The problem is that when the baby boomers retire, starting with me, I'm the oldest of the baby boomers, people my age in down about 18 years younger, we are the largest group of Americans that have ever lived except the group to started first grade last year, second grade, then what we've now got to the--we now are third grade, whatever it is, something in grade school 'cause we got more children in schools now, in public schools, then we had during the baby boom generation for the first time. But we're going to have 18, 20, 25 years where they'll be a huge number of people on Social Security com--in their retirement years compared to the people who are paying in. That he is the issue. Now, the question is, what is the best way to prepare for the retirement of the baby boomers in ways that do not either rob those people who needed of their secure retirement, or impose intolerable burdens on our children who in turn will be burdened in raising our grandchildren. I don't know anybody in my generation who believes that we ought to just take it out on you and put our feet up we turn 65 and turn away from the obligations we have to contribute to the further growth and vitality of people who are younger than we are. So the question is, what is the fairest way to change this? What's best for people who are on Social Security now? What's best for the baby boomers? What's best for young people in their 20's and 30's just starting to pay into the system? What's best for the kids that are in high school now who haven't even started? We're going to spend a year having forums all across the country completely non-partisan, trying to bring people in and debate it and then about a year from now, I'm going to convene the leaders of Congress and we're gonna try, try to craft historic bipartisan legislation to reform Social Security, to save it for the 21st century, to make sure it's there not just for the baby boomers but for everybody in this audience and all your children too, so we'll have a system that works so that people who work hard and do their part will know they'll have elemental retirement security and we can do it without bankrupting the country. I think we can do it, I know we can do, it but it's gonna take your good faith involvement. people of all ages. And, since, since what we do may affect how, how are you proceed throughout your entire work life, we've got to have people involved in their 20's, in their 30's, the young people in this country have got to be involved in this debate. It will affect you as much as anybody else, but if we do it, it'll be just sort of like balancing the budget. You know how people said, oh you'll never get that budget balancing, it's--it'll never do that, you know, that's just something politicians talk about, it is a huge thing to do. Why? We spend less money on debt, we invest more money in our future, we have a stronger economy; same thing will be true with Social Security. Once we make the adjustments necessary to fix it, the, uh, the increase in confidence, the increase in savings the increase in belief in the future of this country as we go forward together will be absolutely astonishing. And we need you to be a part of it. Last thing I want to ask you about, the Vice President touched this briefly, and he knows more about it than I do, but we need young people in this country. Particularly young people in our university system to convince the rest of America that we must and we can address the challenge of climate change and global warming. Now, I can tell you, I, I have been working on the economics and energy efficiency for over 20 years now in various guises, I am convinced that the technology is out there right now to do what we need to do to do our part to reduce greenhouse gas emissions in factories, in power generations systems, in homes and office buildings and we're getting very very close in automobiles. We can get there, but, but, listen, this is your future, this is your life, this is the world your children and your grandchildren will have to live in in the 21st century. This is crazy for us not to do this. We do not have to take the economy down, we will lift the economy up and you have to take the lead in helping us to meet this challenge. Now, so scientific research, universal access to university education, reforming social security for the 21st century, dealing with the challenge of climate change. Those are just four of the things that are out there. Keep your eyes on the future. Believe in this country, believe in yourself, reach out across the lines that divide us, do not let people, do not ever let people who are divisive or pessimistic convince you that there is anything this country can't do. I can look at you and tell you that this country can do anything we put our minds to. Thank you and God bless you. Thank you. Uh, Dave, we were saying that this was going to be the first test for President Clinton after last week's scandal came out to see how the public would receive him and if this is any indication this crowd wasn't just respectful like President Stukel had hoped for, they were downright friendly, they were overwhelmed, they just loved loved everything that was set up on that stage. I--could you repeat that? I believe you're asking me if he's getting any closer to the media I'm not--from what I can see the media and surrounded him up on the stage but I don't think any of the media is down on the floor with him. He seems to be making his way out of the Assembly Hall very very slowly.

Contents

Agriculture

Most of the state of Illinois lies outside the Chicago metropolitan area and inside the North American Corn Belt.[12] Corn, soybeans, and other large-field crops are grown extensively. These crops and their products account for much of the state's economic output outside Chicago. Much of the field crop is remanufactured into feed for hogs and cattle. Dairy products and wheat are important secondary crops in specific segments of the state. In addition, some Illinois farmers grow specialty crops such as popcorn and pumpkins. The state is the largest producer of pumpkins among the U.S. states.[13] There is a large watermelon growing area centered on Lincoln, Illinois. Illinois wine is a growing industry. In December 2006, the Shawnee Hills were named Illinois's first American Viticultural Area (AVA).[14]

Manufacturing

Manufacturing in Illinois accounts for 14% of the state's total output and generates $101 billion in economic activity.[15] Illinois's manufacturing sector grew out of its agricultural production. A key piece of infrastructure for several generations was the Union Stock Yards of Chicago, which from 1865 until 1971 penned and slaughtered millions of cattle and hogs into standardized cuts of beef and pork.

In 1893 Illinois manufacturers formed the Illinois Manufacturers' Association in opposition to the Sweatshop Law of 1893 that prohibited child labor and mandated an eight-hour workday.[16][17] Governor Peter Altgeld had made Florence Kelley the Chief Factory Inspector for the state of Illinois.[18] The association sponsored a number of cases which led to the Illinois Supreme Court finding that Section 5 of the Act, which limited women's working weeks to 48 hours and their day to eight hours, unconstitutional in 1895.[16][19] After Governor Altgeld was not re-elected in 1896 and Kelley was removed from her position, flagrant violations of the child labor provision were reported.[16]

The centralized location of Illinois made it a key manufacturing hub, especially for farm machinery and specialty motor vehicles. Smaller Cities like Aurora, Peoria, Decatur, Rockford and other cities became major manufacturing centers in the 20th century. In downstate Illinois, the John Deere Company became one of the world's largest makers of farm machinery, and Caterpillar achieved similar dominance in its diversified line of off-road vehicles.[citation needed]

The Chicago area, meanwhile, began to produce significant quantities of telecommunications gear, electronics, steel, automobiles, and industrial products.[citation needed]

As of 2004, the leading manufacturing industries in Illinois, based upon value-added, were chemical manufacturing ($16.6 billion), food manufacturing ($14.4 billion), machinery manufacturing ($13.6 billion), fabricated metal products ($10.5 billion), plastics and rubber products ($6.8 billion), transportation equipment ($6.7 billion), and computer and electronic products ($6.4 billion).[20]

Renewable Energy

Illinois currently ranks second in the Midwest for total installed renewable power capacity and fifth nationally for installed wind power capacity.[21] The renewable energy economy has created 114,000 jobs in Illinois and will continue to see growth after a $15 billion investment from the Future Energy Jobs Act in 2016.[22]

Governor J.B. Pritzker committed Illinois to the U.S. Climate Alliance in 2019 which will further drive economic growth in renewable energy across the state.[23]

Services

By the early 2000s, Illinois's economy had moved toward a dependence on high-value-added services such as financial trading, higher education, logistics, and medicine. In some cases, these services clustered around institutions that hearkened back to Illinois's earlier economies. For example, the Chicago Mercantile Exchange, a trading exchange for global derivatives, had begun its life as an agricultural futures market.

In the late 2010s, the Chicago Metropolitan Area continued to lead the nation in luring corporate relocations or expanded corporate facilities.[24]

Flash index

The Institute of Government and Public Affairs at the University of Illinois at Urbana–Champaign publishes a "flash-index" that aims to measure expected economic growth in Illinois. The indicators used are corporate earnings, consumer spending and personal income. These indicators are measured through tax receipts, adjusted for inflation. 100 is the base, so a number above 100 represents growth in the Illinois economy, and a number below 100 represents a shrinking economy.[25] Data from the index, from 6/1981 to the present, can be found here.

See also

References

  1. ^ "Total Gross Domestic Product for Illinois". stlouisfed.org. 11 May 2017. Retrieved 1 April 2018.
  2. ^ "Per Capita Personal Income in Illinois". stlouisfed.org. 22 March 2018. Retrieved 1 April 2018.
  3. ^ https://www.census.gov/compendia/statab/2011/ranks/rank34.html
  4. ^ Bureau, U.S. Census. "American FactFinder - Search". factfinder.census.gov. Retrieved 1 April 2018.
  5. ^ http://research.stlouisfed.org/fred2/data/ILLFN.txt
  6. ^ Elejalde-Ruiz, Alexia. "Illinois' unemployment rate rises to 6.6 percent in April". chicagotribune.com. Retrieved 1 April 2018.
  7. ^ Eljalde Ruiz, Alexia (19 May 2016). "Illinois' unemployment rate rises to 6.6 percent in April". Chicago Tribune. https://www.census.gov/govs/statetax/1006costax.html
  8. ^ http://nasbo.org/LinkClick.aspx?fileticket=w7RqO74llEw%3d&tabid=79
  9. ^ "Chicago Economy". World Business Chicago. Retrieved 26 January 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.
  12. ^ "Facts About Illinois Agriculture". www2.illinois.gov. Retrieved 26 January 2019.
  13. ^ http://www.agr.state.il.us/newsrels/r1022041.html Illinois Department of Agriculture
  14. ^ "Matter of taste: Area in southern Illinois gets Shawnee Hills designation". Springfield, Ill. State Journal-Register. 2006-12-14. p. 21.
  15. ^ "Illinois Manufacturing Facts". National Association of Manufacturers. Retrieved 26 January 2019.
  16. ^ a b c Illinois: A Descriptive and Historical Guide. US History Publishers. 1939. p. 84. ISBN 9781603540124.
  17. ^ "Illinois Manufacturers Organize: They Will Protect Their Interests in the Female Labor Law". Chicago Daily Tribune. September 30, 1893.
  18. ^ Sklar, Kathryn Kish (1995). Florence Kelley and the Nation's Work: The Rise of Women's Political Culture, 1830-1900. New Haven: Yale University Press. pp. 254–255. ISBN 9780300072853.
  19. ^ Mayer, Levy (1913). Opinions rendered to the Illinois Manufacturers' Association from January 1, 1899, to January 1, 1907. Chicago, Ill.: Illinois Manufacturers' Association. p. 42.
  20. ^ Manufacturing in Illinois. Illinois Department of Commerce and Economic Opportunity.[1]
  21. ^ "Renewable Energy". Illinois Environmental Council. Retrieved 26 January 2019.
  22. ^ "Midwest common sense will drive clean energy shift, despite D.C." Crain's Chicago Business. 8 February 2017. Retrieved 26 January 2019.
  23. ^ Briscoe, Tony. "Gov. J.B. Pritzker commits Illinois to climate change fight as study shows extreme weather convincing more people". chicagotribune.com. Retrieved 26 January 2019.
  24. ^ "The conundrum of Chicago's economy". Crain's Chicago Business. 3 March 2016. Retrieved 26 January 2019.
  25. ^ http://www.igpa.uiuc.edu/programs/flashindex.asp IGPA Flash Index
This page was last edited on 15 April 2019, at 18:04
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