Illinois Economy

The first Europeans to explore the region of present-day Illinois were French missionaries. This region was part of New France until 1763, the year it came under British rule. In 1783, after the end of the American War of Independence in 1776, it passed to the United States, then becoming part of the Northwest Territory. On February 3, 1809, the Illinois Territory was created. On December 3, 1818, Illinois became the 21st state in the United States.

Demography

According to agooddir, for 2005, Illinois had a population of 12,763,371 residents, which represents an increase of 51,355 (or what is the same, 0.4%), in relation to the previous year and an increase of 343,724 residents (or 2.8%), in relation to the year 2000. The demographic increase since the last census is due to a natural growth of 406,425 people (959,470 births minus 553,045 deaths) and a net migration of 63,011 people in the state. External migrations have resulted in a net increase of 328,020 people, while internal migrations produced a net loss of 391,031 people.

At the northern end of the state, on the shores of Lake Michigan, is Chicago, the third largest city in the nation. In 2000, 23.3% of the state’s population lived in the city of Chicago, 43.3% in Cook County, and 65.6% in the Illinois part of Chicagoland (Greater Chicago). the region’s premier transportation and industrial center, which includes Will, DuPage, Kane, and Lake counties, as well as Cook County. The rest of the population lives in the smaller cities and rural areas that dot the plains of the state. According to the 2000 census, the center of the state’s population was at 41.27 ° N 88.38 ° W, in Grundy County, northeast of Mazon.

Main cities

Chicago is the largest city in the state and the third most populous city in the United States. Among the cities of more than 100,000 are:

  • Aurora, the largest suburb of Chicago and the second largest city in Illinois.
  • Rockford, the third largest city in Illinois, located in the north central part of the state.
  • Naperville, a suburb of Chicago and the fourth largest city in the state.
  • Elgin, a suburb located northwest of Chicago.
  • Joliet, a suburb located southwest of Chicago.
  • Peoria, the largest city in the state located on the Illinois River.
  • Springfield, the state capital of Illinois.

Economy

Illinois’ gross domestic product was nearly $ 522 billion in 2004, ranking it 5th in the nation. Per capita income in 2004 was $ 34,721. The unemployment rate stands at 6.1%.

Illinois’ major agricultural products are corn, soybeans, cattle and pigs, milk, and wheat. Illinois universities are continually researching alternative agricultural products, such as alternative crops. The most prominent industrial activities and products in the state are machinery, food processing, electrical equipment, chemicals, the press, metal products, transportation equipment, oil, and coal.

Illinois state income tax is calculated by multiplying net income by a fixed rate, currently 3 percent. There are two rates for state sales tax: 6.25 percent for general merchandise and 1 percent for food, drugs, and medical devices. The real estate tax is the largest single tax in Illinois and the primary source of tax revenue for local government tax districts. The real estate tax is a local (not state) tax, imposed by local government tax districts — which include counties, municipalities, school districts, and special tax districts.

Economic sectors

The primary sector corresponds to 1% of Illinois GDP. Agriculture and livestock together correspond to 1% of the State’s GDP, and employ about 168,000 people. The state owns about 75,000 farms. Illinois is one of the national leaders in the agricultural sector. Fishing and forestry are responsible for about 0.95% of GDP, together they employ about 7,000 people, although their actions have negligible effects on the state economy.

The secondary sector corresponds to 21% of Illinois GDP. The manufacturing industry corresponds to 16% of the State’s GDP and employs approximately 970,000 people. The total value of the products manufactured in the State is 102,000 million dollars. Chicago is the second largest industrial center in the United States, second only to Los Angeles. The major industrialized products made in Illinois are processed foods, machinery, chemicals, steel products, computers, software, electronic devices, and printed materials. The construction industry comprises 4.92% of the state’s GDP, and employs approximately 373,000 people. For its part, mining is responsible for 0.08% of GDP, employing about 15,000 people.

The tertiary sector comprises 78% of Illinois GDP. About 23% of the state’s GDP comes from community and personal services. This sector employs more than 2,400,000 people. Wholesale and retail trade correspond to 16% of GDP, and employ approximately 1,580,000 people. Financial and real estate services account for about 20% of the state’s GDP, employing approximately 678,000 people (Chicago is the main financial center of the United States Midwest, and the second largest in the country). Government services correspond to 10% of GDP, and employ approximately 900,000 people. Finally, transport and telecommunications employ about 420,000 people and comprise 7% of GDP.

About 50% of the electricity generated in the state comes from nuclear power plants, 45% is generated in coal-fired thermoelectric plants and the rest is produced in oil thermoelectric plants and hydroelectric plants.

Illinois Economy