Economy of Illinois

By | March 4, 2023

Illinois is a major economic powerhouse in the Midwest region of the United States, and it is one of the largest economies in the nation. The state has a diverse economic base with strong manufacturing, service, and agricultural sectors. It is also home to many world-renowned companies such as Boeing, Caterpillar, and McDonald’s.

Illinois’s economy is driven by its large manufacturing sector, which accounts for roughly 17% of the state’s gross domestic product (GDP). This sector produces a variety of products including machinery, medical instruments, chemicals, and food products. The state also has a significant presence in pharmaceuticals and medical technology. Illinois is home to several large pharmaceutical companies such as Abbott Laboratories and AbbVie. In addition to this manufacturing presence, Illinois’s service sector is growing rapidly and accounts for nearly two-thirds of its GDP. This includes finance, insurance, real estate services, healthcare services, business services such as accounting or consulting firms, transportation services like airlines or trucking companies, hospitality services like hotels or restaurants, retail stores like department stores or grocery stores.

Agriculture plays an important role in Illinois’s economy as well. The state produces a wide variety of crops including corn and soybeans along with hogs and cattle. The dairy industry is especially prominent in Illinois with over 4 million cows producing milk for both domestic consumption as well as international markets. In addition to traditional crops and livestock production methods such as organic farming are becoming increasingly popular in the state due to their environmental benefits.

The energy sector in Illinois has also grown significantly over the past few decades thanks to investments from both private companies and public institutions such as universities or research centers that have focused on developing renewable energy sources like wind power or solar energy technologies.

The unemployment rate in Illinois was 5% at the end of 2020 which was lower than the national average but still higher than pre-pandemic levels due to job losses related to COVID-19 shutdowns across all industries throughout 2020/2021 period . Despite this setback however , there are signs that job growth will resume later this year , especially if vaccine distribution continues successfully .

Overall , Illinois remains one of America’s leading economic states despite facing some challenges such as high taxes on businesses . With its diverse range of industries , strong infrastructure , educated workforce , access to capital resources , innovative research centers , world renowned universities , natural resources , vibrant culture & tourism industry – Illinois provides an attractive environment for businesses seeking growth opportunities & success.

Top 3 Counties in Illinois

According to, main counties in Illinois include:

Cook County: Cook County is the most populous county in Illinois, located in the northeastern part of the state. It is home to Chicago and its surrounding suburbs, making up nearly 40% of the population of Illinois. The county is home to many diverse communities, including a large Polish population in Chicago’s northwest side and numerous African American neighborhoods throughout the city. In addition to its urban areas, Cook County also has many rural townships, making it one of the most diverse counties in Illinois.

DuPage County: DuPage County is located west of Cook County and is one of the wealthiest counties in Illinois. It contains some of Chicago’s wealthiest suburbs, such as Naperville and Oak Brook. The county also contains several small cities and townships with a variety of business districts and residential areas. DuPage County is known for its excellent school systems and quality public services, making it a popular choice for families looking to move away from Chicago but still be close enough to enjoy all that it has to offer.

Will County: Will County is located south of DuPage County bordering Indiana on its east side. It has grown rapidly over the past few decades due to its proximity to Chicago as well as its strong industrial base. Will County contains some smaller cities such as Joliet and Romeoville which have become popular destinations for businesses looking for more affordable options than those found in Chicago’s suburbs. There are also many rural areas throughout Will County which provide a more laidback lifestyle than those found near more urban centers like Chicago or Naperville.

Economy of Illinois