Hedge-fund firm Citadel is moving its headquarters to Miami. Citadel CEO Ken Griffin said many employees have asked to move out of Illinois.
The Chicago City Council Finance Committee voted 16-15 to repeal Mayor Lori Lightfoot’s policy issuing $35 tickets to motorists going 6 mph over the speed limit. The decision now heads to the full council for a vote June 22.
Illinoisans celebrate Independence Day by taking their fireworks business to other states, despite bans and threats at home, causing the state to lose out on jobs and revenue.
Illinois’ overall job numbers continue to rise, but the recovery is spotty. Over half of the metropolitan areas failed to add jobs in April.
One of the state’s biggest employers is relocating their headquarters to Irving, Texas. A decade ago Caterpillar’s CEO warned state leaders of business losses unless they balanced the budget, controlled workers’ comp costs and cut taxes. He was ignored.
Illinois’ employment recovery continued in April, but the state is still missing almost one in five jobs lost during the pandemic.
A WalletHub report examining economic racial inequality ranked Illinois No. 50 for disproportionate rates of unemployment, income, poverty, homelessness and representation in business leadership between Black and white residents.
Consumer prices rose 8.6% in May. Illinois wage growth hasn’t kept up, leaving the average worker over $2,200 worse off.
Illinois’ history of poor policy decisions left homeowners behind the pandemic era housing boom. Continuing the trend leaves homeowners more susceptible to future downturns.
“Lowering fuel costs helps the economy grow. When fuel costs go up, logistics become inefficient and hurt the economy, which is the last thing Illinois needs.”
As jobs growth and wage growth show signs of slowing, tax and regulatory changes could help prevent economic pain.
Wages rose in Illinois, but inflation rose even more. That left the average worker almost $2,200 worse off.
Illinois is already behind the national pandemic recovery. As the risk of recession increases, Illinoisans could fall farther behind.
Illinois lost more than 100,000 residents and $8.5 billion on net in adjusted gross income to other states from 2019-2020, according to new federal tax return data. Those leaving earned $31K more than those coming in.