Chief Economist looks at the importance of small businesses in Illinois’ economy
In 2016, small businesses – specifically, companies that employ fewer than 50 people – contributed more than 75 percent of net jobs growth in Illinois.
“Small businesses are not only an important part of local culture in Illinois, they’re also the largest job creators in the state,” said Orphe Divounguy, chief economist at the Illinois Policy Institute. “Unfortunately, small businesses are also the most vulnerable to bad policy decisions, such as income tax hikes, burdensome regulations, and some of the highest property taxes in the nation.”
Illinois experienced the nation’s worst post-recession jobs recovery, and the state economy is still struggling.
“For years Illinois’ jobs growth has been sluggish, and we’ve seen nearly 97,000 workers give up on looking for a job in 2017. Small businesses can fill that need and create more jobs, but we need to give them the power to do so. Illinoisans can support entrepreneurs by shopping local this Saturday, and lawmakers need to enact pro-growth reforms that help businesses of all sizes.”