Illinois is one of the states with the most to gain from the continued national jobs recovery, but could be hit harder than other states by a recession.
Despite a full year of job gains, all Illinois metropolitan areas are missing jobs since the pandemic began and the recovery stalled. While May brought job gains statewide, only eight metro areas saw gains while seven saw losses.
U.S. Steel is cutting up to 1,000 jobs and selling parts of its Granite City plant. The move comes as Madison County employment remains down over 5,600 jobs since the pandemic.
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 is steadily adding jobs lost during the COVID-19 economic downturn, but despite 10 months of gains the state recovery lags the nation. Some metropolitan areas are far behind where they were.
Key indicators show Illinois’ labor market could begin adding jobs faster than the national economy if population decline and Amendment 1 don’t derail the state’s trajectory.
Illinois’ employment recovery continued in March, but the state is still missing one in five jobs lost during the COVID-19 pandemic’s economic downturn and state restrictions.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.