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.
Bloomington is the only metro area to recover jobs lost during the COVID-19 pandemic and statewide mandated shutdowns. Illinois is still missing 200,100 jobs as of January 2020.
Employment in nearly all of Illinois’ major industries are still lagging other states two years after the initial COVID-19 shutdowns rocked the economy.
Revisions show Illinois added 17,400 more jobs in 2021 than previously thought, but the state’s recovery still significantly lags the U.S. recovery rate.
Lots of businesses tried to get started during 2021 in Illinois, but the ones that create jobs had a tough time launching. That’s why Illinois unemployment remains high and salaries depressed during a national labor shortage.
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.