The Illinois Commission on Government Forecasting and Accountability, a bi-partisan legislative agency, explored economic performance in its January monthly report.
The article’s title is more neutral than mine:
Economy: Illinois GDP by Metro Area
Written by Benjamin L. Varner, Chief Economist, used changes in real gross domestic product (GDP) since the pandemic for his analysis. His summary comes in the last paragraph (sentences separated to make it easier to read):
Overall, Illinois metro areas have lagged behind most of the nation in GDP growth since 2019, mirroring the State’s overall economic performance.
Illinois ranked as the fifth slowest-growing state during this period, with only four metro areas—Kankakee, St. Louis, Champaign-Urbana, and Decatur—outpacing the national median.
Manufacturing, particularly in nondurable goods, was the key driver of growth for Kankakee and Decatur, while St. Louis and Champaign-Urbana benefited from expansions in the professional services, education, and information sectors.
Conversely, the Finance and Insurance sector acted as a significant drag on the economies of Bloomington and Chicago, with Bloomington posting the sharpest GDP decline of any U.S. metro area.
This trend aligns with last month’s findings of slower employment recovery in Illinois metro areas, reflecting broader, long-term challenges in revitalizing the State’s economy.
