By: Ted Dabrowski and John Klingner
We wrote recently about Illinois’ poor economic growth and how Illinoisans are taking a hit under the state’s failed policies. Since Gov J.B. Pritzker took office in 2019, Illinois has had the 10th-worst GDP growth rate in the country, the number of people employed has dropped, and Illinois has consistently had one of the worst unemployment rates in the country (currently 5th-worst).
The latest Bureau of Economic Analysis release on GDP delivers more bad news for the start of 2023, though of course it’s just one quarter of data and still subject to revision.
Illinois’ real annualized growth rate in the first quarter of 2023 was a paltry 0.25%, the nation’s 5th-worst. Only four states grew more slowly: Rhode Island, Alabama, Arkansas and West Virginia.
In contrast, all of Illinois’ neighbors chalked up faster growth – especially Iowa with an annualized growth rate of 5.23%. Nebraska and North Dakota were the nation’s big winners, with their GDP skyrocketing an annualized 12%.
We’ll have to see how the full year plays out, but the first quarter bodes poorly for Illinois considering the state’s previous growth rate was just 0.7% for all of 2022, after adjusting for inflation. Illinois ranked 28th nationally for GDP growth last year.
Low-to-zero growth rates mean – everything else equal – fewer jobs, smaller incomes and less overall opportunity for Illinoisans.
Read more from Wirepoints:
- States across the country are cutting taxes…but not Illinois. Not even with “highest on record” budget revenues.
- Illinoisans aren’t better off under Gov. Pritzker’s budgets, economy
- Three big gimmicks in Illinois’ ‘balanced’ 2024 budget
- Chicago’s commercial ‘doom-loop’ could result in a property tax hike on homeowners as large as 22%
Audio and summary 
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
Southern Illinois has become job desolate thanks to the closing of many coal mines. How is that Obama green energy revolution working out for Illinois?
The substance of this article however factual, is totally meaningless. It literally has no meaning to the pensioners, “so what! I’m gonna get mine.” (The only constitutional right they defend) it has no meaning to the welfare recipients, the gimmigrants, the ultra rich. No meaning folks! Even to the good people of Illinois it is meaningless or they would not be residents. Seriously Ted, so what?
Not meaningless to me. Even if I move, I still have illiquid assets here that are impacted by the policies. Change comes incrementally and knowledge and facts are critical. Keep up the good work WP!!
Ok then. What does it mean to you?
Simple, This article provides up to date facts about Illinois’ economy.
I would hope that facts help in people’s longer term decisions but, I have my concerns with many blindsighted Illinois citizens.
So, you are leaving right? If you’re staying, it means nothing.
Even California is doing better. How pathetic. One party rule and regulations are killing Illinois. State leadership is going to drain us financially until we need to file bankruptcy. It’s time for our leaders to get out of the clown car and stop reading comic books. Time to read financial ledgers and copies of the constitution. We’re in real trouble. They don’t know it or don’t care. Which one is more frightening? What the hell, the end game will take them down, too. There is no success here.
All of Illinois’ direct comps (OH, PA, GA, NJ) were above 1 percent.
Illinois isn’t steady, it’s stagnant.
I keep telling y’all, Tennessee has low taxes, economic growth, and decent climate. Most importantly, it may be the most conservative state, so long term outlook is good. Also, we don’t worry about hurricanes here. Wouldn’t you rather raise your kids around country music than rap/hip hop?
DON’T WORRY GDP WILL GO UP WITH MORE GAMBLING, WEED SHOPS, AND PEOPLE COMING FROM OUT OF STATE FOR ABORTIONS. ILLINOIS WHAT A JOKE.
Unfortunately, much of the gambling and weed money is second hand social services (i.e. welfare) money. And, as Lori and politburo Pritzger promised, those without funds for abortions, even from out of state, can come to good ole Illinois and get one funded by taxpayers.
Hard to go somewhere in the US where these aren’t on every street corner. While some states have controlled the licensing and distribution better than others, it’s clearly just a tax and revenue stream because states want other sources of $$$ besides their own citizens being milked for taxes. I however think it’s a much more troubling sign for the US in general to have allowed these vices to explode everywhere with ZERO thought about the unintended consequences. I just don’t think it’s healthy and it shows the being high and gambling are more important than families, schools, American values.… Read more »
The state has discourage business from doing business in Illinois. It has work just as planned. If you want to get rich, work (work???) for the government.
In Central Illinois the amount of ‘growth’ is paltry – staying even seems to have been as good as it gets for a long time here.
+2% growth is amazing – I suspect that for the Red States much of that may be due to the ‘Great Sorting’ that is underway, i.e. migration away from high tax, high crime, Leftist run Blue States by high net worth people, job seekers, as well as corporations.
We got growth in Illinois, its just goes to one group while the rest of us grow poorer every day…..I like to call it bend over and grab your ankles EQUITY ILLINOIS STYLE!