In the wake of the COVID-19 pandemic, Illinois’ economic recovery in 2021 lagged other states. A lack of in-person schooling, fewer economic opportunities and high taxes only exacerbated the ongoing population loss.
Illinois has the nation’s third-highest number of state regulations and double the U.S. average. Regulations make life hard for Illinois’ small businesses, where most Illinois jobs are created.
The nation recovered 85% of the jobs lost to the COVID-19 downturn, but only one metro area in Illinois beat the U.S. average. The Chicago area only recovered 64% of its jobs. Bloomington was one of just 11 U.S. areas to lose jobs last year.
With 251,900 jobs still missing since the pandemic began, Illinois’ job market is the least recovered among Midwestern states
Nearly 17% of the jobs held by Black Illinoisans prior to the COVID-19 pandemic are still missing, nearly triple the loss of white Illinoisans.
Despite adding 262,600 jobs in 2021, Illinois is still a long way off from a full recovery from the COVID-19 economic downturn.
Illinoisans fled at a record pace in 2021. The state lost 122,460 residents on net because of moves to other states.
Illinois, California and New York shrank the most and lost people fastest during the COVID-19 pandemic. Texas and Florida grew the most. Idaho, Utah and Montana grew the fastest.
While the start of the COVID-19 pandemic caused consumer spending to drop across the U.S., the decline was worse in Illinois. Gov. J.B. Pritzker’s harsher restrictions appear to be the culprit.
More Illinoisans fled for other states from July 2020-July 2021 than during any other year in recorded history, driving the state’s record population decline.
Illinois suffered the largest population decline in the Midwest and of neighboring states during 2021.
Despite a higher-than-expected 2020 population count, the U.S. Census Bureau estimates Illinoisans moving away was the sole reason for the state’s record loss of the equivalent of nearly everyone in Springfield.
November job gains in Illinois were below the COVID-19 recovery pace set earlier in the year. They continued to lag the national recovery.
High taxes on marijuana are believed to help illegal dealers and violence thrive, so San Francisco is holding off on new city pot taxes to help legal dispensaries compete. Illinois and Chicago, where taxes top 40%, may want to pay attention.