Illinois ranked 41 st in the nation for GDP growth during the quarter, according to the data. A comprehensive measure of the economies of each state and the District of Columbia. Starting Oct. 2, state-by-state GDP statistics will follow within two days of the third estimate of national GDP. That sector makes up nearly 9 percent of the state’s economy, so the decline there translated to more than $1.1 billion in economic activity.The utilities sector also saw a sharp decline — more than 15 percent. The economy of Illinois is the fifth largest by GDP in the United States and one of the most diversified economies in the world. The data include breakdowns of industries' contributions to each state economy. Peter Hancock Capital News IllinoisSPRINGFIELD — The Illinois economy grew at a slower pace than most neighboring states and the nation as a whole during the third quarter of 2019, according to new figures released Friday.The U.S. Bureau of Economic Analysis, which tracks state-by-state economic trends, said overall, the state’s economy grew at a modest annualized rate of 1.4 percent, well below the national rate of 2.1 percent.Illinois ranked 41st in the nation for GDP growth during the quarter, according to the data. Retail accounts for a little more than 5 percent of Illinois’ GDP.But the growth in those areas was offset by steep declines in the finance and insurance sector, which shrank by more than 6.5 percent. In the Great Lakes, the small county of Monroe, Ohio, had the fastest-growing economy, at 26.7 percent, with the largest contribution to GDP growth Real gross domestic product (GDP) decreased in all 50 states and the District of Columbia in the first quarter of 2020. That sector grew at a rate of 7.7 percent, or $961 million.That was not the case with the manufacturing of durable goods, which are generally products that do not wear out quickly and can be used over an extended period of time, such as household appliances, vehicles and furniture. To dampen short-term aberrations, growth in GDP is calculated over 5 years. This is a list of U.S. states, the District of Columbia, and U.S. territories sorted by their gross domestic product (GDP). An official website of the United States government Unfortunately, Illinois’ anemic growth isn’t confined to 2013.
The analysis spans 1980-2017 (1980 is the first year of data on GDP). The United States Bureau of Economic Analysis (BEA) defines GDP by state as "the sum of value added from all industries in the state. The percent change in real GDP in the first quarter ranged from –1.3 percent in Nebraska to –8.2 percent in New York and Nevada.
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illinois gdp growth