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Moody’s Analytics provided its latest Forecast Report to the Commission on Government Forecasting and Accountability and gave some optimism to Illinois. Some highlights include:

  • Illinois added two-thirds more job positions on net than it did in 2017.
  • Manufacturing accounted for one in four net job additions.
  • The jobless rate hit an all-time low for 42 years, at 4.1%.
  • City of Chicago unemployment has fallen below 4%.
  • There’s been a 19% rise in state personal income growth over the past five years.
  • High- and mid-wage occupations are at their strongest.

Long-term forecasting, by industry:

  • Professional/business services are expected to grow, particularly in the city of Chicago.
  • Financial services employ 6.5% of the state’s workforce and have increased their market share.
  • Tourism is expected to outperform other industries over the next ten years but will be at a slower growth pace than it has been for several years.
  • Transportation, warehousing, and wholesale trade account for 11% of the gross state product.
  • Healthcare will add jobs downstate at five times the pace of the overall economy.
  • Agriculture’s outlook is optimistic despite recent low crop prices.
  • Illinois will have to fight to hold its manufacturing base.
  • Higher education enrollment is expected to drop.

Although the labor force sees optimism, there are still some areas in which Illinois did not see an upward tick:

  • The state population declined by 0.35%.
  • Residential real estate prices have flattened.
  • Farm income is down by 90% from its 2013 nadir.
  • Business costs continue to be high compared to neighboring states.

To read the full report, click: State of Illinois Forecast Report

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