Illinois gets strong growth projection in Philadelphia Federal Reserve report

CHICAGO – Illinois economy’s growth is projected to become the highest in the Midwest, according to the Philadelphia Federal Reserve.

The Federal Reserve, which has historically provided an accurate barometer of state growth, announced that Illinois will have the largest economic growth in the Midwest over the next six months. Gov. Pat Quinn’s administration shared the findings in a news release.

According to the projections, the Illinois economy will increase by 2.49 percent during the second half of 2014 (Federal Reserve Bank of Philadelphia, “State Leading Indexes”).

The projected rate for other Midwestern states are as follows:

Ohio 2.30
Nebraska 1.94
North Dakota 1.68
Iowa 1.46
Indiana 1.51
Wisconsin 1.36
Kentucky 1.20
Minnesota 1.05
Missouri .98
Michigan .93
South Dakota .50
Kansas .60

Illinois has added more than 242,000 private-sector jobs since the recovery began in 2010, the U.S. Bureau of Labor Statistics (BLS) reports. The BLS also reports there are more people working in Illinois today than at any time since February 2009 —the first month of Governor Quinn’s administration. Illinois ranks 3rd in the country for corporate expansions and locations according to Site Selection Magazine.

For more information visit: http://www.philadelphiafed.org/research-and-data/regional-economy/indexes/leading/ (click on “revised data”).