Illinois is one of the most economically robust states in the nation with no one industry making up more than 13% of GDP. Illinois’ large and diverse economy across key industries underscores the state’s current success and positions it well for the future.
With a GDP over $1T, Illinois is the 5th largest state in the country by economic output. Further, if Illinois were a country, it would rank in the top 20 largest economies in the world (exclusive of other U.S. states). The state’s global powerhouse economy is not only large, but strong in all the right areas. Finance and insurance, healthcare, manufacturing, professional services, retail, and wholesale all make up between 6% and 12% of GDP. They all have an annual economic output over $60B.
This balance of high economic output across a variety of industries will continue to make Illinois an international center for business and job creation. This same balance contributes to the United States’ overall position as the largest economy in the world with a GDP near $30T. Similarly, in the U.S., finance and insurance, healthcare, manufacturing, professional services, retail, and wholesale all make up between 6% and 10% of GDP.
Notably, Illinois outpaces the national average in finance and insurance, manufacturing, and wholesale as a percentage of GDP.
Top Performing Private Industries – 2024 GDP (% of total) Illinois
- Manufacturing – $137B (12%)
- Finance and Insurance – $122B (11%)
- Professional Services – $94B (8%)
- Wholesale – $86B (8%)
- Health Care – $82B (7%)
Top Performing Private Industries – 2024 GDP (% of total) United States
- Manufacturing – $2.9T (10%)
- Finance and Insurance – $2.5T (9%)
- Professional Services – $2.3T (8%)
- Health Care – $2.2T (8%)
- Retail – $1.8T (6%)
Manufacturing is at the core of the Illinois economy. Supporting the $137B manufacturing economic output are hundreds of thousands of hard-working Illinoisians making things here in the state, including:
- AbbVie: Active pharmaceutical ingredients (API) for current and next generation neuroscience, immunology and oncology medicines (North Chicago)
- Continental Tires: The company’s largest U.S. tire plant and first to earn ISCC PLUS Sustainability Certification (Mt. Vernon)
- Rivian: Affordable EVs that can go from 0 to 60 mph in 3 seconds (Normal); average new car prices have surpassed $50,000, whereas the Rivian R2 will start at $45,000
At $122B in annual output, Illinois finance and insurance companies such as Allstate, State Farm Insurance, and Northern Trust shape global markets. At $94B in annual output, Illinois professional service companies such as Alight, Inc., Baker Tilly, and UL Solutions employ Illinoisians to shape pivotal business strategy.
Combining the state’s robust economy with over 6M skilled workers, central location, and a high quality of life, it’s no question why Illinois is a key destination for business. And it’s the reason Illinois has ranked #2 in corporate expansions (Site Selection magazine) for the past 3 years with 664 major business expansions and relocations in 2024 alone.
Now more than ever, it’s crucial to have diversified resilient economies in the face of shifting federal landscapes, international agreements, and disruption from next-generation technologies. Illinois is that destination.
To learn more, get in touch with our team today.
