As of 2019, there are over 1.2 million small businesses in Illinois. These businesses provide over 2.5 million jobs and comprise about 45% of the workforce in the state (or 20% of the state population). These are impressive numbers that show the importance of businesses to the economy of the state.
For anyone looking to start a business in Illinois, it is important to look at the data to determine if the business environment is sustainable enough to provide opportunities for growth. However, it is not as promising as it appears. There are a few challenges along the way that potential business investors need to know about.
In particular, the Illinois government has a low credit rating and up to $3 billion worth of debt deficit. This can make starting a business extra challenging. On the plus side, the state is made up of several metropolitan areas that provide you access to skilled labor, capital, and massive reach for your business.
It is worth noting that the economy in Illinois has a growth rate of 2.1% (versus the national growth rate of 3.4%). Despite these challenges, business owners are optimistic about the future and the state's ability to recover. This is just a part of the reality that comes with running a business in Illinois. For business insurance related info please refer to our more in depth article.
At the request of our visitors we've included the below local insurance contacts for most cities in Illinois. Many variables will affect your auto insurance premiums in the Land of Lincoln. For example, those living in the Chicagoland area may have a higher premium than those living in southern Illinois, solely based on location. No matter where you live in the state, you can use the local insurance companies we've provided to compare affordable rates and get quick low cost quotes for car insurance. You can easily find a cheap policy and still meet the mandatory insurance requirements that the state of Illinois mandates. For additional information on traffic laws or driving schools please navigate to your respective state using the map. And for manufactured home insurance, please refer to the respective article.
Illinois is the 21st state to be incorporated in 1818. Known as the Prairie State, it is where Abraham Lincoln started out his political career along with another US President, Ulysses Grant.
While the city of Chicago earned its reputation for the gangs and violence, it has more to offer those who are willing to move here or start a business. The state, particularly the city of Chicago, is home to many notable companies like Walgreens, Boeing, and Allstate.
The business environment in Chicago is notable as one of the most stable in the US. It is also steadily growing in terms of economic development and businesses has provided adequate amount of employment for residents. It also ranks high in terms of education with more than 43% of its residents with college education.
Among the top industries for the state of Illinois are education, energy, biotechnology, manufacturing, and agriculture. It has paved the way for clean energy technology and is home to many wind farms.