Data show strong Illinois recovery
The Land of Lincoln’s economy showed strong signs of recovery during the first quarter of 2021, according to federal data.
Illinois’ economy in the first quarter grew at an annual rate of 6.4%, its gross domestic product approaching the state’s pre-pandemic levels, according to data released in late June by the US Bureau of Economic Analysis.
Compared to our surrounding states, the only state with a higher rate was Indiana, at 6.8%; Kentucky’s rate is the same as that of Illinois. However, Illinois’ total GDP, which represents the market value of all goods and services produced by people and property, is at about $770 billion annually, which is below the $897.1 billion it was valued at in 2019, before the COVID-19 pandemic.
The economic sectors that showed the highest rebounds were among the hardest hit by the pandemic, according to bureau data, . Accommodation and food services grew at 18.4%, and arts, entertainment and recreation grew by 38.6%.
Here’s to hoping the trend continues, turbocharged by summer travel and festival season and the June 11 end of capacity restrictions on Illinois businesses and gatherings.