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IMA Executive News & Views Blog

Small Businesses Drive Job Growth in Illinois

by the Office of Advocacy of the U.S. Small Business Administration

The Office of Advocacy, an independent office within the U.S. SmallBusiness Administration, today released its annual Small Business Profiles. The user-friendly profiles utilize the most recent statistics on employment, industry, and economic growth from federal data sources to create a small business narrative unique to each state.

Illinois’s 2018 Small Business Profileshowsthat small businesses added 68,276 net new jobsduring the latest year studied. There are 1.2 million small businesses in Illinois, which employ 45.5 percent of the state’s private workforce. The top three industries for small business employment in Illinois are (1) health care and social assistance, (2) accommodation and food services, and (3) manufacturing.

“Small businesses are Illinois’s economic engine,” said Acting Chief Counsel Major L. Clark, III, “they are the key to the state’s ability to grow economic output, entrepreneurship, and private sector employment.”

Among other findings, the 2018 State Profile reveals that in the third quarter of 2017, Illinois grew at an annual rate of 3.5 percent. In January 2018, the unemployment rate was 4.8 percent, down from 5.2 percent in January 2017.

“The Small Business Profiles are a valuable resource for researchers, stakeholders, and small entities who are interested in small businesses’ contributions to the U.S. and state economies,” continued Clark.

The profiles are based on data from the U.S. Census Bureau, the U.S. Department of Labor, and other federal agencies. They include the 50 states, the District of Columbia, the United States, and the U.S. territories.

 

For more information, click here.

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