Economy of Illinois State

June 29, 2010US State Economiesby EconomyWatch

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The economy of Illinois is one of the largest state economies in the US. Although known as an industrial state, Illinois is rich in resources. Farming, mining, and oil are vital parts of its economy.

Illinois is the most populous and economically productive state in the Midwest. Although the capital of Illinois is Springfield, the Midwest metropolis of Chicago contributes to most of the state’s economy. Other important cities include Rockford, Peoria, and Champaign.

Former presidents Abraham Lincoln, Ulysses S. Grant, and Ronald Reagan all hail from Illinois, as do Senators Barack Obama and Hillary Rodham Clinton, along with Oprah Winfrey.

Demography And Social Indicators

Illinois is one of the most demographically diverse states in the Midwest, and is the fifth most populous in the USA (after California, New York, Texas, and Florida). With a population of 12,852,548 (2007 est.) in 140,998 km², Illinois has a population density of 86.27/km², the 12th densest state.

80.34% of the population is white, 15.63% black, 4.45% Asian, 0.62% American Indian or Alaskan Native, and 0.11% Native Hawaiian or Pacific Islander.

Business and Economy of illinois

As an economic power among the US states, Illinois ranks fifth with a gross state product of almost $610 billion (2007), larger than that of Saudi Arabia. It has a per capita income of $47,461, higher than the US average of $45,000.

With the Great Lakes to the northeast, Chicago is well-placed to trade with other cities on its shores such as Milwaukee, WI; Green Bay, WI; Buffalo, NY; Cleveland, OH; and Toronto, Canada. Also, the Illinois River links Lake Michigan with the Mississippi river, to the southeast.

While Illinois is often thought of as a very industrial state, it has a large agricultural base. Some of the agricultural products produced include wheat, corn, soybeans, dairy products, cattle, and hogs. In fact, Illinois produces the most soybean of any state, as well as the second most corn.

Major manufacturing sectors in Illinois are food, machinery, plastics, rubbers, fabricated metal, electronics, transportation equipment, and chemicals. These manufacturing sectors amounted to $75 billion in 2003.

Energy Production In Illinois

Although Illinois is involved in many types of power generation – derived from petroleum, coal, nuclear, wind, and biofuels – the state consumes more than it produces.

The coal reserves of Illinois are so great that they have a combined heating potential that exceeds all the oil in the Arabian Peninsula. But because this coal is heavily-laden with sulfur which can cause acid rain, it is difficult to harness.

At current production rates more than 40 million tons of coal are produced, but less than half is consumed within Illinois itself. The rest is transported to other parts of the United States and Canada.

Energy production figures:

Petroleum: ~4,500 m³ (28,000 barrels) per day in 2005

Nuclear: Illinois has the highest amount of nuclear capacity of all states in the US. 48% of the power generated in Illinois in 2005 was from nuclear power.

Wind: There are four wind farms in Illinois. At full production, wind power could amount to 5-10% of Illinois’ energy demand.

Biofuels: Illinois corn is used to generate 40% of the ethanol used in the US.

Tourist Attraction Of illinois

Illinois is not a major tourist destination, but it does feature some well-known tourist attractions, including:

  • City of Chicago – Chicago has a rich offering of culture, arts, museums, universities,
  • concerts, sports, and other entertainment.
  • Ronald Reagan Trail
  • Gateway Geyser
  • Illinois State Fair
  • Lake Michigan
  • Mississippi River

Colleges, Schools and Universities In illinois

Illinois more educational institutions that almost any other state. These include:

  • Augustana College (Illinois)
  • Aurora University
  • Benedictine University
  • Blackburn College
  • Bradley University
  • Chicago School of Professional Psychology
  • Chicago State University
  • Columbia College Chicago
  • Concordia University-River Forest
  • DePaul University
  • DeVry University
  • Dominican University
  • Eastern Illinois University
  • East-West University
  • Elmhurst College
  • Erikson Institute
  • Eureka College
  • Governors State University
  • Greenville College
  • Illinois Calumet City
  • Illinois Chicago
  • Illinois College
  • Illinois Institute of Art Chicago
  • Illinois Institute of Technology
  • Illinois State University
  • Illinois Technical College
  • Illinois Wesleyan University
  • Judson College, Illinois
  • Kendall College
  • Knox College (Illinois)
  • Lake Forest College
  • Lakeview College of Nursing
  • Lewis University
  • Lincoln Christian College and Seminary
  • Lincoln College, Illinois
  • Loyola University Chicago
  • Lutheran School of Theology at Chicago
  • MacMurray College
  • McKendree University
  • Midwestern University
  • Millikin University
  • Monmouth College
  • Moody Bible Institute
  • National University of Health Sciences
  • National-Louis University
  • North Central College
  • North Park University
  • Northeastern Illinois UniversityvNorthern Illinois University
  • Northern Seminary
  • Northwestern University
  • Olivet Nazarene University
  • Principia College
  • Providence Baptist College
  • Quincy University
  • Rasmussen College[1]
  • Robert Morris College
  • Rockford College
  • Roosevelt University
  • Rosalind Franklin University of Medicine and Science
  • Rush University
  • Saint Anthony College of Nursing
  • School of the Art Institute of Chicago
  • Shimer College
  • Southern Illinois University
  • Southern Illinois University Carbondale
  • Southern Illinois University Edwardsville
  • Spertus Institute of Jewish Studies
  • St. Xavier University
  • Toyota Technological Institute at Chicago
  • Trinity Christian College (Illinois)
  • Trinity International University
  • University of Chicago
  • University of Illinois
  • University of Illinois at Chicago
  • University of Illinois at Springfield
  • University of Illinois at Urbana-Champaign (main campus)
  • University of Saint Francis
  • VanderCook College of Music
  • Western Illinois University
  • Westwood College Of Technology
  • Woodridge,
  • Wheaton College, Illinois

Further Readings