(Editor's note: This article was published first at Wirepoints)
We wrote recently about Illinois’ poor economic growth and how Illinoisans are taking a hit under the state’s failed policies. Since Gov J.B. Pritzker took office in 2019, Illinois has had the 10th-worst GDP growth rate in the country, the number of people employed has dropped, and Illinois has consistently had one of the worst unemployment rates in the country (currently 5th-worst).
The latest Bureau of Economic Analysis release on GDP delivers more bad news for the start of 2023, though of course it’s just one quarter of data and still subject to revision.
Illinois’ real annualized growth rate in the first quarter of 2023 was a paltry 0.25%, the nation’s 5th-worst. Only four states grew more slowly: Rhode Island, Alabama, Arkansas and West Virginia.
In contrast, all of Illinois’ neighbors chalked up faster growth – especially Iowa with an annualized growth rate of 5.23%. Nebraska and North Dakota were the nation’s big winners, with their GDP skyrocketing an annualized 12%.
We’ll have to see how the full year plays out, but the first quarter bodes poorly for Illinois considering the state’s previous growth rate was just 0.7% for all of 2022, after adjusting for inflation. Illinois ranked 28th nationally for GDP growth last year.
Low-to-zero growth rates mean – everything else equal – fewer jobs, smaller incomes and less overall opportunity for Illinoisans.