According to the 2024 State of Illinois Economic Forecast, Madison County saw the strongest job growth in recent years and is expected to maintain that position.
The State of Illinois Commission on Government Forecasting & Accountability report was released last month by Moody’s Analytics and Economic & Consumer Credit Analytics.
According to the report, the Illinois counties making up part of the St. Louis metro area - including Bond, Calhoun, Clinton, Jersey, Macoupin, Madison, Monroe and St. Clair counties - have experienced stronger post-pandemic economic growth than the rest of Illinois despite making up only 5% of the state’s population.
“Post-pandemic economic growth in this group of counties has been stronger than in Illinois, keeping more in line with the St. Louis metro area,” the report states.
The report attributes most of that success to Madison County, which “has also been the strongest job growth in recent years, a distinction it will retain.”
Similarly, Monroe County saw an above-average employment performance while also experiencing a population growth.
The Illinois portion of the St. Louis metro region as a whole still saw a population loss, but less so than the rest of Illinois. However, the region’s population decreased more quickly than its Missouri counterpart.
During the time that Madison County experienced a booming economic projection, it also saw a shift in political power and decrease in asbestos case filings.
According to the Washington D.C.-based technology and management consulting firm KCIC, Madison County, which is known for being the nation’s epicenter of asbestos litigation, has seen a steady decline in asbestos cases.
KCIC reported that Madison County maintained its reputation as the nation’s largest asbestos docket, making up 27% of the total filings nationwide in 2022. However, those cases consistently dropped from 1,201 asbestos case filings in 2020 to 987 cases in 2021 and 964 cases in 2022.
The case filings for 2023 are expected to be released sometime this spring.
However, during these same years, Madison County has seen a fluctuation in civil case filings as a whole, with filings increasing steadily from 2021 to 2023. In 2020, there were 1,847 cases. Then there were 1,588 in 2021, 1,624 in 2022, and 1,786 in 2023.
Madison County also saw a shift in political power in 2020 and 2022 after Republicans won seats historically held by Democrats, including State’s Attorney, Circuit Clerk, County Clerk, and Circuit Judge.
In fact, voters will decide those same county-wide seats in this year’s March 19 primary election as there are no Democrat candidates in Madison County. There are two incumbent Democrats vying for their county board seats, but there will be no county-wide competitions in the general election.
Despite Madison County’s job growth and economic success, Illinois’ economic growth has “slowed further behind the below-average midwestern pace,” the economic report states.
“Weakening population trends and deep-rooted fiscal problems such as mounting pension obligations and a shrinking tax base represent the biggest hurdles to stronger economic performance. Persistent out-migration will weigh on the strength of employment and income gains,” the report states.