Illinois economy surges in first quarter

Illinois economy surges in first quarter

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The Illinois economy grew at a 6.4 percent annual rate during the first quarter of 2021.

SPRINGFIELD — The Illinois economy showed strong signs of recovery during the first quarter of 2021 as businesses continued to reopen from the pandemic and direct government payments flowed to businesses and individual consumers.

Data released last week from the U.S. Bureau of Economic Analysis showed the state’s economy grew at an annual rate of 6.4% during the quarter as its gross domestic product — the market value of all goods and services produced by labor and property — approached its pre-pandemic level.

That growth rate was on par with the rest of the nation and slightly ahead of the pace set by most of Illinois’ surrounding states. But the state’s total GDP, at just under $770 billion annually, remained below where it was two years earlier, before the pandemic.

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