Illinois economy

Illinois economic growth

Economic growth of the state of Illinois is tracked by the GDP growth indicator. However, GDP is a lagging indicator since it reports what economic growth was in the previous quarter. MacroVar aims to predict what economic growth will be in six to twelve months. Consequently, MacroVar tracks the following leading economic indicators: Illinois Leading economic index, Initial jobless claims, Building permits and Real Estate prices. Current economic growth conditions of the state of Illinois are monitored using Illinois coincident economic activity index.

Leading Index Illinois2.432.65-0.08301890.5882351.00.752020-02-29
Coincident Economic Activity Index for Illinois120.85120.480.003071050.2269041.012021-04-01
Initial Jobless Claims Illinois23516192180.223644-0.5909051.00.32021-05-29
Build Permits Illinois1709.671422.10.2022150.5794011.00.92021-04-01
Total Gross Domestic Product Illinois8865658756710.01244070.06062151.002020-10-01
Zillow Illinois all Prices2298662272380.0115650.08874151.012021-04-30
Unemployment Rate in Illinois7.17.10-0.569697-1.00.01666672021-04-01

Illinois Unemployment

Illinois unemployment is a very important economic indicator affecting the state’s economic condition. MacroVar monitors initial jobless claims which is reported every week and is an important indicator of current economic conditions. Illinois unemployment is reported later in the month.


Illinois Real Estate

Construction activity is a very important economic indicator for the economy of Illinois. MacroVar monitors the following indicators: Illinois building permits, real estate prices, real estate rent and the house price index. Building permits is a leading economic indicator measuring the number of permits required to start construction. Hence, it predicts the construction activity in the state for the following year. When economic growth is strong and financial conditions are normal, developers are optimistic about future economic growth and they apply for new building permits to begin new construction projects and vice-versa.

Build Permits Illinois1709.671422.10.2022150.5794011.00.92021-04-01
Leading Index Illinois2.432.65-0.08301890.5882351.00.752020-02-29
All-Transactions House Price Index for Illinois363.44359.471.17.63UP86.672021-01-13
Coincident Economic Activity Index for Illinois120.85120.480.003071050.2269041.012021-04-01
Zillow Illinois all Prices2298662272380.0115650.08874151.012021-04-30

Illinois Cost of living

Illinois cost of living is monitored using the following indicators: Real per capita personal income, Real trade-weighted value of the dollar, Illinois Zillow rent levels, Regional price parities all items

Real Per Capita Personal Income for Illinois55174542041.790UP02021-01-13
Real Trade-Weighted Value of the dollar for Illinois 112.807111.4220.0124302-0.0690956-1.00.03333332021-03-01
Regional Price Parities: All Items for Illinois97.497.8-0.410Down02021-01-13

Illinois Economic news

MacroVar monitors news and economic developments related to the Illinois economy.

Economic Indicators Overview

  • Leading Index: The leading index for Illinois state predicts the six-month growth rate of the state’s coincident index. The indicator monitors the following variables leading the economy: state-level housing permits (1 to 4 units), state initial unemployment insurance claims, delivery times for Institute for Supply Management (ISM) manufacturing survey, and the interest rate spread between the 10-year Treasury bond and the 3-month Treasury bill.
  • Coincident Index: The coincident economic activity index includes the following indicators: nonfarm payroll employment, the unemployment rate, average hours worked in manufacturing and wages and salaries. The trend for Illinois state index is set to match the trend for GDP growth.
  • Initial Jobless claims: An initial claim is a claim filed by an unemployed individual after a separation from an employer. The claim requests a determination of basic eligibility for the Unemployment insurance program.
  • Building Permits: Illinois building permits represents the total number of building permits for all structure types.
  • GDP: The total value of goods produced and services provided in Illinois during one year.
  • Unemployment Rate: Illinois unemployment rate is the proportion of the labor force that is not currently employed but could be.
  • Real Estate prices (Zillow): MacroVar monitors real estate prices across Illinois using current prices determined by real estate activity tracked by Zillow.
  • House Price Index: Illinois House price index summarizes real estate activity using estimated sales prices and appraisal data.
  • Real trade-weighted value of the dollar: This index calculates the inflation-adjusted value of the US dollar against the currencies of countries to which Illinois exports. The real exchange rates are aggregated across countries for Illinois using the annual average export share to the country.
  • Regional price parities: Regional price parities (RPPs) are regional price levels expressed as a percentage of the overall national price level for a given year. The price levels are determined by the average prices paid by consumers for the mix of goods and services consumed in the state of Illinois. Taking the ratio of RPPs shows the difference in price levels across regions.

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