Hoping to find the best warehouse spaces for rent in Illinois? Check out the listings above and find the perfect place.Illinois is home to several major industries, and these industries have a major impact on both the state's labor force and its gross domestic product (GDP). According to the Bureau of Economic Analysis (BEA), the manufacturing industry is the largest contributor to Illinois' GDP, accounting for 12.83 percent of the total state GDP. (https://www.nam.org/state-manufacturing-data/2022-illinois-manufacturing-facts/)
This is followed by the finance, insurance, real estate, rental, and leasing sector at 16.2 percent, and the professional and business services sector at 14.2 percent.
The labor force in Illinois is also heavily concentrated in these industries. According to the Bureau of Labor Statistics (BLS), the manufacturing industry is the largest employer in the state, employing over 557,000 workers.(https://www.nam.org/state-manufacturing-data/2022-illinois-manufacturing-facts/)
This is followed by the healthcare and social assistance industry and the retail trade industry, both of which employ over 400,000 workers. The professional and business services industry, the finance, insurance, real estate, rental, and leasing industry, and the educational services industry all employ more than 200,000 workers each.
In recent years, the economy of Illinois has been on an upswing. According to the BLS, the state's unemployment rate has declined from 6.6 percent in 2017 to 5.4 percent in 2019 and to 4.1 in 2022. (https://www.bls.gov/regions/midwest/illinois.htm#eag)
This is higher than the national average of 3.4 percent. The BEA also reported that the state's GDP grew by 6.2 percent in 2021 in comparison to the previous year (https://www.statista.com/statistics/306782/illinois-gdp-growth/)
Overall, Illinois is one of the most economically significant states in the country. According to the U.S. Bureau of Economic Analyses, Illinois ranked fifth in the nation in terms of GDP in 2021, with a total GDP of $938.3 billion. (https://www.deptofnumbers.com/gdp/illinois/)
The state's industries are major contributors to this large GDP, and they provide employment opportunities to a large portion of the state's population. As the economy continues to improve, the industries in Illinois are expected to remain a major part of the state's economy.