Illinois Economy
November 15, 2007
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The 2004 total Illinois gross state product was nearly $522 billion USD, placing it 5 in the country. The 2004 Illinois per capita income was $34,721 USD.
The state’s income tax is calculated by multiplying net income by a flat rate, currently 3%. There are two rates for the Illinois state sales tax: 6.25% for general merchandise and 1% for qualifying food, drugs and medical appliances. The property tax is the largest single tax in the state, and is the major source of tax revenue for local government taxing districts. The property tax is a local—not state—tax, imposed by local government taxing districts which include counties, townships, municipalities, school districts, and special taxing districts.
Illinois’s agricultural outputs are hogs, cattle, dairy products, corn, soybeans and wheat. In most years Illinois is the leading state for the production of soybeans, with a harvest of 500 million bushels in 2004. The state is ranked second in total corn production. The state’s universities are actively researching alternative agricultural products as alternative crops.
As of 2004, the leading manufacturing industries in the state, based upon value-added, were chemical manufacturing ($16.6 billion), plastics and rubber products ($6.8 billion), transportation equipment ($6.7 billion), food manufacturing ($14.4 billion), machinery manufacturing ($13.6 billion), fabricated metal products ($10.5 billion) and computer and electronic products ($6.4 billion). Important non-manufacturing industries include financial services, publishing, petroleum, and coal.
The state is a net importer of fuels for energy, despite large coal resources and some minor oil production. Illinois is ranked fifth among states in electricity production and seventh in the consumption of electricity.
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