While Illinois is home to one of the largest bustling cities in the United States, the rest of the state is home to rural, agricultural farms that have seen better days. Consistently rising tax rates and unfavorable local government has made running a business in the state of Illinois a hassle, but Illinois small business entrepreneurs continue to persevere and make the local Illinois economy grow – even if the rate of entrepreneurship in Illinois has been below the national average for years.
According to the annual Small Business Profile of Illinois that the SBA produces regularly, there are 1.2 million small businesses in the state of Illinois, which equates to 98.2 percent. These 1.2 small businesses employ 2.4 million people, which is 46.4 percent of the state’s population. In the past year, there have been 19,000 net new jobs created with a 39.8 percent increase in minority business ownership.
Even though business owners throughout the state of Illinois have been struggling with many challenges, these entrepreneurs have contributed to an annual growth rate of 1.6 percent in the state’s economy. While this was below the national growth rate average of 1.9 percent, it was still higher than Illinois’ 2013 annual growth rate of 0.8 percent. Overall, running a business in Illinois is difficult, but there are many positive sides of operating in Illinois.
Illinois is considered one of the most advanced states in the Midwestern region. The area has long been home to a range of different industries and modern businesses. There are a number of large cities in the Illinois region, all of which have plenty of opportunities for growth. If you’re interested in starting a small business in Illinois, there’s never been a better time.