Economic Impact of Retail in Illinois
A recent analysis commissioned by the Illinois Retail Merchants Association (IRMA) found retail directly contributes more than $112 billion in economic investment annually – more than 10 percent of the state’s total Gross Domestic Product. The study – the first of its kind – also found that the retail sector is the state’s largest private sector employer, with 1.3 million people working in retail – representing nearly one out of every four workers in Illinois.
Retail helps generate $7.3 billion income and sales tax revenue each year, which supports public safety, infrastructure, education and other important programs. All told, retail is the second largest revenue generator for the State of Illinois and the largest revenue generator for local governments.
The study was conducted by the University of Cincinnati Economics Center, which provides unbiased, non-partisan economic data, and funded in part by the Illinois Department of Commerce and Economic Opportunity.
Notably, the study found that retail is an industry in which everyone regardless of credentials can find a viable career path. Across the retail sector, most entry-level jobs require a high school diploma or less. This employment accessibility is vital in Illinois, where 35 percent of adults aged 25 and older have a high school diploma or less.