CHICAGO, May 15, 2017 /PRNewswire/ -- A special report by RCF Economic & Financial Consulting, Inc. Vice President Peter Bernstein examines population and employment in Illinois from 2013 to 2016 and shows that despite losing population, Illinois has gained employment and has seen significant improvement in per capita income, especially compared to most neighboring states. The complete special report can be found here: http://www.rcfecon.com/rcf-special-report-fewer-people-and-more-jobs-lead-to-large-gains-in-per-capita-income-in-illinois/
From 2013 to 2016, the population of Illinois declined by 0.6 percent while the population in the U.S. increased 2.2 percent. Other nearby states saw increases in their population, though all these states saw slower population growth than occurred nationally. Some of this population loss is a continuation of a decades-long trend of people moving to southern and western states. However, given that other Midwest states have seen population gains, it is likely that the decline in Illinois' population means that many Illinois residents have a negative outlook regarding the state's future. Moreover, population losses in Illinois have been widespread, with 91 of the state's 102 counties seeing a decline in population over the past three years.
Yet, despite the population loss, Illinois has added almost 200,000 workers over the past three years. Although much of this job growth is in the Chicago area, 79 of 102 counties in Illinois had an increase in employment from 2013 to 2016.
The combination of increased employment and decreased population means that there has been a meaningful increase in the proportion of the state's residents who are employed. In fact, the employment-to-population ratio in Illinois has grown more rapidly than for the nation as a whole.
Furthermore, the increase in the proportion of the state's population that is employed has contributed to an 11.7 percent increase in per capita personal income from 2013 to 2016. This is actually somewhat greater than the 11.4 percent increase in per capital personal income across the entire U.S. during the same period.
Even more significant, per capita personal income has grown faster in Illinois than in virtually all of its neighboring states.
Thus, while many have left Illinois, the economic conditions of those who remain are much better than commonly believed.
A more detailed analysis of county changes in population and employment will be available in our forthcoming report, "Illinois: Fewer People and More Jobs."
For additional information or questions, please contact Mr. Peter Bernstein, RCF Vice President, 312-41-1540 ext.1515 or by email: email@example.com
About RCF Economic & Financial Consulting, Inc.
Founded in 1978, Chicago-based RCF is an economic and financial consulting firm led by internationally renowned economists. The firm works on a wide variety of projects and applies high level economic and statistical analyses to solve important problems. RCF conducts economic impact analyses of policies and contemplated actions by businesses and public agencies, advises clients, and provides support for litigation and regulatory proceedings including expert testimony. www.rcfecon.com
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SOURCE RCF Economic & Financial Consulting, Inc.