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The population of Illinois in 2005 was 12,763,371, which ranked it 5th in the nation. Illinois is also the world’s 12th largest economy. Its central location in the Midwestern United States affords an impressive infrastructure for transporting its goods both globally and nationally. Illinois is a leader in manufacturing, being the country’s 4th largest industrial state, with nearly 12,000 manufacturers. Its primary industries are comprised of food processing, machinery, chemicals products, transportation equipment, bio-fuel development, petroleum, and coal. Over 11,000 financial institutions reside in Illinois, contributing considerable financial assets for industries and developments. (Photo courtesy Chicago Convention and Tourism Bureau.)
Illinois is of great importance to the nation agriculturally, bringing in over $8 billion annually for its agricultural commodities. Some of the outputs of the Prairie State include hogs, cattle, dairy products, poultry, and wheat. Illinois leads the nation in soybean production and is ranked second in corn production. The Prairie state contributes approximately 7 percent of all agricultural exports in the United States.
Illinois also boasts a key position for the high tech industry. Over 150,000 scientists and engineers work in the Prairie state, utilizing a strong technology infrastructure consisting of such institutions as Fermi National Accelerator Laboratory (Fermilab) and the National Center for Supercomputing Applications, as well as numerous other research centers.
In 2005, Illinois ranked third in the U. S. in median household income at $57,424, and 13th in per capita income (PCPI) at $36,264. The average annual growth rate of PCPI between 1995 and 2005 was 3.7 percent, compared to the average annual growth rate for the nation at 4.1 percent. The Prairie State boasts a home ownership rate of nearly 70.9 percent. Its unemployment rate is 5.7 percent. Illinois’ state income tax is obtained by multiplying net income by a flat rate, which is currently at 3 percent. The state levies a sales tax of 6.25 percent for general merchandise and 1 percent for certain foods, drugs, and medical appliances. Illinois’s cost of living is slightly higher than the national average, particularly in Chicago.
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