Archives
Flash Index of Illinois Economy rises to highest level in six years
EDITORS,
NEWS DIRECTORS: The Flash Index of Economic Growth, produced by economists
at the University of Illinois, is based on the most up-to-date information
on the Illinois economy.
J.
Fred Giertz, Institute of Government and Public Affairs
217-244-4822
Mark Reutter,
Business & Law Editor
217-333-0568
4/1/2005
CHAMPAIGN, Ill. — The University of Illinois Flash Economic Index
registered strong growth last month, increasing to 104.2 from its 103.4
level in February. This is the highest level recorded since March 1999,
or six years ago, when the Index stood at 104.3.
“The March results clearly indicate that the Illinois economy
is on the move again,” said J. Fred Giertz, the University of
Illinois economist who compiles the data. “This is especially
good news because Illinois has experienced slow growth over the last
four years.”
The U.S. Bureau of Economic Analysis recently released per capita income
figures showing that Illinois was among the bottom 20 percent of states
in terms of economic growth in 2004. Since 2000, per capita income in
the state has dropped from 108 percent of the national average to 104
percent.
For March, all three components of the Flash Index performed well, with
the corporate- and individual income-tax receipts especially strong.
The Index is a weighted average of Illinois growth rates in corporate
earnings, consumer spending and personal income. Tax receipts from corporate
income, personal income and retail sales are adjusted for inflation
before growth rates are calculated. The growth rate for each component
is then calculated for the 12-month period using data through March
31.
