Illinois Unemployment Hits Record Low
There have been some very interesting reports coming from companies, organizations and government officials in the state of Illinois. One very exciting report from the Bureau of Labor Statistics and the Illinois Department of Employment Security shows that the unemployment rate for Illinois has drop to 7.9 percent. Not only is this a decrease from previous months but this marks the lowest rate since 2008. The Illinois economy is making a very successful rebound and there have been a number of initiatives to ensure the fiscal stability of this state.
Although Illinois still has a higher unemployment compared to the national average of 6.3 percent, there are a number of things in store for the state’s future. The aerospace industry in Illinois has seen some significant boosts in sales in recent months. One major factor for these increases is due to the rise in traveling within China. The Chinese government has lifted some of their regulations on low-cost travel which has resulted in considerable surge in their aircraft industries. These changes are very beneficial for Illinois aircraft manufacturers and there have already been announce multi-billion dollar deals to supply China with USA made aircrafts.
The record low unemployment is due to a number of factors such as unemployment insurance reform and working training reform. One goal has been to lower the cost for training new works. This then enables businesses to become more willing to hire new employees while avoiding some of the financial burdens. There are also plans to lower the costs of creating a Limited Liability Corporation in Illinois. The proposed plan is to lower the fee by more than 90 percent to create a LLC from $500 to $39 which will be the lowest in nation. The purpose of this significant decrease is to spur entrepreneurs to invest into businesses. This new fee will also encourage more people to start small businesses and possibly attract more businesses to move to Illinois.
The economy is on the rise in Illinois as the National Association of Manufacturers reports that more than 12 percent of the state’s total economic output comes from manufacturing. This industry is known for creating machinery for farming, food & beverage equipment, metal products, chemicals, coal, petroleum and more. The Illinois Manufacturers Association has also announced that Chicago has recently won the bid for a new digital manufacturing hub which will cost $320 million. These are exciting times for Illinois as the state continues to recover from the recession and the era of modernized manufacturing becomes more of a reality for this state.