ECONOMY: ILLINOIS GDP BY METRO AREA
Benjamin L. Varner, Chief Economist

The Commission continues its examination of Illinois’ economy at the metro level this month by exploring changes in real gross domestic product (GDP) since the pandemic.

DECEMBER REVENUES SEE SIGNIFICANT GROWTH DUE TO STRONG MONTH FROM INCOME TAX RECEIPTS
Eric Noggle, Revenue Manager

Illinois’ General Funds receipts in December rose $327 million or +6.7% as compared to last December. The year-over-year growth improves to $410 million or +8.6% on a base level when subtracting out “one-time” transfers. A strong month for Individual Income Tax receipts, with the help of revenue redistributions, capped off an overall positive, albeit slight, first half for revenues in FY 2025. Aiding this month’s gains was one extra receipting day as compared to last December.
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After this month’s significant gains, FY 2025 revenues through December are now slightly ahead of last fiscal year’s pace by $35 million. This is a gain of only +0.1%. From a base perspective, when removing non-base General Funds Revenues from the calculation, State revenues are up $751 million or +3.1%.