(The Center Square) – A new study reveals the economic impact of the retail sector in Illinois.
The Illinois Retail Merchants Association sponsored the study, which found retail directly contributes more than $112 billion in economic investment annually.
“From our largest cities to our rural villages, retailers large and small serve as vital pillars of our state and local economies,” said Rob Karr, president and CEO of the Illinois Retail Merchants Association.
The analysis, the first of its kind in Illinois history, also found the retail sector is the state’s largest private sector employer, with 1.3 million people working in retail.
“Which represents one in every four workers in Illinois,” said Karr. “That makes retail the state’s largest private sector employer.”
Retail helps generate $7.3 billion in income and sales tax revenue each year, which supports public safety, infrastructure, education and other important programs. All told, retail is the second largest revenue generator for the State of Illinois and the largest revenue generator for local governments.
The study was conducted by the University of Cincinnati Economics Center, which provides non-partisan economic data, and was funded by the Illinois Department of Commerce and Economic Opportunity (DCEO).
“The retail sector is an essential part of our state’s economy, and retail workers help make that possible,” said Kristin Richards, director of the DCEO. “DCEO, along with our workforce program partners across Illinois, will continue to provide support to retailers looking to hire skilled workers and raise awareness of these job opportunities.”
