According to projections made by the Federal Reserve Bank of Philadelphia, FRBP, Illinois is expected to have the largest economic growth in the Midwest over the next six months.
SPRINGFIELD — According to projections made by the Federal Reserve Bank of Philadelphia, FRBP, Illinois is expected to have the largest economic growth in the Midwest over the next six months.
The FRBP produces leading indexes for each of the 50 states. These indexes are calculated on a monthly basis and used to determine the current and future economic situations of various regions of the country.
According to Daniel Mazone, media relations representative at the FRBP, the studies analyze a range of economic indicators to make accurate evaluations and predictions. These indicators include state-level housing permits, unemployment insurance claims, manufacturing sector surveys and interest rates.
Mazone said Illinois’ indicators showed a growth pattern over the past fiscal quarter — especially in manufacturing — that enables a positive prediction for the coming six months.
The agency has “historically provided an accurate barometer of state growth,” according to a statement released by Gov. Quinn’s office this week, and predicts that Illinois’ economy will increase by 2.49 percent during the second half of 2014.
“There are more people working in Illinois today than at any time since February 2009,” the governor’s office stated, and “Illinois ranks third in the country for corporate expansions and locations.”
If Illinois’ estimate and those for the other Midwestern states hold up, the Land of Lincoln would enjoy the greatest increase in economic growth of the group.
Illinois’ projected 2.49 percent increase would place it at the top of all the Midwestern states, followed by Ohio at 2.30 percent. Illinois and Ohio are the only Midwestern states expected to see 2 percent growth or better, followed by Nebraska at 1.94 percent and North Dakota at 1.68.
Between North Dakota and Missouri rank Iowa, Indiana, Wisconsin, Kentucky and Minnesota, in descending growth order.
South Dakota’s projected .50 percent would make it the lowest growth state of those on the list.
Missouri, Michigan, and Kansas join South Dakota as the other Midwestern states with a six-month projected growth rate of less than 1 percent.
Brady Cremeens is a reporter for the Illinois News Network.