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Featuring multiple industry clusters, the Prairie State is a global hub of economic diversity. It hosts 34 Fortune 500 companies including Boeing and Motorola. With a $1.024 trillion GDP, Illinois is the fifth-strongest economy in the nation.
While international giants certainly lead the state economy, the small business pool greatly contributes to the gross domestic product as well.
Despite the financial troubles Illinois has faced in recent years, small enterprises (SMEs) still have a high survival rate and earn the living for most residents, with nearly 45% of the total state workforce employed in privately owned companies.
One more interesting fact is that Prairie State appeals not only to domestic but also to foreign entrepreneurs and investors. So, we’ll cast a quick look at the state small business statistics to help you better understand your entrepreneurial opportunities here.
Women own 454.362 SMEs, with 80% of them being non-employers;
Men own 687.819 SMEs, with 532.000 of them being non-employer businesses;
48.000 companies are owned by women and men together;
Female employees account for 47.6% of the total workforce;
Veterans control 4.7% of SMEs and make up 3.7% of IL employees accordingly;
Following the US Census data, the racial split in IL small enterprise ownership is as follows:
White Americans - 62.2%;
Hispanic Americans - 16.4%;
Black or African Americans - 14.3%;
Asian Americans - 5.1%;
Native Hawaiians and Islanders - 0.04%.
Self-employed minorities account for 152.706 SMEs demonstrating business diversity in the state.
IL Small Business Formation
Fiscal turmoil makes Illinois a challenging business environment, yet, the industrial diversity, advanced technological background, and quality workforce still offer great chances for new establishments to succeed;