SPRINGFIELD, Ill. (WAND) — A new study conducted by the University of Cincinnati Economics Center shows Illinois retailers generate $112 billion in economic investment annually.
The Illinois Retail Merchants Association told reporters Tuesday that retail is the state's largest private second employer, with 1.3 million people working in the industry.
The Illinois Retail Merchants Association told reporters Tuesday that retail is the state's largest private sector employer, with 1.3 million people working in the industry. IRMA President and CEO Rob Karr said retail also brings in over $7 billion of income and sales taxes for Illinois. The state's retail sector generates a combined direct and indirect total sales impact of $441 billion and supports 2.4 million jobs.
"Every government service we all rely upon is funded by some degree by the sales taxes that retailers generate," Karr said. "If you dig deeper into that figure, you'll find that retail generates the second largest revenue for the state of Illinois and the largest for local governments."
Deputy Governor Andy Manar said retailers are the backbone of many communities across the state. Manar said growing the retail sector is a key for the future of the state's economy.
"The retail industry stands as a powerhouse in our state, creating jobs, driving economic growth, and supporting the essential services that benefit our communities," said Gov. JB Pritzker. "Our continued commitment to this vital industry is paying off, and Illinois is stronger from it."
Although, Karr told WAND News that his members are struggling with uncertainty over President Donald Trump's tariffs on Canada, Mexico and China.
"A member called me yesterday who had their partnership with a Canadian firm put on hold because they don't know what it looks like," Karr said. "People like to talk about prices at stores forgetting that the price is largely baked in by the time it gets to your retail shelf. We have to guess what we're going to pay for the next order. So, now we have even more uncertainty about what that's going to look like and what those costs are going to be."
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