switzIllinois’ critics like to compare the state to its neighbors like Indiana and Wisconsin. But is that really fair? We took a look at the size of Illinois’ economy and compared it to our neighbors and the other 49 states. Here’s what we found:

According to World Bank statistics and the Federal Bureau of Economic Analysis, Illinois’ gross state product is approximately $720 billion. If we were an independent nation, we’d rank 23rd in the world, between Saudi Arabia, with its nearly limitless oil wealth, and Switzerland, one of the world’s biggest financial centers.

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Illinois is home to 33 Fortune 500 companies - the fourth most in the nation. These companies include famous names like McDonald's, Walgreens and Kraft.

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20percThe cost of insurance to cover worker injuries has gone down nearly 20 percent over the past three years, saving Illinois employers nearly $460 million.

The National Council on Compensation recommended lowering workers’ compensation insurance premiums by 5.5 percent in 2015, which means Illinois’ workers’ comp rates have fallen by nearly 20 percent over three years.

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crains-tax

Illinois seems to get a bad reputation for its tax burden on businesses. However, a recent report from the Anderson Economic Group LLC found that Illinois was ranked 27th for its tax burden on businesses. The tax burden is based on income taxes, property taxes, sales taxes, unemployment compensation charges, license fees and other costs.

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