Chicago City Wire

Illinois is witnessing a significant contribution from small businesses in job creation, as reported by the Illinois Policy Institute. Businesses with fewer than 20 employees accounted for 74% of the new net jobs in 2023, translating to nearly 31,000 positions. This growth has been crucial since these small enterprises have been the only ones adding to the state's job market following the pandemic.

In stark contrast, larger businesses in Illinois, specifically those with over 500 employees, experienced a reduction of more than 17,000 jobs.

Bryce Hill, director of fiscal policy at the Illinois Policy Institute, emphasized the resilience and impact of small businesses on Small Business Saturday. "Illinois has a lot to celebrate this Small Business Saturday. Our smallest businesses have proven to be among the most resilient and consistent job creators in the state," he stated. "And now they’re delivering some of the best results for workers, despite facing massive governmental obstacles."

For two decades, small businesses have outpaced large corporations in wage growth rates by 32%. However, average wages remain lower than those offered by larger companies due to reliance on part-time and seasonal workforces.

Hill also highlighted challenges faced by these enterprises: "Businesses face challenges with the state’s unfriendly business environment, high taxes and burdensome regulations. Illinois can do more to help small businesses and the employees they support."

Further information about Small Business Saturday can be accessed at illin.is/small-biz-2024.