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IBA Releases Study on Economic Impact of Illinois Banks

Banks of all sizes play a vital role in supporting Illinois' economy and communities. They create jobs, they safeguard customer deposits and make loans, and they provide services to virtually every sector of the economy, including the vast majority of households and state and local government agencies.

As a whole, the banking industry's ripple effect on our state's overall economy cannot be overstated, and a recent study commissioned by the Illinois Bankers Association provides significant information about the industry’s contributions to the Illinois economy. The IBA engaged the Regional Economics Applications Laboratory (REAL) of the University of Illinois at Urbana-Champaign to analyze the direct and indirect economic impact of our industry’s contributions to the Illinois economy in 2017. Thank you to Dr. Geoffrey Hewings and his team at REAL for working with the IBA on this important study. 

Key Findings

  • The Illinois banking industry directly employs 105,000 employees and indirectly generates an additional 303,500 jobs totaling 408,500 jobs, with $22.6 billion in wages and salaries.
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  • The Illinois banking industry paid $7.6 billion in salaries, or an average salary of $61,469, to its 105,000 employees in 2017.
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  • Each dollar a bank employee spends in his local community generates another $1.09, creating a total impact of $2.09 per dollar spent. 

  • The Illinois banking industry’s estimated 2017 total contributions to state and local tax revenues -- including direct and indirect dollars for sales, property tax and personal income taxes -- total over $2.3 billion. Total federal, state and local, and foreign corporate income taxes paid by Illinois banks in 2017 amount to $1.8 billion. 

 

Economic Impact of Illinois Banks - Infographic

Economic Impact of Illinois Banks - Full Report

Talking Points for Bankers

Sample News Release 

America's Banks Help People & Places Grow - ABA

 

 

 

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