CHAMPAIGN, Ill. - The University of Illinois Flash Economic Index continued its steady climb of recent months, reaching 99.5 in March, up from 99.0 in February and 98.5 in January.
The Illinois economy is nearing the 100 level that indicates economic growth, a reading that has not been achieved in almost three years.
"While the state economy is doing much better than during the recession period of 2001-2002, it is still far less vigorous than the period of strong expansion in the late 1990s," said J. Fred Giertz, the University of Illinois economist who compiled the data.
A year ago in March, the Flash reading was 95.8.
The Index is a weighted average of Illinois growth rates in corporate earnings, consumer spending and personal income. Tax receipts from corporate income, personal income and retail sales are adjusted for inflation before growth rates are calculated. The growth rate for each component is then calculated for the 12-month period using data through March. (Note: This month's Flash Index is based on data through March 20.)
