The latest data from national survey on small business isn’t painting a rosy picture for Illinois. In August, a staggering 61% reported earning only half, or even less, of their pre-pandemic monthly revenues, showing a significant dip of 24% compared to July.
This grim stat puts Illinois number 1 on the list of states leading the nation in small business revenue declines.
A notable factor influencing this trend is the consecutive interest rate hikes over the last 17 months. Over half of the small business owners attribute their hardships to these increases, which have started affecting them substantially. Besides this, the ghosts of inflation and decreased consumer spending continue to haunt the business landscape, creating a challenging scenario for many.
The gym sector stands as the most affected industry, with a notable 64% seeing their earnings chopped in half. Beauty salons and educational institutions follow closely, navigating through this rough patch with significant revenue losses.
Illinois lawmakers need to rethink the states economic policies with the goal to lessen the burden on businesses and entrepreneurs. This is getting out of hand.