April Illinois Flash Index declined for the fourth month in a row
The Illinois Flash Index of Economic Growth for April 2026 continued its gradual decline falling to 101.0 compared to its 101.2 level in March. The reading one year ago was 102.4. While the Illinois economy is still growing, the Illinois unemployment rate has diverged from the national rate. In July and August of last year, both rates stood at 4.3 percent–a rare occurrence for Illinois. Now the Illinois rate is 5.1 percent while the national rate is still at 4.3 percent.
“As expected, Illinois state tax receipts were strong in April, the filing deadline month for income tax returns,” said Fred Giertz, Professor Emeritus, Institute of Government and Public Affairs, University of Illinois Urbana-Champaign. “However, after adjusting for inflation, individual income tax and sales tax revenues were down slightly.”
Corporate taxes for the month were much lower compared to last year’s strong results, down by over 10 percent after adjusting for inflation. For the last twelve months, after inflation adjustments, individual income tax receipts were up by nearly 2 percent while sales taxes revenues were down by about 1 percent. Corporate receipts trailed last year’s results by 10 percent.
The Flash Index is the weighted average of Illinois growth rates in corporate earnings, consumer spending, and personal income as estimated from receipts for corporate income, individual income, and retail sales taxes. These revenues are adjusted for inflation before growth rates are calculated. The growth rate for each component is calculated for the 12-month period using data through April 30, 2026.
“As expected, Illinois state tax receipts were strong in April, the filing deadline month for income tax returns,” said Fred Giertz, Professor Emeritus, Institute of Government and Public Affairs, University of Illinois Urbana-Champaign. “However, after adjusting for inflation, individual income tax and sales tax revenues were down slightly."
