CHAMPAIGN, Ill. (WCIA) — The state’s annual GDP has reached $1 trillion dollars.

In a new report published by University of Illinois Urbana-Champaign School of Labor and Employment Relations, Illinois joins California, New York, Texas and Florida as the fifth state to have an economy producing $1 trillion in Gross Domestic Product.

While many Illinois families are struggling through inflation, Frank Manzo, the Executive Director of the Illinois Economic Policy Institute and co-author of the report, said it’s still important.

“Illinois is similar to a high-paid worker who made $95,000 one year and then got a raise to make $100,000 the next year,” he said.

On the other hand, Illinois has slowed down on economic growth, ranking 34th in the country for economic growth between Q1 2010 and Q2 2022.

Economic prosperity is also not evenly spread throughout the state. The report found that while 66 percent of all residents live in the Chicago area, the Chicago area accounts for 75 percent of the GDP.

The state’s three largest industries include manufacturing, real estate, and finance.

Illinois is also estimated to reach a $2 trillion GDP in the next 25 years due to compound interest. The report recommends several public policy investments to secure that goal, including having the state pay more for renewable energy, paid family leave, and college tuition.

“Investing in people through education and child care is one way to grow an economy, ” Manzo said. “Investing in capital is another.”

The full report can be found here.