URBANA — The state economy finished the year strong, according to the University of Illinois Flash Index.
In December, the index was at 105.6, up from 105.4 in November and 105.5 a year ago. Readings above 100 indicate growth; those below 100 indicate contraction.
“Sales tax, individual income-tax and corporate-tax receipts were up from the same month last year after adjusting for inflation,” UI economist J. Fred Giertz wrote in this month’s report.
Ten years ago, during the recession, the index was at 91.2.
“This is obviously a great improvement, especially considering the problems Illinois has faced that continue to trouble the state,” Giertz said. ““Illinois has had to deal with the general decline in manufacturing employment that has plagued the Midwest, small decreases in population and the self-inflicted problems associated with an unbalanced fiscal condition.”
The index takes into account growth in corporate earnings, consumer spending and personal income, which are estimated from corporate income, personal income and retail sales taxes.