Mass Layoffs Hit 14.7k Illinoisans in 2024, Most From Business Closures

By Patrick Andriesen
Global Research, January 16, 2025
Illinois Policy 15 January 2025
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Illinois companies announced 14,723 mass layoffs during 2024, with two-thirds of those job cuts stemming from business closures, according to state reports.

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Just in December, companies announced 670 mass layoffs. The highest concentration of job losses – 123 of the 670 layoffs – hit Bolingbrook after Hyzon Motors USA Inc. announced in December it would be reducing staff size at its corporate office.

Peoria followed closely with the second-highest number of mass layoffs. Natural Fiber Welding Inc. announced 91 layoffs across three company locations in Peoria during December.

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December business closures impacted 518 workers and standard layoffs accounted for the remaining 152 job cuts. The state data indicates all these layoffs will be permanent.

Cook County saw 113 layoffs. Another 160 job losses were in the collar counties. This excludes an additional 306 layoffs announced by jewelry retailer Sandra Holdings LLC across Cook, Will, Lake and DuPage counties.

Illinois employers are mandated to file monthly mass layoff reports under the WARN Act if they have 75 or more full time employees. While the reports serve as a gauge for job trends, they are not a perfect indicator of broader economic health.

November job reports showed roughly 346,000 Illinoisans seeking work. That unemployment rate of 5.3% was the third highest in the nation.

Illinois state leaders could do a lot to make Illinois more attractive to businesses and workers. Some good places to begin would be lowering Illinois’ No. 2 in the nation average property tax rate, lowering the nation’s second-highest corporate income taxes and the 8.65% maximum unemployment insurance tax rate.

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Articles by: Patrick Andriesen

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