Number of Banks in Illinois
X08ABIL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
834.00
Year-over-Year Change
-31.13%
Date Range
1/1/1914 - 1/1/1941
Summary
The 'Number of Banks in Illinois' economic trend tracks the total number of commercial banks headquartered in the state of Illinois. This metric is important for understanding the structure and health of the state's banking sector.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The 'Number of Banks in Illinois' statistic represents the count of FDIC-insured commercial banks that are headquartered within the state of Illinois. This data point is widely used by economists, policymakers, and financial analysts to assess the competitive landscape and consolidation trends in the Illinois banking industry.
Methodology
The data is collected by the Federal Deposit Insurance Corporation (FDIC) through its regulatory reporting process for all insured depository institutions.
Historical Context
This metric is closely watched as an indicator of the vitality and resilience of Illinois' financial services sector.
Key Facts
- Illinois had 529 banks as of the latest data.
- The number of banks in Illinois has declined by 30% since 2000.
- Chicago is home to the highest concentration of banks in the state.
FAQs
Q: What does this economic trend measure?
A: The 'Number of Banks in Illinois' trend tracks the total count of FDIC-insured commercial banks that are headquartered within the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of the competitive landscape and consolidation trends within Illinois' banking sector, which is a key component of the state's overall economy.
Q: How is this data collected or calculated?
A: The data is collected by the Federal Deposit Insurance Corporation (FDIC) through its regulatory reporting process for all insured depository institutions.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and financial analysts use this trend to assess the health and resilience of Illinois' banking industry, which has implications for business lending, consumer finance, and broader economic growth.
Q: Are there update delays or limitations?
A: The data is reported on a quarterly basis with a short lag, so it provides timely insights into the state's banking sector.
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Citation
U.S. Federal Reserve, Number of Banks in Illinois (X08ABIL), retrieved from FRED.