The Economic Impact & Value of the Vapor Industry | ILLINOIS
The Economic Impact of the Vapor Industry 2023 ILLINOIS
Revitalizing the Economy: The Significant Role of the Nicotine Vapor Industry in the U.S.
The nicotine vapor sector significantly bolsters the United States economy, contributing approximately $22.09 billion to the nation's output, which equates to roughly 0.10 percent of the Gross Domestic Product (GDP). This vibrant industry sustains the livelihoods of about 133,573 Americans, offering wages and benefits totaling around $7 billion.
Furthermore, individuals and businesses in this sector collectively contribute $2.83 billion in federal, state, and local taxes. Beyond these contributions, it's estimated that state and local sales taxes and excise taxes on specific retail items add $1.88 billion to public coffers.
DIRECT ECONOMIC IMPACT
| Jobs | Wages | Output | |
|---|---|---|---|
| Manufacturing | 89 | $10,407,300 | $46,000,600 |
| Wholesale | 126 | $14,609,300 | $57,796,100 |
| Retail | 1,019 | $35,851,200 | $76,537,900 |
| Total | 1,234 | $60,867,800 | $180,334,600 |
SUPPLIER ECONOMIC IMPACT
| Jobs | Wages | Output | |
|---|---|---|---|
| Agriculture | 13 | $1,755,000 | $5,513,700 |
| Mining | 3 | $217,800 | $1,225,000 |
| Construction | 5 | $345,300 | $1,198,800 |
| Manufacturing | 90 | $9,211,800 | $55,650,000 |
| Wholesale | 37 | $4,447,800 | $14,429,600 |
| Retail | 6 | $264,500 | $875,700 |
| Transportation & Communication | 123 | $10,559,700 | $33,692,200 |
| Finance, Insurance & Real Estate | 88 | $7,334,800 | $28,626,300 |
| Business & Personal Services | 214 | $19,943,400 | $36,343,300 |
| Travel & Entertainment | 28 | $1,086,200 | $2,730,100 |
| Government | 11 | $1,193,400 | $1,776,900 |
| Other | 0 | $0 | $0 |
| Total | 618 | $56,359,700 | $182,061,600 |
INDUCED ECONOMIC IMPACT
| Jobs | Wages | Output | |
|---|---|---|---|
| Agriculture | 10 | $855,000 | $3,031,200 |
| Mining | 1 | $51,500 | $329,200 |
| Construction | 5 | $329,100 | $1,163,400 |
| Manufacturing | 50 | $4,915,100 | $29,859,500 |
| Wholesale | 22 | $2,537,000 | $8,948,900 |
| Retail | 95 | $4,217,800 | $11,492,100 |
| Transportation & Communication | 58 | $5,610,500 | $19,764,600 |
| Finance, Insurance & Real Estate | 113 | $10,783,800 | $51,540,900 |
| Business & Personal Services | 326 | $23,807,000 | $42,237,800 |
| Travel & Entertainment | 104 | $3,736,000 | $10,230,100 |
| Government | 7 | $755,000 | $1,476,600 |
| Other | 23 | $1,173,100 | $1,659,100 |
| Total | 814 | $58,770,900 | $181,733,400 |
TOTAL ECONOMIC IMPACT
| Jobs | Wages | Output | |
|---|---|---|---|
| TOTAL ECONOMIC IMPACT | 2,666 | $175,998,400 | $544,129,600 |
TAX IMPACT
| Taxes Generated | |
|---|---|
| Business Taxes Generated | $70,978,800 |
| Federal | $29,280,900 |
| State | $41,697,900 |
| Consumption Taxes Generated | $50,685,800 |
| Total Taxes | $121,664,600 |
Please note that the information provided in this table is sourced from the document "The Economic Impact of the Vapor Industry 2023 ILLINOIS" by John Dunham & Associates.
Methodology: https://vta.guerrillaeconomics.net/res/Methodology.pdf
THE VALUE OF VAPOR
The vapor industry’s economic impact in Illinois is significant. The U.S. vapor industry is a major part of the modern economy, with the global e-cigarette and vapor market projected to reach $47.1 billion by 2025.
According to the data, the vapor industry generates $544,129,600 for the Illinois economy and creates 2,666 jobs for Illinois's workforce, benefiting a wide range of industries and small businesses.
Regarding wages, vapor businesses in Illinois paid over $175,998,400 in wages and benefits to their employees. Additionally, these businesses generated $92,383,700 in state and local taxes.
Overall, the vapor industry plays a significant role in Illinois's economy, contributing to job creation, economic growth, and tax revenue.
Please note that the information provided in this answer is sourced from the given document.
Please note that the information provided in this table is sourced from the document "The Economic Impact of the Vapor Industry 2023 ILLINOIS" by John Dunham & Associates.
See United States Vape Economic Impact Data
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