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.

Seal of The State of Illinois

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

Vape Impact Report 2023 State Table

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.