Out of the 50 States, Illinois’ Economy Ranks 29th
We've talked before about how Illinois often ranks highly on lists that a state might not be very proud of, and how we rate poorly on the lists that states really want to be on. Unfortunately, Illinois has received yet another poor ranking when it comes to state's economies.
A new study has just been released by WalletHub that gives all 50 states an economic ranking based on several criteria: Economic Activity, Economic Health and Innovation Potential. Although Illinois comes in with a ranking of #29, WalletHub points out that things are far from rosy here in the Land of Lincoln:
Within the U.S., state economies could still be either boom or bust. Illinois, for instance, is currently in a fiscal free fall, with no budget for the second year in a row — putting its schools and social programs in peril — and the highest unemployment rate in the Midwest. Meanwhile, California has blossomed into the seventh largest economy in the world, boasting a GDP of $2.3 trillion, which was comparable to Brazil’s $2.2 trillion, in 2014.
Before we look at Illinois' numbers, here are the states that rank 1-10 (100 is a perfect score):
- Utah: 71.55
- Washington: 70.68
- California: 67.84
- Massachusetts: 65.58
- Colorado: 60.81
- Delaware: 59.85
- District of Columbia: 59.50
- New York: 58.82
- Texas: 58.74
- Oregon: 57.48
As I mentioned, Illinois comes in at #29, with a combined score of 46.41. Wisconsin is #28, with a score of 47.09. Missouri is #30, with a score of 46.04, Iowa is #34, with a score of 44.19, and Indiana is #37, scoring 43.82.
Breaking down Illinois' numbers a bit more, here's how WalletHub sees things:
Economy of Illinois (1=Best-Performing; 25=Avg.)
- 29th – GDP Growth
- 21st – % of Fast-Growing Firms
- 14th – Exports per Capita
- 23rd – Business Startup Activity
- 27th – % of Jobs in High-Tech Industries
- 18th – Annual Median Household Income
- 32nd – Nonfarm Payrolls Change
- 14th – Immigration of U.S. Knowledge Workers
- 22nd – State-Government Surplus/Deficit per Capita
- 48th – Unemployment Rate
Having the highest unemployment rate in the Midwest isn't doing us many favors. For the full report, and state-by-state breakdowns, click here.