Study: Illinois's economy lags behind the rest of the midwest

[June 08, 2022]  By Andrew Hensel | The Center Square

(The Center Square) – A new report by WalletHub ranks the 50 states from best to worst based on the economy of each state. Illinois ranked 32nd on the list, behind most midwestern states.
  

The report ranks the states in three categories: Economic Activity, Economic Health, and Innovation Potential.

Jill Gonzalez, a policy expert with Wallethub, explained how Illinois compares to the rest of the country.

"We looked at each state through about 30 different metrics, including economic growth, and economic strengths and that ranges from GDP growth to startup activity, things that show that your economy is moving along, " Gonzalez said. "Illinois needs improvement."

Although Illinois finished 32nd on the list, they remain behind the rest of the midwestern states. Michigan finished in the top 20 with Minnesota and Iowa, and Wisconsin finished five spots ahead of Illinois at No. 27.

"Illinois is lagging behind not only the rest of the country but also behind the rest of the Midwest," Gonzalez said. " Michigan did the best in the Midwest, making the top 15, so we are not talking about top 5 or top 10 here."

Gonzalez also offered some information on what Illinois can do better to improve its overall economy.

"Illinois really needs improvement on economic health, so specifically that is looking at GDP growth, it is looking at things like the unemployment rate in the state, and income, so those need to be improved."

Illinois is also one of the highest taxed states in the country, including the second-highest property taxes in the nation by most analyses.

Andrew Hensel has years of experience as a reporter and pre-game host for the Joliet Slammers, and as a producer for the Windy City Bulls. A graduate of Iowa Wesleyan University and Illinois Media School, Andrew lives in the south suburbs of Chicago.