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Researcher Chip Lugo said Wallethub used three economic
categories including economic activity, economic health and
innovation potential.
“Then we applied 28 relevant metrics, and those run everything
from GDP growth, start-up activity and share of jobs in
high-tech industries,” said Lugo.
Overall, the study ranked Illinois 40th for its state economy
but dead last in the economic health category.
“Fifty-one out of 50 states and Washington, D.C.,” said Lugo. “A
number of things Illinois did not fare well in that particular
dimension.”
Illinois ranked 48th in change in nonfarm payrolls, 41st in
economic activity, and scored poorly for high foreclosure rates
and the state’s unemployment rate.
Illinois’ unemployment rate is 4.8%, one of the highest in the
country, and is in the top-10 for states with the biggest
increases in unemployment claims.
The study found that Massachusetts has the best state economy
while Iowa has the worst.
The “State of Illinois Economic Forecast” from Moody Analytics
released in February showed some dark clouds on the horizon.
“Illinois will underperform the region and the U.S. in 2025,
with gross state product, employment, and income increasing less
than elsewhere,” the report’s summary said.
“A strong state economy doesn’t guarantee success for the
state’s residents, but it certainly makes financial success more
attainable,” said Lugo. “The best state economies encourage
growth by being friendly to new businesses and investing in new
technology that will help the state deal with future
challenges.”
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