No state budget, a record low credit rating, diminishing incomes, high unemployment, net outflow of residents … put all those together, and where would you think Illinois ranks economically among the 50 states? Probably not as low as you might think.
The state ranks 34th according to an analysis done by ‘Governing’ magazine, which puts it well behind Wisconsin (20) and a few pegs behind Indiana (27) but ahead of neighboring Iowa (36).
The magazine came to the ranking by looking at six variables from the Bureau of Labor Statistics and the Bureau of Economic Analysis:
- The current state unemployment rate.
- The improvement in the state unemployment rate over the past year.
- The per capita state GDP in 2015.
- The percent change in real state GDP between 2014 and 2015.
- The percent change in state personal income per capita, from the third quarter of 2015 to the first quarter of 2016.
- The percentage growth in year-to-date increases in jobs for 2016.
What the magazine found was that oil-boom states of recent years such as North Dakota and Alaska have become oil-bust states economically as the price of crude oil has dropped.
The best performing state economically according to the analysis is Massachusetts, while Alaska and West Virginia tied for the worst.
You can read the full article here.