Illinois ranked third worst in economic outlook and performance
The 5th ALEC-Laffer State Economic Competitiveness Index was just released, ranking states on past economic performance and future economic outlook. Illinois is ranked 48 out of the 50 states in both measures.
Illinois is ranked 48 out of the 50 states in a new state ranking index based on past economic performance and future economic outlook. The just released ALEC-Laffer State Economic Competitiveness Index ranks states on an array of economic indicators. The ALEC-Laffer Index’s two main measures, economic performance and economic outlook, are historical and forward-looking respectively. The economic performance rankings are based on a historical look at a state’s performance in personal income growth, domestic migration and job growth. The economic outlook rankings are a forward-looking forecast based on 15 state policy variables, such as top marginal personal and corporate tax rates, average workers’ compensation costs and debt service as a share of tax revenue. In both measures, Illinois is one of the worst in the nation, ranked 48 out of the 50 states.
When compared to surrounding states, Illinois’ low economic outlook rank stands out like a sore thumb. Many of Illinois’ neighbors are headed in the right direction. Even Illinois’ worst ranked neighbor, Kentucky, is nine rankings higher than Illinois.
Even worse, Illinois’ ranking is declining. This is the fifth year of the ALEC-Laffer State Competitiveness Index, and this is the lowest ranking in economic outlook for the state yet. The policies passed by elected officials have hurt Illinois’ ability to compete with other states for jobs, business and people.
Illinois’ ALEC-Laffer economic outlook rankings 2008-2012
In order to restore economic prosperity, Illinois’ leaders must change the status quo of overly burdensome taxes and regulation and out of control spending. If not, other states will be more than happy to step up to the plate and offer our residents a better place to grow their businesses and raise their families. To see more details of how Illinois ranks, check out the Illinois page from the ALEC-Laffer Index. The full report on the 2012 ALEC-Laffer State Economic Competitiveness Index is available here.