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Illinois economy ranks under 28 other states’ in new report

by James F. McClister

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Illinois has a top 25 economy in terms of “economic activity” and “innovation potential” when compared to other states in the U.S., a WalletHub report recently confirmed. It’s good news for real estate professionals.

Compiling data that runs the economic gamut, from exports per capita to R&D investment, the personal finance website put together a rankings list of U.S. state-level economies, including Washington, D.C. At the top of the overall list is Utah. A few slots down at No. 29 is Illinois. However, when ranked solely on the basis of economic activity and innovation potential, the state is ranked No. 21 and No. 25, respectively.

One of the key successes Illinois has had in improving its financial standing and situation has been its ability to maintain growth and foster entrepreneurial talent.

“Highly skilled and innovative people are attracted by a lively and accepting environment, rich in ethnic and cultural diversity,” said Joseph Persky, an economics professor at the University of Illinois at Chicago, explaining what states can do to prevent “brain drain” and further ensure the longevity of economic growth. “Success builds more success.”

Still, as WalletHub researchers pointed on in their report, Illinois is still facing some major budgetary and unemployment hurdles.

The report read: “Illinois…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.”

Take a look at the full top 51 list below to see how our state compares:

Rank State “Economic activity” rank “Economic health” rank “Innovation potential” rank
1 Utah 2 2 4
2 Washington 1 10 3
3 California 4 12 2
4 Massachusetts 8 15 1
5 Colorado 9 7 5
6 Delaware 5 18 14
7 District of Columbia 17 1 10
8 New York 6 27 11
9 Texas 3 34 20
10 Oregon 10 9 13
11 New Hampshire 20 3 6
12 Maryland 19 8 7
13 North Dakota 7 13 42
14 Connecticut 15 33 8
15 Virginia 18 4 21
16 Arizona 16 23 17
17 Georgia 11 29 26
18 North Carolina 22 22 16
19 Minnesota 33 6 18
20 Michigan 26 30 9
21 Vermont 25 16 19
22 New Jersey 24 38 12
23 Wyoming 12 28 48
24 Idaho 28 19 28
25 Alaska 27 25 23
26 Florida 14 37 34
27 South Carolina 13 41 36
28 Wisconsin 38 5 30
29 Illinois 21 40 25
30 Missouri 40 11 27
31 Pennsylvania 31 44 24
32 Montana 41 20 29
33 Tennessee 32 26 41
34 Iowa 37 24 38
35 Kansas 35 31 31
36 Nebraska 42 21 35
37 Indiana 36 32 32
38 Nevada 23 35 43
39 Ohio 34 43 33
40 South Dakota 46 14 40
41 Rhode Island 45 39 22
42 Hawaii 50 17 39
43 Oklahoma 39 42 46
44 Alabama 44 46 37
45 Kentucky 30 50 45
46 Louisiana 29 49 49
47 New Mexico 47 51 15
48 Maine 48 45 47
49 West Virginia 43 47 50
50 Arkansas 49 36 51
51 Mississippi 51 48 44

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