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|
|7||District of Columbia||17||1||10|