Illinois’ Poor Business Climate Subject of Article
Friday, May 11, 2012
As budget negotiations continue, a recent survey of some of the nation’s top executives underscores the importance of addressing Illinois’ serious fiscal issues. Chief Executive magazine surveyed 650 top executives of companies who said Illinois trails the nation in business climate, beating out only California and New York in desirability.
Ranked 48th out of 50, Illinois’ taxation and burdensome regulations were cited by the CEOs as prime reasons the state’s business reputation is lagging. The state’s workforce quality and living environment received slightly better ratings, but failed to compensate for the high costs and hassle that comes with doing business in Illinois.
According to the publication, “Illinois has dropped 40 places and is now in a death spiral.” The magazine noted that Illinois’ bond ranking exceeds only California.
In comparison, survey respondents ranked neighboring Indiana the 5th best state for business, while our other neighbors—Wisconsin, Iowa, Missouri and Kentucky—hovered near the middle at 20th, 22nd, 24th and 25th, respectively.
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