Illinois is now the third worst state in America for business, ChiefExecutive.net found this week:
But there has been some jockeying within the ranks. The Golden State was closely followed in the hall of shame by New York, Illinois, New Jersey and Michigan, with Illinois elbowing its way past New Jersey this year for the dubious distinction of third worst. Meanwhile, among the best states, Indiana jumped to sixth place from 16th in 2010, giving Hoosiers the third-biggest advance in the rankings in a single year.
Illinois' business climate is now in a death spiral ...
By contrast, Illinois has dropped 40 places in five years and is now in a death spiral. Its bond ranking is 49th, ahead of only California. The state may play host to fugitive state senators from nearby Wisconsin and Indiana who avoid voting in their home legislatures, but businesses are heading for the exits. Doug Oberhelman, CEO of Peoria-based Caterpillar, is raising the specter of moving the heavy equipment maker out of Illinois. In a letter to Gov. Pat Quinn, he wrote, “The direction that this state is headed in is not favorable to business, and I’d like to work with you to change that.”
Illinois is now ranked as 48 out of 50.