Illinois ranked second-to-last in a survey of the country’s best and worst run states, according to a report by 24/7 Wall St.
A host of variables went into state’s rankings: debt per capita, median household income, unemployment rate, poverty rate and credit rating.
According to the report, Illinois has the 11th highest debt per capita at $4,942 per capita and a median household income of $57,444. The state also has the 16th highest unemployment rate at 5.4 percent and the 25th lowest poverty rate at 14.4 percent. In addition to this, S&P has given the state a credit rating of A-, while Moody’s has rated the state’s credit a Baa1.
The report also notes that Illinois has “rainy day funds” that only account for 1 percent of the state’s general annual budget. This indicates that the state may be unable to satisfy short-term obligations.
In addition to this, the report points to the state’s pensions. Illinois currently has assets on hand to meet only 39 percent of the state’s pension obligations. This is the lowest ratio of any state.
The state’s housing market is also struggling, as one in every 73 housing units is in some state of foreclosure. As a result, home prices in the state have dropped by 10 percent since 2010.
Illinois has been operating without an official budget since July of last year. The impasse has been typified by a battle between Gov. Bruce Rauner and the Democratic legislature over Rauner’s pro-business, union-weakening Turnaround Agenda.
New Mexico ranked last on the list, while North Dakota ranked first.