The state of Illinois is falling dreadfully short again in another national ranking. This time, the financial news corporation 24/7 Wall St. has ranked each state by how well-run they are. Illinois' spot on the list? Dead last.
The rankings were determined by examining key financial ratios and social and economic outcomes, according to 24/7 Wall St. Illinois lost major points for several reasons, including the fact that more people moved out of the state than moved into it, losing 137,000 residents between 2010 and 2013. Other points were lost for a poor housing market, poor finances in general and bad credit ratings (Moody's and S&P both gave Illinois the worst credit rating of any state).
Several of the sub-rankings used to determine Illinois' dreaded spot on the list were just as bad. At 9.2 percent in 2013, Illinois had the third highest unemployment rate in the country. They also had the 11th highest debt per capita and ranked in the middle for its poverty rate -- 14.7 percent.
Coming in first place for the third consecutive year is North Dakota. The statistics for this state are almost exactly opposite of Illinois' numbers. The population has expanded with more than 5 percent of people living there in 2013 having moved there from another state or country. Furthermore, the state's GDP rose by 9.7 percent last year, more than any other state in the country. North Dakota's growth is mostly due to the mining industry, including oil and gas extraction, according to 24/7 Wall St.
24/7 Wall St. admits that it was difficult coming up with criteria that fits all 50 states. The patterns that emerged from their analysis, however, showed that most of the best-run states had an abundance of natural resources. Meanwhile, most of the worst-run states had one major factor in common -- a lingering housing crisis.
Unfortunately, Illinois did not fit in well with its midwestern neighbors, most of which were in the top 25. The top five most well-run states were North Dakota, Wyoming, Nebraska, Iowa and Minnesota.
The five worst-run states were Arizona, Kentucky, Rhode Island, Mississippi, New Mexico and Illinois.