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Illinois’ Business Climate Among Nation’s Worst

September 25, 2011

This isn’t going to help our unemployment rate go down: Illinois has been ranked as one of the worst states in the country for business.

Development Counsellors International, a New York-based marketing firm that specializes in economic development, asked 322 company executives to rank the 50 states as good or bad for business.

caterpillar-headquarters

Peoria-based Caterpillar, which employs 23,000 people in Illinois, threatened to leave the state following the corporate-tax hike.

Illinois came in at No. 3 in the country for bad business climates, right behind California and New York, two states that have been No. 1 or 2 since the survey started in 1996.

Almost 25 percent of the executives surveyed called Illinois’ business climate unfavorable due to its fiscal problems/state budget deficits, high operating costs and taxes.

This survey is conducted every three years, and three years ago, Illinois was not on it. But our business climate dropped in value earlier this year when Governor Pat Quinn increased the state’s tax on corporations from 6.8 percent to 9 percent.

The move has several companies threatening to leave Illinois.

According to DCI, The states with the best business climates are Texas, North Carolina and South Carolina.

Nearly half of the 322 corporate executives surveyed said their firm could be looking for a place to relocate, expand or consolidate over the next 24 months. Chances are, Illinois would fall to the bottom of that list too.

“With the battle for business more intense than ever, states and their economic development organizations need to pay close attention to the results of this survey,” said Development Counsellors International (DCI) President Andrew T. Levine.

“Whether accurate or misguided, perceptions about a location’s business climate often play a crucial role in site selection decisions and where companies invest money and create jobs.”

To see the entire report, click here.

Categories: Economy

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Tracey

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