Personal spending nationwide increased 12.7% last year, helping to boost business activity. | Pexels.com / Tim Mossholder
Personal spending nationwide increased 12.7% last year, helping to boost business activity. | Pexels.com / Tim Mossholder
Illinois ranked 50th on a new study by the business-services company Harrington Group International (HTI) examining the chances of business success in the 50 states and the District of Columbia.
Along with New York, the Prairie State was faulted by HGI for losing educated workers to other states. In comparison, the top performers, Florida, Texas and Tennessee, were lauded for having strong employment growth rates, high consumer spending and an influx of skilled workers.
The study ranked the states across three overall categories: “Workforce and Consumer Habits,” “Business Culture” and “Financial Climate.” Included in the analysis were metrics such as startup survival rate, worker migration, gross domestic product growth and income tax rates.
Illinois came in 26th for workforce and consumer behaviors; 37th for business culture, which includes how business owners feel about their local economies; and 50th in financial climate, which includes tax rates.
On a more positive note, the study found that employment has inched up 4% nationwide over the past year and businesses’ five-year survival rate is now 50.3%. The analysis is based partly on U.S. Census Bureau data.
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States Where Success in Business Is Highest in 2022
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