Illinois has landed at the bottom of a new national ranking of state economies, placing 40th overall and 51st in economic health out of all 50 states and Washington, D.C., according to a new study by the personal finance site WalletHub.
The report used 28 economic indicators across three major categories: economic activity, economic health, and innovation potential. “A number of things Illinois did not fare well in,” said WalletHub researcher Chip Lugo, pointing to high foreclosure rates, low payroll growth, and one of the highest unemployment rates in the country at 4.8%.
Illinois also ranks 48th for change in nonfarm payrolls and 41st for economic activity. The state is among the top 10 for biggest increases in unemployment claims, indicating persistent job market instability.
The study echoes warnings from a separate February report by Moody’s Analytics, which projected that Illinois will underperform both the Midwest and national economies in 2025 in terms of growth, employment, and income.
“A strong state economy doesn’t guarantee individual success, but it makes financial stability more attainable,” Lugo said.
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