Things are Looking Up in Illinois!

Some Illinois statistics:

• Debt per capita: $4,992 (11th highest in the U.S.)
• Credit Rating (S&P/Moody’s): A-/A3 (the lowest in the U.S.)
• 2013 unemployment rate: 9.2% (third highest in the U.S.)
• Median household income: $56,210 (17th highest)
• Poverty rate: 14.7% (25th lowest)

As you can see, Illinois residents do make a goodly amount of money, and the poverty rate is just about in the middle for the broader US.

Yet, 24/7 Wall Street had this description of why Illinois is the second worst-run state in the US:

" Illinois collects more than $3,000 per capita in state and local taxes each year, one of the highest per capita tax revenues. Yet, the state’s fiscal management system does not appear to be operating optimally, which is the main reason it ranks as the second worst-run state. For example, Illinois has one of the smallest rainy day funds compared to other states, at 1% of its general annual budget — an indication the state may not be able to satisfy its short-term obligations. Illinois’ debt is equal to more than three-fourths of its annual revenue, also one of the highest shares in the nation. Similarly, the state’s pension fund is not financially healthy. The state only has assets on hand to meet 39% of its pension obligations, the lowest ratio of any state. Perhaps as a result of the state’s finances, Illinois has the worst credit rating and outlook from S&P and Moody’s of any state.

The housing market in Illinois is also struggling. One in every 73 housing units is in some state of the foreclosure process, nearly the highest foreclosure rate in the country. As is often the case in states with particularly high foreclosure rates, home prices in Illinois have dropped by more than 10% from 2010 through last year. This decline was the worst in the country during that time."

The good news? Last year Illinois was the worst run state in the US! We're moving up. WaHoo!