MOLINE, Ill. — U.S. News & World Report recently released its annual ranking of the nation’s best states to live in. The goal of the rankings is to assess how well each state serves its residents in a variety of ways. But where do Illinois and Iowa fall in this latest national ranking?
News 8's Charles Hart spoke with Mark Grywacheski from the Quad Cities Investment Group about the new report and broke down why Iowa and Illinois received their respective rankings.
Charles: What is the process or methodology behind this ranking system?
Mark: Most of the state rankings we see typically focus on the economy. They will assess each state’s:
- Economic growth
- Unemployment rate
- Level of taxation
- Personal income growth
- The cost of living
But US News & World Report’s rankings are much more encompassing. They also examine each state’s:
- Education system
- Level of healthcare
- The quality of its infrastructure
- Even the level of crime
So, the final rankings reflect more of a “quality of life” analysis rather than a ranking based purely on economics.
Charles: From a local standpoint, where do Illinois and Iowa land in the rankings?
Mark: Iowa ranks #6. Among its strengths, it:
- Ranks #3 in terms of economic opportunity/affordability.
- Ranks #10 in infrastructure. It has a relatively cheap and reliable power grid, good internet access and quality roads/bridges.
- Its K-12 education system ranks #11.
- It ranks #12 in terms of the state’s short-term/long-term fiscal stability.
- Iowa’s low crime rate ranks 14th best in the nation.
Now, one area where Iowa has some relative weakness is the economy which ranks #36. To its credit, Iowa does have one of the better unemployment rates in the nation. But it does have less development of new business ventures and companies.
Charles: And what about Illinois?
Mark: Illinois ranks #38.
The highest-rated category for Illinois is its 15th-best ranking on crime. Now, this may seem a bit of a head-scratcher to many people. But much of this ranking is driven by Illinois’ low incarceration rate. US News & World Report considers a low incarceration rate a good thing. Others may argue that if certain people aren’t in prison, they’re simply back out on the street. But, also, I think you have to consider crime in Chicago versus the rest of the state.
Illinois’ K-12 education system ranks 16th best in the nation.
But then things start to fall apart.
- Illinois ranks #36 in terms of its natural environment — its air/water quality and level of pollution.
- It ranks #40 in economic opportunity/affordability — Illinois has a very high cost of living.
- Its economy ranks #43 with a high unemployment rate and slow economic growth.
- Its short-term/long-term fiscal outlook ranks the worst in the nation at #50.
Quad Cities Investment Group is a Registered Investment Adviser. This material is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Quad Cities Investment Group and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Quad Cities Investment Group unless a client service agreement is in place.
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