A few weeks ago, Chief Executive Magazine published the results from their annual survey of over 500 CEOs ranking each state's business enviornment. While Texas retained its #1 ranking in 2011 and California remained dead last, Illinois dropped to 48th out of 50 states. The article said that Illinois was in a "death spiral." See the excerpt below and follow the link to the full article.
"By contrast, Illinois has dropped 40 places in five years and is now in a death spiral. Its bond ranking is 49th, ahead of only California. The state may play host to fugitive state senators from nearby Wisconsin and Indiana who avoid voting in their home legislatures, but businesses are heading for the exits. Doug Oberhelman, CEO of Peoria-based Caterpillar, is raising the specter of moving the heavy equipment maker out of Illinois. In a letter to Gov. Pat Quinn, he wrote, 'The direction that this state is headed in is not favorable to business, and I'd like to work with you to change that.'"
Interestingly enough, the bordering states of Wisconsin and Indiana seem to be benefitting from the harsh business climate in Illinois, rising dramatically in the rankings during 2011.
Click here to read the full article from Chief Executive Magazine.