Illinois Valley Times

A study by WalletHub found Illinois's economy is lagging compared to some of its neighboring states.

“Illinois can become a leader in economic opportunity but that means we have to implement policies that promote investment, encourage innovation, and make life affordable again for all our residents,” Representative Ryan Spain wrote on Facebook.

The University of Illinois System reported in a release that it produces $19 billion a year for the state’s economy.

A new report by WalletHub ranks the 50 states from best to worst based on the economy of each state.

The report ranks the states in three categories: Economic Activity, Economic Health, and Innovation Potential.

Illinois ranks 32nd overall, with a total score of 41.13, and a score of 26 for Economic Activity, 41 for Economic Health, and 29 for Innovation Potential.

Gary Meyer, owner of Friendly Fred’s Truck Stop in Gilman, Ill., told Illinois Policy his truck stop has been financially struggling as gas prices rose.

In his Facebook post, Spain shared a link to a Center Square article. 

Jill Gonzalez, a policy expert with Wallethub, explained how Illinois compares to the rest of the country.

“We looked at each state through about 30 different metrics, including economic growth, and economic strengths and that ranges from GDP growth to startup activity, things that show that your economy is moving along,” Gonzalez said. “Illinois needs improvement.”

Although Illinois finished 32nd on the list, they remain behind the rest of the midwestern states. Michigan finished in the top 20 with Minnesota and Iowa, and Wisconsin finished five spots ahead of Illinois at No. 27.

“Illinois is lagging behind not only the rest of the country but also behind the rest of the Midwest,” Gonzalez said. “Michigan did the best in the Midwest, making the top 15, so we are not talking about top 5 or top 10 here.”

The Illinois Policy also reported Illinois's economic recovery will be slow.

In May he spoke out on the need for ethics reform.

“What should have been a wake-up call to everyone about the continued need for ethics reforms in the state of Illinois, instead we saw Democrats taking a different approach and focusing on any other issue possible,” Spain said at a May 12 press conference at the capitol. “Again, using their majorities to deliver unique projects only for their districts instead of understanding that there is a cost that all of us as taxpayers and residents pay. (There’s) a cost of corruption in the state of Illinois and it's high time we focus on making meaningful reforms.”