Quote:
Originally Posted by Mr Downtown
Undoubtedly because of their low, low taxes.  |
Minnesota and Massachusetts are in no way low tax, but neither have a ugly state budget crisis, and both have investment grade credit ratings (AA+ and above).
Illinois is already a high tax state, and one that is poised to substantially increase its tax burden due to its out of control pension debt that cannot be diminished due to the language in the state constitution. We are one rating away from junk status with a negative outlook, and we have a state government that is barely above complete dysfunction.
Don't discount how important state finances are to corporate investment. IL is seen as an unpredictable business environment, and one that will be deteriorating going forward. In that regard, MN and MA look a lot more attractive to employers. This isn't the only reason cities like Minneapolis or Boston are growing while Chicago languishes, but it's a safe bet to say its one of the top reasons.