|
A new Archbridge Institute study pegs Illinois 45th in the
nation in that department stemming from criteria assessed based
on its ability “to lift barriers to human flourishing” and
metrics that include taxes, regulations, business dynamism and
housing.
“Illinois is one of the most regulated states in the nation and
that's a problem for economic growth and entrepreneurship,”
Bandoch told The Center Square. “One of the things that the
score on regulations looks at is what's called restrictive
language, basically that's anything in the legal code that says
either shall or shall not. The average state has about 132,000
instances of this language. Illinois by contrast has 282,000,
more than double the median and what that means is it's really
hard for individuals and businesses in Illinois to innovate and
create value.”
With the state also ranking 44th in tax environment and 41st in
regulations, Bandoch warns the price the state is being forced
to pay could soon grow steeper.
“I think that’s what we've seen over the last decade or so,
hundreds of thousands of people on net have left Illinois
because this is not a place where either as individuals and
families or as workers and business owners that they feel like
they have a bright future and they feel like they can't live
their version of the American dream here in Illinois,” he said.
“What a lot of people have done is they've been voting with
their feet, whether it's the typical places like Florida or
Texas or Tennessee or our neighboring states like Indiana. The
threat to Illinois is that if it doesn't reform more people will
leave.”
With Illinois also ranking in the bottom half for housing
affordability and the state often faced with criticism for
issuing the third-fewest housing permits per 1,000 people, Gov.
J.B. Pritzker recently announced the launch of a program
offering up to $15,000 in down payment and closing cost
assistance to eligible first-time home buyers.
|
|
