Forbes.com released its fourth-annual ranking of the Best States for Business and Illinois climbs up the list.  The Land of Lincoln is ranked the 24th best state in the country for business.  This is up 9 spots from last year. 

Vickie Clark, COO of the Economic Development Council for Central Illinois says “During a year when the economic recession has touched every facet of our lives, this increased ranking is a tremendous achievement.” 

The Best States ranking measures six categories for businesses: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.  The EDC for Central Illinois provides resources in many of these categories in an effort to grow our regional business base and strengthen our local business structure.  According to Forbes.com, the strength of a state’s economic development departments and programs has a lot to do with how well a state ranks. 

Here is a look at how Illinois was rated:
 
• 2009 Rank 24 (up from 35 in 2008)
• Business Costs Rank 34
• Labor Rank 27
• Regulatory Environment 13
• Economic Climate 32
• Growth Prospects 28
• Quality Of Life 20

Virginia took the top spot for the fourth straight year.  A common theme with the top-ranked states was an expanding, educated workforce.  Forbes factors in 33 different points of data to determine the ranks in the six main areas.  Business costs, which include labor, energy and taxes are weighted the most heavily.  For more information on the list go to www.forbes.com.

For more information contact Renee Charles, Director of Media Relations & Public Affairs at The Heartland Partnership at 309.495.5905/ rcharles@h-p.org or Cindy Patterson, Director of Marketing/ Communications at EDC at 309-495-5922/ cpatterson@edc.h-p.org.
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The Economic Development Council for Central Illinois, a company of The Heartland Partnership, is a proactive organization created by the private sector to foster economic growth within the Central Illinois region.  By capitalizing on business expertise, EDC enhances the local economy through targeted financial services, technical assistance, attraction and retention programs, dissemination of critical economic data, and regional marketing.