Illinois reached its highest-ever position in CNBC’s annual "America’s Top States for Business" rankings, securing the 12th spot in 2024. The state’s rise was driven by strong scores in infrastructure, education, and access to capital, marking a significant improvement from its 2023 ranking of 23rd.
Illinois’ Performance in the 2024 CNBC Rankings
Illinois climbed 11 spots in the 2024 CNBC study, which evaluates states across 10 categories including workforce, economy, and cost of living. According to the CNBC methodology, the state’s primary strengths were found in its robust infrastructure and a highly educated workforce.
The 12th-place finish represents the highest ranking Illinois has achieved since CNBC began the study in 2007. The state performed particularly well in the "Infrastructure" category, which measures transportation networks, utility reliability, and internet connectivity.
Comparison to Previous Years
The state’s trajectory in the CNBC rankings has shifted significantly over the past five years. While Illinois often struggled with fiscal stability scores in historical reports, recent data shows a pivot in its economic standing.
| Year | CNBC Rank |
|---|---|
| 2024 | 12 |
| 2023 | 23 |
| 2022 | 27 |
The 2024 report highlights that Illinois’ improvement is largely tied to a rebounding economy and increased investment in regional development. Despite these gains, the state continues to face challenges in the "Cost of Doing Business" category, which accounts for tax burdens and regulatory environments, a common trend for states with higher infrastructure and education spending.
Key Factors Driving the Ranking
The CNBC analysis relies on publicly available data to score states. Illinois’ score was bolstered by several specific metrics:
- Infrastructure: High marks for the state’s central role in national rail and air travel, specifically O’Hare International Airport.
- Education: Strong performance in higher education, reflecting the concentration of research universities within the state.
- Access to Capital: Increased venture capital funding and financial services activity in the Chicago metropolitan area.
Contextualizing State Rankings
While rankings provide a snapshot of business sentiment, they remain one of several metrics used by corporations to evaluate expansion. According to the Illinois Department of Commerce and Economic Opportunity, the state has focused on attracting green energy and technology manufacturing through targeted tax incentives and workforce development programs.
The 2024 results place Illinois ahead of several neighboring states in the Midwest, though it remains behind top-tier performers like Virginia and North Carolina, which frequently lead the annual list due to more favorable corporate tax structures. As of July 2024, state officials cite these rankings as a indicator that ongoing efforts to stabilize the state’s pension debt and infrastructure investments are beginning to yield tangible results in the eyes of national analysts.