Governor Pat Quinn's State of the State speech focused on a five-year blueprint which centered on education, fairness and jobs. It is the "jobs" portion of the blueprint that is catching some attention. Quinn works tirelessly to bring jobs to Illinois.
Just this past Friday, Quinn attended an announcement by the communication company, AT&T, plans to create about 200 new jobs across Illinois that include retail staff and technicians. AT&T currently employs more than 14,000 workers in Illinois.
These efforts are paying off for the state of Illinois and politically for Governor Quinn.
An independent study by CareerBuilder and Economic Modeling Specialists Intl. (the study can be found here at economicmodeling.com) has found that Illinois ranks 3rd among the 50 states in growth of business establishments.
The rankings were as follows, with the state of Texas ranked first in creating 22% of the nation’s net private-sector business establishments from 2009 to 2012 (more than 29,000). The state of New York was second creating 16% of all net establishments (nearly 21,000) and Illinois cam in third creating created 14% (18,000-plus).
The three states combined for more than half of all net establishments since the end of the recession. Texas, New York and Illinois has been identified as having one of the most thriving private sectors in the nation. The report provides further evidence that these three states, including Illinois, are recovering steadily from the worst economic hardship since the Great Depression.
The argument on the right is that the states with the most jobs growth would have cheap land, limited government regulation and low taxes. However, this study does not bear out this narrative since New York and Illinois do not necessarily fit that description, while Texas may fit the description.
The independent study argues that "Texas, New York, and Illinois each have major metropolitan areas that are centers of economic activity for their states and the nation."
The study added, "But they have other things in common, too: Their economies are diversified (it’s not just one or two industry sectors that are creating the bulk of the new business establishments), and the construction sectors in each state, while not doing great, have fared better than most areas of the country."
In Illinois, the Governor's blueprint had specific proposals, which included reducing the LLC fee from $500 to $39. He is also asked for the enactment of a "Small Business Advocate" to examine existing policies and proposals for their impact on the state’s small businesses. He also proposed investing in BioHub, a new biotech center for start-ups.
"We know that more jobs are needed and we are working to get them, but this report shows that our economy is getting stronger every day," Governor Quinn said. "We wouldn’t see this business growth without our skilled work force, our great advantages in location and our culture of innovation."
Since recovery from the recession began in January 2010, Illinois has added 280,000 private sector jobs. Unemployment was at 11.3 percent at the height of the Great Recession and today it is at its lowest point in almost five years. Since last May, Illinois has led the Midwest in new jobs created. According to the Philadelphia Federal Reserve Bank, in the next six months Illinois is projected to have the best economic growth of the five largest states in America.
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