Moody's Report Predicts Bleak Outlook For Illinois Economy
Moody’s Analytics says Illinois is among the Midwest’s “weakest links.” That’s according to a report prepared for the Illinois Commission on Government Forecasting and Accountability (the legislature's nonpartisan research group).
State economist Ed Boss acknowledges that an economic downturn could undo any progress toward a balanced budget.
“I think even though the forecast that Moody’s gives is for some improvement next year, it’s not much," he said. "It’s still a pretty dismal picture."
Boss also says manufacturing's big role in the Illinois economy, and the recent slump in that sector, has hurt the state in an uneven manner.
"Chicago and Lake County et cetera are doing better. But you get down to Downstate and some of the heavy manufacturing areas — they’re really suffering.”
The report says Illinois has a lot going for it, like talent and transportation hubs. But it says state government “must navigate its fiscal challenges without doing lasting damage to its business climate."