Illinois Residents Movin’ On

United Van Lines reports that Illinois is Number 2 is the ratio of people moving out versus those moving in. 63% of the loads are leaving Illinois.

I wonder where weather would be categorized.

Interesting that young people are moving into Illinois.
This does not match the Census Bureau information, as you can see below.

The income data is not the same as that provided by the U.S. Census Bureau.
Here is the relevant paragraph from a Wall Street Journal article reporting on Illinois Census data:
“The numbers are especially worrisome for the state’s tax base because the average person moving out of the state earns some $20,000 more than the average person moving in.”
Found this related information on Capitol Fax Blog:
From David Jacobson at Moody’s Investors Service…
On p. 5 of its new Weekly Credit Outlook for Public Finance released today, Moody’s notes the State of Illinois (rated Baa2/negative outlook) has experienced a third consecutive annual population drop in 2016, a credit negative underscoring tepid growth trends that will complicate efforts to enact a balanced budget and keep up with mounting pension funding pressures.

United Van Lines driving past Crystal Lake’s Main Beach.

From 2013-16 as the national population increased 2.2%, Illinois shrank by 0.6% as thousands of residents departed for other states.
Illinois was one of only four states to see population declines each year for the period 2014 through 2016, according to Census Bureau data released on December 20.
Net migration has had a negative impact on populations in 31 states since the last census, while helping population growth primarily in states that serve as retirement havens or that have strong economies.
But the case of Illinois appears more severe; its annual outflow of residents steadily worsened during the past three years.
Based on the Census Bureau’s state-to-state migration estimates for 2015 (the most recent available), many of the top destination states for those leaving Illinois were adjacent or nearby states, such as Indiana (Aaa/stable) or Michigan (Aa1/stable), which both featured faster job growth.
Other top destinations for those leaving Illinois included Arizona (Aa2/stable), California (Aa3/stable) and Florida (Aa1/stable).
Population loss can be a cause, as well as an effect, of economic deterioration.
A self-reinforcing cycle of population loss and economic stagnation could greatly complicate Illinois’ efforts to stabilize its finances.
Even assuming the state reaches a consensus on addressing its current operating deficit and benefits from steady economic growth, Illinois’ pension funding requirements as a share of budget likely will rise to 30% (from about 23% currently) in coming years.

About royfmc

BS in Environmental Engineering from Northwestern University's McCormick College of Engineering MBA from DePaul University's Kellstadt's College of Business JD from DePaul University's College of Law Website:
This entry was posted in Economy, Education, Elections, Finance, Illinois Pensions, O'Hare Noise, politics, Taxation, Union and tagged , , . Bookmark the permalink.

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