SmartAsset ranks Champaign County 7th in Illinois for incoming investment
Out of 102 Illinois counties, Champaign County is ranked seventh in the state in the amount of local business and residential investment, according to data released recently by SmartAsset, a New York-based online personal finance technology company.
“There are several ways individuals, governments and businesses can invest money in a county or region,” states the methodology explanation on the Smart Asset website. “Our study aims to capture the places across the country that are receiving the most incoming investments in business, real estate, government and the local economy as a whole.”
The study looks at the change in the number of businesses established in each location over a three-year period. This shows whether or not people are starting new business ventures in the county.
The second factor explored is the GDP growth, using real growth (inflation adjusted) in the local economy.
The third factor considered is investment and development in the local residential real estate market. To measure this real estate growth, the number of new building permits per 1,000 homes was calculated.
The final factor considered was federal funding that each county received, using federal funding in the form of contracts awarded to businesses in each county, divided by the population, which resulted in a per-capital look at the flow of investment from the federal to the local level.
Smart Asset then scored every county in the study on these four factors. Scores were then combined to create a final ranking of cities. With that ranking, an index was created, where the county with the most incoming investments was assigned a value of 100 and the county with the least investment activity received a zero.
That said, Champaign County ranked seventh in the state in incoming investment, x nationally, with 1.0 percent business growth over the last three years, $145 million in GDP growth, 8.4 new building permits issued per 1,000 new homes, $272 in federal funding per capita, and an incoming investment index of 38.80.
Delving deeper into the data, statewide, Champaign County ranked eighth in business growth (growth of number of businesses over a three-year period), with 1.0 percent business growth; sixth in GDP growth (inflation-adjusted growth in the local economy) at $145 million; and fourth in new building permits, with 8.4 new building permits issued per 1,000 new homes.
Champaign County’s federal funding ranking was sixth in the state at $272 in federal funding per capita.