LOCAL - B-N Twin Cities are number 50 on Forbes list

Twin Cities No. 50 on Forbes list : Pantagraph Article by Scott Miller scottmiller@pantagraph.com BLOOMINGTON -- Educational attainment boosted the Twin Cities’ ranking in a recent list of best small metros for business by Forbes magazine. Bloomington-Normal is the ninth most educated small metro in the country, according to Forbes, but slowed job growth and a higher cost of doing business pulled the cities down to No. 50 on the list of best small cities to do business. In many cases, the cost of doing business in Bloomington-Normal was higher than other Illinois towns. Property taxes, housing availability, transportation costs and other general cost-of-living factors vary throughout Illinois, said Mike Malone, executive director of the McLean County Chamber of Commerce. "Our cost of living surveys show that we run just about average," he said. A tight labor force, as well as an educated labor force, meanwhile, increases manpower costs, he added. According to the Illinois Department of Employment Security, McLean County has the third lowest unemployment rate in the state at 3.8 percent. "If you have a tight labor force, you’re cost of doing business is going to be higher," Malone said. The Twin Cities ranked No. 107 on Forbes’ list for the cost of doing business. Comparing business costs across the nation, Illinois cities are at a disadvantage as the state continues to increase business fees and taxes to plug holes in its budget, said state Rep. Dan Brady, R-Bloomington. "It’s hard to attract businesses when we’ve got a history and a reputation of taxing businesses harder than other states. That’s got to change," Brady said. "Just look at the states around us. They’re doing a better job of retaining jobs and attracting new jobs than we are. "According to Forbes, Bloomington-Normal ranked No. 128 in job growth. According to figures from the Illinois Department of Employment Security, small businesses in McLean County have expanded. More lawyers, architects and other professional services employees work here, for example. The service sector is also growing, according to the IDES. But much of Bloomington-Normal’s past job growth is attributable to the booming 1990s at State Farm Insurance Cos, which has since slowed growth. Meanwhile, McLean County has lost manufacturing jobs, according to the IDES. Still, No. 50 on Forbes’ list of top small metros to do business is a good place to be, Malone said."We have a strong quality of life, a good infrastructure that connects us to major markets (like Chicago and St. Louis) and a good labor-management relationship that you don’t find in other places," Malone said. "Those things make Bloomington-Normal an attractive place for business." If you enjoyed this post, subscribe and get FREE updates! Appraisal , Real Estate , Bloomington , McLean , Illinois