Exactly. For example, this has Illinois ranking above Indiana, yet we have tons of companies moving there, their economy is doing a lot better than ours and I bet you'll find next to zero people living in Indianapolis or Bloomington wishing they lived in the Land of Lincoln. They have about the same REAL (adjusted) standard of living and lower taxes/costs...
Just about every kids who is growing up within a few hours drive of Chicago wants to move there. Lots of people want the big city life that is simply not available in Indiana. Cost is a consideration but it's not the only consideration.
