CHICAGO | Economic & Business Development

[Via Chicago]

Originally Posted by Steely Dan

It could happen.

But I wouldn't think it's likely.

We still have the strong demographic headwind of black flight to overcome.

dont the most recent stats show this trend slowing down? in other words, how many more people are there that fit this cohort still left who want to leave but havent already? at some point we've hit rock bottom in terms of black flight

[moorhosj1]

Originally Posted by Via Chicago

dont the most recent stats show this trend slowing down? in other words, how many more people are there that fit this cohort still left who want to leave but havent already? at some point we've hit rock bottom in terms of black flight

Hopefully, at some point, the growing influx of younger, higher-income black residents will make up for the slowing loss of older, lower-income black residents. It's probably too early to say it is already happening.

Black population in Chicago according to Census:

1980 - 1.188 million
1990 - 1.074 million (loss of 114k)
2000 - 1.054 million (loss of 20k)
2010 - 0.872 million (loss of 182k)
2020 - 0.802 million (loss of 70k)

[Steely Dan]

^ yeah, hopefully that tipping point comes sooner than later, but with the CB's utterly inept ability to estimate anything about Chicago, we'll likely have to wait for the hard numbers from 2030 to know the real score.

[marothisu]

Originally Posted by sentinel

Because you've always provided hard, concrete data figures for a slew of different topics, I take your personal/anecdotal posts as being more factual than most media reporting out there. Thank you

Hah, thanks. I just know what I know but I do not trust the overall population numbers from Census estimates given what's going on. By the way there's random other people who have moved to Chicago recently. The EVP of ZScaler (a $2B/yr revenue tech company from San Jose) bought a mansion in Logan Square earlier this year. His various profiles online indicate he legitimately relocated to Chicago. A pretty high up exec for ZS (private company with 13,000 employees HQ'd in Evanston, also $2B/yr revenue) moved from Boston to Chicago recently and bought a mansion in Lincoln Park earlier this year. The now former CEO of Emigrant Partners, a capital company with $100B+ in AUM, moved from NYC to Chicago sometime last year and bought a mansion in Lincoln Park. Also...Kevin Compton, a Partner Emeritus at Kleiner Perkins and former part owner of the San Jose Sharks and major Notre Dame donor bought a condo at One Chicago. Though I don't think he moved, but his son actually lives in Chicago and owns a brewery company in Ravenswood (Midwest Coast). I also believe a former or current board member for a company like Uber bought there too but I'd have to look at the real estate record again.

Things are always happening and people are always moving here no matter what the media is saying. I know how places like Crains operate. They barely know anything unless someone tells them. There are companies that have hired a lot in Chicago in the last 2-3 years and you will not even find it in the news anywhere.

[Tom In Chicago]

Originally Posted by Steely Dan

It could happen.

But I wouldn't think it's likely.

We still have the strong demographic headwind of black flight to overcome.

But is that still trending or has everyone who was able to leave gone already? I also wonder what the birth rates are for more recent generations. . . I have lots of anecdotal theories, but lack the data to support it. . . unfortunately. . .

. . .

[Tom In Chicago]

Nevermind. . . people already asking exactly what I was pondering. . . carry on. . .

. . .

[tintinex]

Originally Posted by sentinel

This is absolutely not unreasonable. As an immigrant myself, I was fortunate enough to have a family+community that earnestly embraced assimilation because they knew that what was possible in the US was far and away better than what they left...and even though the culture and history they left behind never went away, they always looked forward, not back. Immigrants made America and will continue to do so in the future, but it will only be successful if clear, concise, easy and efficient methods of assimilation into US society are available.

I know this is more anecdotal, but the amount of LGBTQ people that I have met over the last year that have moved to Chicago since 2020 is incredibly high. It looks like after the pandemic ended many LGBTQ people moved here. There is not one weekend that I don't meet someone new that have moved here since the pandemic. Most people I've met came from Seattle, Denver, Florida and all over the Midwest. Most people I've met have moved to Rogers Park, Andersonville and Uptown

[sentinel]

Originally Posted by tintinex

I know this is more anecdotal, but the amount of LGBTQ people that I have met over the last year that have moved to Chicago since 2020 is incredibly high. It looks like after the pandemic ended many LGBTQ people moved here. There is not one weekend that I don't meet someone new that have moved here since the pandemic. Most people I've met came from Seattle, Denver, Florida and all over the Midwest. Most people I've met have moved to Rogers Park, Andersonville and Uptown

Interesting that you mention this because I know of 5 gay people personally (two couples and a single person) that moved to Chicago from '21-'23. One couple from FL, one from TX and a single person from MO...the common theme from all of them was that they literally feared for their lives back in the states they came from, and felt welcomed and valued as people in Chicago.

[twister244]

Originally Posted by tintinex

I know this is more anecdotal, but the amount of LGBTQ people that I have met over the last year that have moved to Chicago since 2020 is incredibly high. It looks like after the pandemic ended many LGBTQ people moved here. There is not one weekend that I don't meet someone new that have moved here since the pandemic. Most people I've met came from Seattle, Denver, Florida and all over the Midwest. Most people I've met have moved to Rogers Park, Andersonville and Uptown

I'm literally one of said people.

I've always loved Chicago and have family here, but my career is specialized, so wasn't able to land a job physically based here. Covid re-wrote all of those rules. I moved from Denver in 2021..... I don't hate Denver, but it just isn't Chicago.

[marothisu]

Most people I know didn't move here because of those reasons, but I do know of various people who moved here due to them being targeted in other states for LGBT reasons. There's also a bunch of people on Reddit for the last 1 or 2 years who have been inquiring about moving to Chicago from elsewhere and many are part of that community.

It might not mean much but as someone who moved away from Chicago for a handful of years and then back, I feel like the amount of people who look like they have arts/humanities degrees is way more visible. Kind of closed the gap on the difference between here and NYC in that realm if that makes sense to anyone (still a gap). Some areas like Lakeview East seem to have gotten a bit less corporate looking than the last time I lived here in terms of peoples' styles/fashion.

[Randomguy34]

Yeah, pretty much all my queer & trans friends from college have left the South cause they're no longer safe there, with New Orleans and Atlanta being the only exceptions. Even new folks I've met in Chicago the past 2 years left the South for the same reason. Many of whom now live in Bronzeville, Hyde Park, and South Shore. I've heard the same thing from people in Milwaukee and Minneapolis. There was a NYT article a few months ago about many Black & Brown queer people moving to Peoria after finding out on TikTok how cheap homes are and how progressive Illinois is for LGBTQ rights: https://www.nytimes.com/2023/03/29/r...-illinois.html

It's pretty scary how hateful this country is becoming again. I know friends on the West Coast who were considering moving cause it's far too expensive and jobs are hard to find, but have now changed their minds because they wouldn't feel safe leaving.

[sentinel]

Originally Posted by Randomguy34

Yeah, pretty much all my queer & trans friends from college have left the South cause they're no longer safe there, with New Orleans and Atlanta being the only exceptions. Even new folks I've met in Chicago the past 2 years left the South for the same reason. Many of whom now live in Bronzeville, Hyde Park, and South Shore. I've heard the same thing from people in Milwaukee and Minneapolis. There was a NYT article a few months ago about many Black & Brown queer people moving to Peoria after finding out on TikTok how cheap homes are and how progressive Illinois is for LGBTQ rights: https://www.nytimes.com/2023/03/29/r...-illinois.html

It's pretty scary how hateful this country is becoming again. I know friends on the West Coast who were considering moving cause it's far too expensive and jobs are hard to find, but have now changed their minds because they wouldn't feel safe leaving.

Red state losses are Illinois' gains, and I'm not sorry about it. Hopefully it expands even further in the future.

[marothisu]

Originally Posted by Randomguy34

Yeah, pretty much all my queer & trans friends from college have left the South cause they're no longer safe there, with New Orleans and Atlanta being the only exceptions. Even new folks I've met in Chicago the past 2 years left the South for the same reason. Many of whom now live in Bronzeville, Hyde Park, and South Shore. I've heard the same thing from people in Milwaukee and Minneapolis. There was a NYT article a few months ago about many Black & Brown queer people moving to Peoria after finding out on TikTok how cheap homes are and how progressive Illinois is for LGBTQ rights: https://www.nytimes.com/2023/03/29/r...-illinois.html

It's pretty scary how hateful this country is becoming again. I know friends on the West Coast who were considering moving cause it's far too expensive and jobs are hard to find, but have now changed their minds because they wouldn't feel safe leaving.

It's why we moved back to Chicago and also I have friends, like my one from NYC who just moved to Chicago recently for the same reason. I know of others.

Why did your friends change their minds? I don't understand "wouldn't feel safe leaving" - is it a jobs thing? Getting outside of ones comfort zone.

[Randomguy34]

Originally Posted by marothisu

Why did your friends change their minds? I don't understand "wouldn't feel safe leaving" - is it a jobs thing? Getting outside of ones comfort zone.

Generally, they want to live somewhere warm, which would be the South. However, they wouldn't want to risk moving to a state in the South that is/could become hostile and implement anti-LGBTQ laws. Another friend from Cali eventually left, but has only ever moved to Chicago and NYC cause they're unsure what the healthcare system and community is like in other cities.

[OrdoSeclorum]

I just popped into the Ralph Lauren store on Michigan Avenue and the staff there said it was the busiest weekend they've ever had and the store set a sales record. Just one data point, but it's some positive Michigan Avenue and Chicago-as-destination news. Michigan Ave has its problems, but if sales numbers are still getting blown out there, it means there's still enough foot traffic on big days to justify high rents and a statement retail presence. I have to imagine as online sales become a bigger and bigger part of consumer sales, the physical stores that do exist are going to be in a small number of statement locations. For Michigan Ave to remain one of those locations is a matter of not screwing it up more than anything else.

[marothisu]

Originally Posted by OrdoSeclorum

I just popped into the Ralph Lauren store on Michigan Avenue and the staff there said it was the busiest weekend they've ever had and the store set a sales record. Just one data point, but it's some positive Michigan Avenue and Chicago-as-destination news. Michigan Ave has its problems, but if sales numbers are still getting blown out there, it means there's still enough foot traffic on big days to justify high rents and a statement retail presence. I have to imagine as online sales become a bigger and bigger part of consumer sales, the physical stores that do exist are going to be in a small number of statement locations. For Michigan Ave to remain one of those locations is a matter of not screwing it up more than anything else.

I don't make it down there much anymore, but even last year over the holiday season was pretty busy everywhere I went on a few days. I wonder how the sales are doing at various stores. There is a perception issue obviously - we'll see what happens. There are stores opening though soon there and in areas like Oak St. Curious to see what happens though.

[Randomguy34]

How NanoGraf's new factory positions Chicago to be a battery capital for the US

NanoGraf Corp. is ready to make Chicago a battery capital for the entire United States. The Chicago-headquartered battery startup held a ribbon-cutting Friday for its new 17,000-square-foot manufacturing facility in the West Loop.

At peak production, the facility aims to deliver 50 tons per year of silicon oxide, a key competent in batteries, including those that power electric vehicles.

It is the first large-volume silicon oxide manufacturing facility to be commissioned in North America and was made possible through a $10 million Department of Defense contract along with additional tax credits. First started in 2012 at Northwestern University, NanoGraf secured an oversubscribed $65 million Series B funding round in early 2023 and continues to receive support from the military.

https://www.bizjournals.com/chicago/...-facility.html


Pritzker discusses electric vehicle development, labor benefits in Illinois

Crain's Chicago Business on Monday hosted Governor JB Pritzker for its "Power Lunch," describing the event as a "fireside chat."

Addressing the Ford Chicago Assembly Plant on the city's Southeast Side, Governor Pritzker mentioned spatial constraints for battery production. However, he expressed optimism about the potential conversion of the plant to build EVs in the future.

"You can convert almost anything, but if you're gonna have a battery plant nearby, which is typically what's happened, you're gonna do it on a larger footprint. I am hopeful that we will get at least the assembly plant continued and growing. Again, battery, not sure," said Pritzker.

https://www.fox32chicago.com/news/pr...ss-power-lunch

[jboy560]

[QUOTE=OrdoSeclorum;10089364]I just popped into the Ralph Lauren store on Michigan Avenue and the staff there said it was the busiest weekend they've ever had and the store set a sales record. Just one data point, but it's some positive Michigan Avenue and Chicago-as-destination news. Michigan Ave has its problems, but if sales numbers are still getting blown out there, it means there's still enough foot traffic on big days to justify high rents and a statement retail presence. I have to imagine as online sales become a bigger and bigger part of consumer sales, the physical stores that do exist are going to be in a small number of statement locations. For Michigan Ave to remain one of those locations is a matter of not screwing it up more than anything else.[/QUOTE]

Just came across this article which supports what you’re saying.

Crowds, record day of revenue point to comeback on Chicago's Magnificent Mile

“ According to The Magnificent Mile Association, a record $31.7 million in revenue was set in November on a single day.” The article also mentions that shoplifting and theft are down significantly compared to before the pandemic, which is also welcome news and appears to be bucking national trends.

https://www.cbsnews.com/chicago/news...nificent-mile/

[twister244]

This is absolutely fantastic news all around......

While I don't expect retail on the Mag Mile to ever return to it's hey day, I still think there's a huge opportunity to do something with it to keep it as an iconic staple of Chicago. I.E., reduce lanes of traffic, make it a boulevard, have patio restaurant cafe/restaurants, etc, etc.

[Klippenstein]

Originally Posted by twister244

This is absolutely fantastic news all around......

While I don't expect retail on the Mag Mile to ever return to it's hey day, I still think there's a huge opportunity to do something with it to keep it as an iconic staple of Chicago. I.E., reduce lanes of traffic, make it a boulevard, have patio restaurant cafe/restaurants, etc, etc.

Only way to do that is to reform IDOT. They wouldn't allow that to happen currently. They are not even willing to create a bus lane even though Michigan Ave has constant bus traffic.