CHICAGO | Economic & Business Development

[left of center]

Wow, that's great! That will be a huge boost to downstate! With most Illinois counties losing population, here is to hoping we can keep these downstate cities alive. Bloomington-Normal and Champaign-Urbana seem to be the two that will fair the best in the coming decades with U of I and ISU anchoring them.

[VKChaz]

Originally Posted by left of center

Wow, that's great! That will be a huge boost to downstate! With most Illinois counties losing population, here is to hoping we can keep these downstate cities alive. Bloomington-Normal and Champaign-Urbana seem to be the two that will fair the best in the coming decades with U of I and ISU anchoring them.

I don't know if Illinois is looking into any creative ways to add population. But something it can consider, and somewhat topical at the moment, is more resettlement of refugees who have been a source of people for communities, including some that understood the economic benefit. From the lists I have seen, Illinois is not even a top-10 state for resettlement. Of course, we aren't talking massive numbers of people, but with an Administration looking to at least raise the ceiling (though not likely to the 200k annual number decades ago), there will be an influx into some parts of the country. Bloomberg article from 2.5 yrs ago talked about some examples of areas with population loss:

https://www.bloomberg.com/news/artic...rinking-cities

[Chisouthside]

Originally Posted by VKChaz

I don't know if Illinois is looking into any creative ways to add population. But something it can consider, and somewhat topical at the moment, is more resettlement of refugees who have been a source of people for communities, including some that understood the economic benefit. From the lists I have seen, Illinois is not even a top-10 state for resettlement. Of course, we aren't talking massive numbers of people, but with an Administration looking to at least raise the ceiling (though not likely to the 200k annual number decades ago), there will be an influx into some parts of the country. Bloomberg article from 2.5 yrs ago talked about some examples of areas with population loss:

https://www.bloomberg.com/news/artic...rinking-cities

Read that one of the 3 sites where the US is planning on temporarily housing Afghan refugees is fort mccoy, wisconsin. could be a good start.

[the urban politician]

Having a battery plant is a major shot in the arm

Let’s pray to Jeebus on this one!

[SIGSEGV]

There is certainly an infrastructure of refugee resettlement social workers in Chicago, not sure about smaller downstate cities which could probably use the population boost more.

[the urban politician]

CME offers $16 billion for CBOE


CME Group has offered $16 billion in stock to buy Cboe Global Markets, according to the Financial Times.

"A takeover would bring together two of the most important names in global financial derivatives," FT said.

The proposed price values Cboe at about $150 a share, or about 20 percent more than its current price, the paper reported.

According to the report, "CME said it declined to comment on speculation, while Cboe said it 'does not comment on market rumors or speculation.'"

https://www.chicagobusiness.com/fina...on-cboe-report

Is this it? Is this finally the moment when Chicago becomes the financial trading alpha dog of the planet?

(hint: the answer is 'yes' )

[the urban politician]

Or perhaps it's untrue?

Updated from Crains:

"CME Group denies all rumors that is in conversations to acquire Cboe Global Markets," the release said. "The company has not had any discussions with Cboe whatsoever. While the company does not typically comment on rumor or speculation, today's inaccurate information required correction."

[the urban politician]

Argonne once again at the forefront of supercomputers:

https://www.chicagobusiness.com/john...r-race-argonne

[jboy560]

Chicago's latest billion-dollar firm

Fast-growing software firm Copado becomes the 12th venture-backed private company in Chicago this year to reach “unicorn” status. After raising $96m, it’s valued at $1.2b. I think it’s also noteworthy to add that Copado moved its headquarters here from Madrid in 2018.

https://www.chicagobusiness.com/john...DC064D182F418F

Marothisu, do you happen to know where Chicago stands currently with respect to tech funding/deals? I know tech has been booming everywhere, but Chicago had particularly exceptional growth for the first half of the year. Has Chicago kept pace or has growth slowed compared to Q1/Q2 2021? Regardless, the city’s tech scene is breaking records this year and has had impressive growth.

[marothisu]

Originally Posted by jboy560

Chicago's latest billion-dollar firm

Fast-growing software firm Copado becomes the 12th venture-backed private company in Chicago this year to reach “unicorn” status. After raising $96m, it’s valued at $1.2b. I think it’s also noteworthy to add that Copado moved its headquarters here from Madrid in 2018.

https://www.chicagobusiness.com/john...DC064D182F418F

Marothisu, do you happen to know where Chicago stands currently with respect to tech funding/deals? I know tech has been booming everywhere, but Chicago had particularly exceptional growth for the first half of the year. Has Chicago kept pace or has growth slowed compared to Q1/Q2 2021? Regardless, the city’s tech scene is breaking records this year and has had impressive growth.

Areas like NYC, Bay Area, Boston, and LA are a bit above Chicago. However, Chicago is basically after that with just under $5B in funding so far this year for all industries (not just tech - but a large percentage of this is in fact tech).

Here's a look at what I have for the Chicago area month by month so far this year:

* January: $1,197,282,100
* February: $250,399,200
* March: $483,300,000
* April: $1,009,524,018
* May: $257,050,000
* June: $626,400,000
* July: $754,075,000
* August: $268,575,000
* September (So Far): $146,924,000


By the way, this is interesting:
https://insights.dice.com/2021/09/08...-job-postings/

Atlanta, Chicago Surpassing Silicon Valley in Tech Job Postings

This is for the past 90 days, but according to the article the top are:
1. NYC: 38,913 postings
2. Atlanta: 23,290
3. Chicago: 23,270
4. Austin: 20,180
5. San Francisco: 18,002
6. Dallas: 17,717
7. Seattle: 16,773
8. DC: 16,352
9. Los Angeles: 15,563
10. Boston: 15,079
11. Houston: 13,783
12. Charlotte: 12,740
13. Phoenix: 12,109
14. Denver: 11,722
15. San Diego: 11,529

[moorhosj1]

If we can keep these local startups close to home, maybe we don't need to lure as many of the suburban or Boston-area biotechs.

From Crain's

Vanqua Bio, a startup based on research from NU’s medical school, is developing therapies for Parkinson’s that it says will slow or stop symptoms of the neurodegenerative disease.

Also notable:

Since the beginning of 2021, Vanqua Bio has been working out of Sterling Bay’s life sciences hub in Lincoln Park. Other tenants in the building include Evozyne and Exicure.

[sentinel]

^^Curious, why the obsession with creating one, giant behemoth of a company, when it just makes it easier to potentially pick apart and sell off in the future, to deep pocketed outside players no less? I remember the bullshit that ICE out of Atlanta was trying to sell when they made a bid for CME back in 2006-07, saying that they were gonna keep it in Chicago, it would always be a 'local institution' blah blah blah bullshit bullshit, thankfully, none of the local players bought into it, which actually helped strengthen CME's reputation and position globally.

I'd rather both the CME and CBOE continue growing as individual companies, instead of one devouring the other, thus leaving a single, behemoth market place...successful global financial hubs like NYC or London have multiple financial institutions or markets, and that diversification is what keeps them on top. Being known only for 1-2 mammoth institutions isn't the best way to stay competitive, desirable or even relevant sometimes. Diversity and strength in numbers should be the goal, not single-source consolidation..

For the record, here is the latest Global Financial Centres Index ranking, Chicago is 15th, below San Fran, DC and even LA:

https://en.wikipedia.org/wiki/Global..._Centres_Index

[the urban politician]

Originally Posted by sentinel

For the record, here is the latest Global Financial Centres Index ranking, Chicago is 15th, below San Fran, DC and even LA:

https://en.wikipedia.org/wiki/Global..._Centres_Index

^ Yeah, that's a huge fall for Chicago. Chicago used to be 6th or 7th for several years. It was in the mid-late 2010's that it began to slip.

My guess is that the way GFC's are measured has changed. VC has grown, perhaps, in its importance, whereas being a center for financial trading of derivatives isn't as important as it used to be? Who knows, just a guess...

[Klippenstein]

Yes, it is behind SF, LA and DC, but they are all ranked one after the other and they are separated by one or two points. They are all ranked as global leaders and in the “trading” section Chicago is ranked second in the US. It also seems we jumped up 5 positions since the last ranking. This all seems positive to me.

[marothisu]

Originally Posted by Klippenstein

Yes, it is behind SF, LA and DC, but they are all ranked one after the other and they are separated by one or two points. They are all ranked as global leaders and in the “trading” section Chicago is ranked second in the US. It also seems we jumped up 5 positions since the last ranking. This all seems positive to me.

As long as CBOT, CBOE, etc is in Chicago...it will be #2 in the US. Not even a question.

[LouisVanDerWright]

Originally Posted by marothisu

As long as CBOT, CBOE, etc is in Chicago...it will be #2 in the US. Not even a question.

Citadel is easily more important than CBOE these days. Hell Citadel has built such a huge position clearing trades that they may be as important as CME at this point...

Citadel is the #1 market maker for retail trades clearing 40% of all retail trading:

https://amp-ft-com.cdn.ampproject.or...7-e743a3ff609b

[marothisu]

Originally Posted by LouisVanDerWright

Citadel is easily more important than CBOE these days. Hell Citadel has built such a huge position clearing trades that they may be as important as CME at this point...

Citadel is the #1 market maker for retail trades clearing 40% of all retail trading:

https://amp-ft-com.cdn.ampproject.or...7-e743a3ff609b

Very true, especially as more retail trading apps come online they usually do not have their own tech at this level. They rely on companies like Citadel to execute orders. Pretty much the story of a lot of the new apps and digital banks - tech wise they're just using big institutions still and making people believe they aren't LOL.

From a perspective on who owns the most important markets it's NYC and then Chicago quite easily.

Also GDP is fun to look at. In 2019 dollars for year 2019 and by MSA. Unfortunately insurance is combined in here:

1. NYC: $341.7B
2. Chicago: $74.2B
3. LA: $61.9B
4. Boston: $52.1B
5. Dallas: $47.6B
6. Philadelphia: $46.6B
7. San Francisco: $45.6B
8. Atlanta: $37.6B
9. Minneapolis: $30.3B
10. Charlotte: $28.1B
11. Houston: $28B
12. Miami: $24.4B
13. Phoenix: $23.4B
14. Hartford, CT: $21.2B
15. Cincinnati: $20B
16. Bridgeport, CT: $17.8B
17. Columbus, OH: $16.7B
18. Seattle: $16.5B
19. Cleveland: $16.4B
20. Des Moines: $16.3B
21. Detroit: $16B
22. Denver: $15.8B
23. St. Louis: $15.3B
24. Tampa: $14.4B
25. San Antonio: $14.1B

[emathias]

Originally Posted by sentinel

...
For the record, here is the latest Global Financial Centres Index ranking, Chicago is 15th, below San Fran, DC and even LA:

https://en.wikipedia.org/wiki/Global..._Centres_Index

Originally Posted by Klippenstein

Yes, it is behind SF, LA and DC, but they are all ranked one after the other and they are separated by one or two points. They are all ranked as global leaders and in the “trading” section Chicago is ranked second in the US. It also seems we jumped up 5 positions since the last ranking. This all seems positive to me.

First off, having the mega exchange here keeps other players from picking off the smaller ones. Where's the NYSE now, for example?

Second, your list is financial centers, not trading centers. Trading is one part of financial activity. Chicago is consistently in the top three centers for trading. There basically are New York, London, and Chicago. Sometimes Hong Kong, Tokyo, and Singapore get honorable mentions.

[jpIllInoIs]

Originally Posted by emathias

First off, having the mega exchange here keeps other players from picking off the smaller ones. Where's the NYSE now, for example?

Second, your list is financial centers, not trading centers. Trading is one part of financial activity. Chicago is consistently in the top three centers for trading. There basically are New York, London, and Chicago. Sometimes Hong Kong, Tokyo, and Singapore get honorable mentions.

Yep ever since banking consolodation Chicago has been missing out on having a Big Bank HQ. Now Discover Financial, Wintrust, Northern Trust are the largest. Why cant we have a PNC from PA, 5/3 from Cincy/Clev??

[SIGSEGV]

https://www.chicagobusiness.com/arts...time-high-year

Chicago TV and film production on track to hit an all-time high this year
Productions currently filming in the city include AMC’s "61st Street," Showtime’s "The Chi" and a new Apple TV show starring "Handmaid's Tale" actress Elizabeth Moss.



After half a year of COVID shutdowns, the city and state’s film industry was already back on track in March. Now it looks like 2021 will be a record year, exceeding the highs hit in 2019.

Through June, the city had already cleared 938 filming permits—nearly 80 percent for television series—in 2021. That edges out the 734 approved by the same time in 2019. The state film office also reports getting more tax credit applications in the first half of the year than it did in 2019.