CHICAGO | Economic & Business Development

[sentinel]

Originally Posted by moorhosj1

Great news. The Crain’s article also mentioned this tidbit:

It make a lot of sense that it will be located in the area, because not only is there an existing and extensive manufacturing ecosphere in Chicagoland, there are important research institutes in the area that focus on advancement of battery technology, like the Joint Center for Energy Storage Research at Argonne in Lemont:

https://www.jcesr.org/

[Randomguy34]

Hmm, I wonder if this will make the proposal for a south suburban airport more likely

[jpIllInoIs]

Originally Posted by randomguy34

hmm, i wonder if this will make the proposal for a south suburban airport more likely

no!

[jpIllInoIs]

https://www.daily-journal.com/news/i...0a3db7c5e.html

TBH doesnt look like Illinois gave away the store to land this project. Unlike the Foxconn WI fiasco.

Gotion will also be the first recipient of Invest in Illinois funding in the amount of $125 million in capital funding to the company. The fund was established in early 2023 to make the state more attractive when vying for highly-competitive, large projects.

The massive deal, which will eventually create 2,600 jobs with an average annual salary of $55,000, was finalized when Gotion accepted the local taxing bodies plan on property taxes.

The site has been appraised at $28 million and currently generates $973,000 annually in tax revenue.

Through an intergovernmental agreement, the 10 taxing bodies agreed to cap the tax revenue once it generates $2 million annually. That cap will remain in effect for 30 years.

[marothisu]

Change in $100K+ earning households from 2021 to 2022, of the 10 largest city propers. Yes, the 2022 ACS (huge grain of salt...) is out

1. NYC: +164,461 households
2. LA: +60,652
3. Chicago: +38,793
4. Phoenix: +34,052
5. Houston: +27,658
6. Austin: +25,318
7. Dallas: +24,421
8. Philadelphia: +22,756
9. San Diego: +19,633
10. San Antonio: +9849

[galleyfox]

I’m becoming increasingly convinced that the ACS error in Chicago has to do with how the census bureau tracks housing units.

The household sizes make sense
The vacancy rate seems reasonable enough

But there is no dataset provided by the city of Chicago that would indicate a large recent loss of housing.

Housing Units:

2020 (DEC): 1,262,609

2021: 1,272,191
2022: 1,262,463
Net: -9,728

Occupied Housing Units:

2020 (DEC): 1,143,722

2021: 1,139,537
2022: 1,159,424
Net: +19,887

Vacant Housing Units

2020 (DEC): 119,887

2021: 132,654
2022: 103,039
Net: -29,615

Vacancy Rate:

2020 (DEC): 9.5

2021: 10.4
2022: 8.2

Household Size

2021: 2.32
2022: 2.26

[Steely Dan]

Yeah, the loss of housing units doesn't make any sense.

Especially when combined with the fact that we're building thousands more every year.

[marothisu]

Originally Posted by Steely Dan

Yeah, the loss of housing units doesn't make any sense.

Especially when combined with the fact that we're building thousands more every year.

If you break down the components then you see the Census estimates a loss of 0-18 population basically. You could have more households but the household size goes down a bit. But it doesn't look like it's reduced by too much, unless I'm reading it wrong?

[galleyfox]

Originally Posted by marothisu

If you break down the components then you see the Census estimates a loss of 0-18 population basically. You could have more households but the household size goes down a bit. But it doesn't look like it's reduced by too much, unless I'm reading it wrong?

Well, the unit loss in and of itself is an issue, and those net losses are more than estimates of the aftermath of the foreclosure crisis…

A one year reduction isn’t a lot, but a yearly net -10K unit penalty would represent a major population error by the end of the decade.

If it’s some sort of housing age formula that’s creating that result. I highly doubt Chicago is reporting to the bureau a net loss of city units.

Last decade, Chicago also had a birth rate reduction, but the population still grew because the construction was more than what the census estimated.

2012 citywide demolition permits peaked around 1500 for example.


I honestly don’t know where that unit number comes from. Detroit and Cleveland are the only other major cities that marked a reduction like that.

[Klippenstein]

Lab-Grown Chicken Firm Picks Chicago Area for Large-Scale Plant

Upside Foods Inc., one of two companies cleared to sell the product in the US, is investing more than $140 million in a new factory in one of the city’s suburbs, the company said in a statement on Thursday. This will be the California-based firm’s first commercial-scale factory.

[…]

Upside’s 187,000-square-foot plant, based in Glenview, is expected to create at least 75 new jobs. While the facility will start by producing ground cell-based chicken products, there are plans to expand to other types of meat.

[marothisu]

^ I remember a town on Long Island was giving the Census crap over something like this. The Census was estimating losses, but they had data showing how much construction they had in the last few years with the occupancy rates of those new units plus the true occupied housing units of everything, and it just wasn't jibing at all with their estimates.

[Steely Dan]

I long ago came to the conclusion that the CB is simply fucked when it comes to estimating Chicago.

3 decades and counting of, not just getting it wrong, but wrong in the completely opposite direction.

The 10 year counts are the only things that matter. Their estimates are just noise.

[glowrock]

Originally Posted by Steely Dan

I long ago came to the conclusion that the CB is simply fucked when it comes to estimating Chicago.

3 decades and counting of, not just getting it wrong, but wrong in the completely opposite direction.

The 10 year counts are the only things that matter. Their estimates are just noise.

Agreed they're just noise, but I'm sure the media will have a field day about the continuing depopulation and destruction of Chicago. Maybe they'll say the population is down because everyone's being murdered by driving gangs of thugs???

[galleyfox]

Originally Posted by Steely Dan

I long ago came to the conclusion that the CB is simply fucked when it comes to estimating Chicago.

3 decades and counting of, not just getting it wrong, but wrong in the completely opposite direction.

The 10 year counts are the only things that matter. Their estimates are just noise.

So I went down the rabbit hole last night.

Large multifamily new construction was highly underestimated all throughout the 2010s.

Single family counts are rather volatile but generally between 300K and 330K.

Also for some reason , a lot of 2-4 flats are being removed from the count in 2021 and 2022, and I can’t determine if that’s just a correction from the 2010s or if the census calculations are supposed to represent real reductions.

1 Unit Detached

2011: 299K
2012: 302K
2013: 295K
2014: 302K
2015: 308K
2016: 314K
2017: 315K
2018: 322K
2019: 306K

2021: 335K
2022: 320K

1 Unit Attached

2011: 41K
2012: 41K
2013: 38K
2014: 40K
2015: 43K
2016: 39K
2017: 39K
2018: 43K
2019: 42K

2021: 44K
2022: 48K

2 Units

2011: 176K
2012: 174K
2013: 176K
2014: 177K
2015: 178K
2016: 176K
2017: 175K
2018: 179K
2019: 172K

2021: 169K
2022: 158K

3-4 Units

2011: 206K
2012: 197K
2013: 185K
2014: 180K
2015: 185K
2016: 179K
2017: 181K
2018: 182K
2019: 184K

2021: 177K
2022: 175K

5-9 Units

2011: 127K
2012: 127K
2013: 138K
2014: 140K
2015: 141K
2016: 146K
2017: 145K
2018: 141K
2019: 138K

2021: 139K
2022: 153K

10-19 Units

2011: 52K
2012: 54K
2013: 58K
2014: 54K
2015: 51K
2016: 47K
2017: 53K
2018: 50K
2019: 51K

2021: 58K <——
2022: 59K

20+ Units

2011: 285K
2012: 288K
2013: 288K
2014: 294K
2015: 291K
2016: 295K
2017: 298K
2018: 302K
2019: 318K

2021: 343K <——
2022: 343K

[marothisu]

Change in $100K+ earning households from 2021 to 2022 where a householder is Black:

1. NYC: +24,700 households
2. Chicago: +12,090
3. Los Angeles: +8852
4. Philadelphia: +7076
5. Houston: +6818
6. Jacksonville: +6817
7. Charlotte: +6420
8. DC: +5912
9. Atlanta: +5371
10. Arlington, TX: +4664
11. Baltimore: +4382
12. Garland, TX: +3388
13. New Orleans: +3021
14. Columbus, OH: +2985
15. Newark, NJ: +2878
16. Louisville: +2863
17. Memphis: +2703
18. Richmond, VA: +2640
19. St. Louis: +2426
20. Minneapolis: +2186
21. Cincinnati: +2159
22. Austin: +2149
23. Durham, NC: +2112
24. Portland, OR: +2071
25. Lexington, KY: +1926

[LouisVanDerWright]

^ This is the only solution for the problems being discussed in the politics thread. It's great to perform near the top of the list, but it would be nice to this this number double.

[marothisu]

Originally Posted by LouisVanDerWright

^ This is the only solution for the problems being discussed in the politics thread. It's great to perform near the top of the list, but it would be nice to this this number double.

Yes. It would also be nice to see it 20X but it has to start somewhere. It's really 2 different populations. I think there's a lot of people in the community who are newer to the city in these brackets. I work with multiple of them who moved to Chicago in the last 2 years for it and I know a few other families from my kids day care who moved here this year from the coasts who are doctors, lawyers, etc. But are those in Chatham, Auburn Gresham, etc increasing fast? I would doubt it.

[OhioGuy]

This is too bad! I would often bring anyone visiting me in Chicago up to the Signature Lounge for a drink and to check out the view. If I'm going to spend money, I'd rather do so buying myself a drink as opposed to paying to visit a tourist observation floor with rambunctious kids everywhere.

Apparently the place wasn't able to recover post Covid and wasn't able to renegotiate its lease.

Signature Room on 95th floor of former Hancock building abruptly closes

[Kngkyle]

Originally Posted by OhioGuy

This is too bad! I would often bring anyone visiting me in Chicago up to the Signature Lounge for a drink and to check out the view. If I'm going to spend money, I'd rather do so buying myself a drink as opposed to paying to visit a tourist observation floor with rambunctious kids everywhere.

Apparently the place wasn't able to recover post Covid and wasn't able to renegotiate its lease.

Signature Room on 95th floor of former Hancock building abruptly closes

I ate at the Signature Room a couple times and came away unimpressed each time (with the food and service at least, the view obv is exceptional). After that I always opted to eat somewhere else and just grab a drink at the lounge. I've done that a handful of times (usually with out of town guests) and the drinks and small bites at the lounge were pretty reasonably priced. That probably wont be the case at whatever replaces it. Not too worried about it sitting vacant for long given the uniqueness of the location. Lot of potential there... wouldn't be surprised if the owner doesn't already have another tenant lined up.

[marothisu]

Originally Posted by OhioGuy

This is too bad! I would often bring anyone visiting me in Chicago up to the Signature Lounge for a drink and to check out the view. If I'm going to spend money, I'd rather do so buying myself a drink as opposed to paying to visit a tourist observation floor with rambunctious kids everywhere.

Apparently the place wasn't able to recover post Covid and wasn't able to renegotiate its lease.

Signature Room on 95th floor of former Hancock building abruptly closes

They're blaming other things but it's obvious it's about the lease negotiations. I haven't been there in a little under 2 years but it was packed back then. I only ate once at the restaurant. It was decent but not absolutely amazing or anything.