CHICAGO | Economic & Business Development

[Handro]

Originally Posted by marothisu

Another piece of data from the 2021 ACS release - Chicago added the most college educated (Bachelor's degree or higher) Black people from 2019 to 2021 of any city in the US. 2nd highest was Jacksonville, followed by Philadelphia.

Wow those are not the cities I would have expected.

[Randomguy34]

I'm surprised by Jacksonville being in the top three, but not surprised at all by Chicago and Philly. There aren't many cities that have both a rich Black history and also provide a relatively good quality of life (walkability, transit, affordable, job opportunities). Those are the main reasons many of friends, especially from the South, give about why they moved to Chicago & Philly. Both cities are really similar in many respects and should do more to emphasize these strengths

[marothisu]

Originally Posted by Randomguy34

I'm surprised by Jacksonville being in the top three, but not surprised at all by Chicago and Philly. There aren't many cities that have both a rich Black history and also provide a relatively good quality of life (walkability, transit, affordable, job opportunities). Those are the main reasons many of friends, especially from the South, give about why they moved to Chicago & Philly. Both cities are really similar in many respects and should do more to emphasize these strengths

Yup. If you expand out to metro area, then Chicago is 6th and Philadelphia is 8th. Still a very strong showing all things considered..

This is the black college educated (Bachelor's or higher) population change from 2019 to 2021 by metro:

Atlanta: +47,855 people
Houston: +36,969
NYC: +25,329
DC: +20,454
Charlotte: +19,545
Chicago: +18,447
Dallas: +16,213
Philadelphia: +15,164
Miami: +14,662
Tampa: +14,602


San Francisco MSA had the largest decrease with -9963..

[sixo1]

Next Gen Foods of Singapore, a maker of plant-based meat substitutes, picks Chicago for its U.S. headquarters and R&D site.

Source

[bnk]

https://chicago.suntimes.com/busines...tech-workforce

BUSINESS NEWS POLITICS

Does Chicago have the tech workforce to satisfy Google’s massive appetite?
It’s a good time to be a talented tech worker in Chicago — but daunting for local startups aiming to expand.

By WBEZ Chicago Sept 27, 2022, 3:50pm CDT
Steve Hendershot

...



That’s typical Silicon Valley logic, and it’s about to be put to the test in Chicago. In July, tech giant Google announced plans to buy and renovate the cavernous James R. Thompson Center in the Loop, which it will then use to substantially expand its local workforce of 1,800 employees — likely adding several thousand jobs along the way.


That makes this a good time to be a talented tech worker. But if you’re working in HR at a Chicago startup that’s aiming to expand, it’s daunting.

“Google does have some things that are going to make it very tough on some of the local companies: They have stock that is worth a lot of money, and they have bushels of cash,” said Troy Henikoff, managing director of Chicago-based tech investor MATH Venture Partners, and a longtime startup mentor.


Google’s planned expansion will help lure more tech talent to the region, insiders say, which is good for the tech sector as a whole. But it’s also a gut-check moment for companies that want to hold onto their workers: Is there enough tech talent here to feed that broader, burgeoning ecosystem while also satisfying Google’s appetite?

...

A magnet for young Midwest coders
Google came to Chicago in 2000...

...

The basis for that thesis still holds: The University of Illinois at Urbana-Champaign offers the country’s fifth-ranked graduate computer science program, according to U.S. News & World Report. Other nearby universities such as Purdue, Northwestern and the University of Chicago also rank in the top 30, while the University of Illinois at Chicago and the Illinois Institute of Technology crack the top 100.

Google’s expansion announcement pointed to the draw of downtown. Chicago site leader Karen Sauder wrote an enthusiastic blog post proclaiming, “We will be getting in on the ground floor of a broader revitalization of the Loop” ...

About 41,000 software developers are employed in the Chicago area, according to CompTIA, and Chicago ranked fourth among U.S. metro areas with nearly 11,000 job postings across the technology sector in August, according to CompTIA’s monthly Tech Jobs Report. New York City, Washington, D.C., and Dallas were the top three. At the moment — granted, well ahead of the Thompson Center’s renovation — Google lists 338 available jobs here.


...



“I truly believe we can absorb this, we can handle it. This is a really big city that’s had a sleepy reputation, but Google wouldn’t come here if they didn’t have the data that proves that we can play,” Lannert said.

[lp198]

Originally Posted by bnk

https://chicago.suntimes.com/busines...tech-workforce

BUSINESS NEWS POLITICS

Does Chicago have the tech workforce to satisfy Google’s massive appetite?
It’s a good time to be a talented tech worker in Chicago — but daunting for local startups aiming to expand.

.

This was such a bizarre article. Yes... Chicago is a metro of 10m. It absolutely can, and those who aren't here will relocate.

CHI media need to really get it together, it's not some backwater flyover city like Minneapolis.

[Chisouthside]

seems theyre trying to catch all the local grads at the source before they head to the bay and have to compete more fiercely with other tech companies for talent.

[jpIllInoIs]

Dont forget that new grads of 4yr Big10 CS programs are not the only source of fresh talent. Many CS related degreed students from directional state schools will get in the door for code testing and interviews at least for Level 1 jobs.

But more significantly are the career changers either early or mid career that use the more than 2 dozens "Bootcamp" schools.
https://bootcampadvisor.com/location...camps-chicago/
These programs usually run 20 weeks and boast an incredible 80-98% employment rate.
These are not shit run Betsy Devoss/TrumpU diploma fraud mills.
They are highly structured training grounds that produce employable associate level programmers and data science grads every 20 weeks. Many of the enrollees are 2-10 years in the workforce and looking to change careers.
Irl there is not one linear path to fulfill the dev/ops/data/IT jobs.

[marothisu]

Originally Posted by jpIllInoIs

Dont forget that new grads of 4yr Big10 CS programs are not the only source of fresh talent. Many CS related degreed students from directional state schools will get in the door for code testing and interviews at least for Level 1 jobs.

But more significantly are the career changers either early or mid career that use the more than 2 dozens "Bootcamp" schools.
https://bootcampadvisor.com/location...camps-chicago/
These programs usually run 20 weeks and boast an incredible 80-98% employment rate.
These are not shit run Betsy Devoss/TrumpU diploma fraud mills.
They are highly structured training grounds that produce employable associate level programmers and data science grads every 20 weeks. Many of the enrollees are 2-10 years in the workforce and looking to change careers.
Irl there is not one linear path to fulfill the dev/ops/data/IT jobs.

I've hired multiple people from these bootcamps - not in the last few years, but 4-6 years ago in NYC. It's completely hit or miss and depends on how much extra work the person can put into understanding things. The idea is very good I'll say, but they also charge way too much money (admittedly I don't know their operating budgets, but still).

They will get most people ready for an entry level developer job, but they don't teach a lot of great fundamentals at most of the schools we were hiring from. People who do it for UI development for example are able to make UIs, do things like call services, manipulate data, etc etc. At the same time, they don't teach good separation of duties (example) and code architecture. All of this takes time and willingness to learn and some have put in extra effort to learn the basics of that.

Getting something to work is the easiest part of software engineering, though. Getting something to work that's highly scalable, re-usable, clean, highly performant etc which is what makes a difference is much different and they don't usually teach any of that stuff at these bootcamps unfortunately.

[CaptainJilliams]

"Illinois' total economy has passed the $1 trillion mark in annualized GDP. The state first crossed that threshold in the first quarter of 2022, according to quarterly estimates from the U.S. Department of Commerce, and hit $1.024 trillion in the second quarter of this year. Illinois is just the fifth state to top $1 trillion in annualized GDP, joining California, Texas, New York and Florida."

Read more on Crain's:

Illinois' economy reportedly hits a rare milestone, boosted by Chicago

[thegoatman]

https://www.costar.com/article/11490...nces-companies

Xeris Pharmaceuticals moving to Fulton Market

[bnk]

https://www.forbes.com/sites/peteran...h=4751b5423a6a

Why Chicago Is Home To The Future Of Logistics Tech

Pete WilkinsContributor

Oct 4, 2022,04:07pm EDT

Uniquely positioned as the nation’s crossroads for moving freight via air, rail, and truck, the Windy City has long been a global leader in the Transportation, Distribution and Logistics (TD&L) industry, so it is no surprise to learn that Chicago has become a Logistics Tech leader.

Chicago’s TD&L sector is one of the largest in the nation, and greatly impacts the local economy for the region. According to the World Business Chicago (WBC) Bulletin, the Chicago TD&L industry generates $24 billion annually in output and employs more than 260,000 individuals. Additionally, there are over 16,000 TD&L firms located in the metro area, which is the highest in the nation.

National venture investments continue in this sector despite the economic headwinds. In the second quarter of this year, there were 243 deals with a value of $8.6 billion

...

[twister244]

Originally Posted by bnk

https://www.forbes.com/sites/peteran...h=4751b5423a6a

Why Chicago Is Home To The Future Of Logistics Tech

Pete WilkinsContributor

Oct 4, 2022,04:07pm EDT

Uniquely positioned as the nation’s crossroads for moving freight via air, rail, and truck, the Windy City has long been a global leader in the Transportation, Distribution and Logistics (TD&L) industry, so it is no surprise to learn that Chicago has become a Logistics Tech leader.

Chicago’s TD&L sector is one of the largest in the nation, and greatly impacts the local economy for the region. According to the World Business Chicago (WBC) Bulletin, the Chicago TD&L industry generates $24 billion annually in output and employs more than 260,000 individuals. Additionally, there are over 16,000 TD&L firms located in the metro area, which is the highest in the nation.

National venture investments continue in this sector despite the economic headwinds. In the second quarter of this year, there were 243 deals with a value of $8.6 billion

...

Nice find.....

I'm actually going to a supply chain / logistics summit tomorrow to network with various folks on opps related to my field. Given the future onslaught of climate change and global geopolitical disruptions, this may serve to benefit Chicago.

[bnk]

https://www.chicagobusiness.com/comm...w-drug-firm-hq

October 03, 2022 03:05 PM

Drugmaker expanding, moving HQ to Fulton Market

Xeris Biopharma Holdings is bringing its offices and research space under one roof, notching a big win for Chicago's life sciences scene in the process.

DANNY ECKER


An injectable-drug maker that moved its research team from California to Chicago early in the COVID-19 pandemic is beefing up its office and lab space footprint in the Fulton Market District, a big boost to the neighborhood's emerging reputation as a biotech hub.


...

[marothisu]

Was taking a look at the taxes remitted for the state for the first 2 months of fiscal years (July and August) for the state

July-Aug. I adjusted these for inflation in August 2022 dollars:
2022: $8.61B
2021: $8.58B
2020: $10.09B
2019: $7.93B
2018: $7.92B
2017: $7.03B
2016: $6.59B

IIRC, 2020 is so high because there were some delayed collections for various taxes.

[jboy560]

That seems fairly impressive, but I’m curious to see how it compares to other states. What are your thoughts on the numbers, marothisu? I’m always a fan of your posts so I’m curious to get your insight and thoughts on these figures.

[moorhosj1]

From Capitol Fax on state tax receipts.

Through the first quarter of the year, base receipts are up a respectable $260 million, despite the fact that base federal sources are $515 million behind last year’s pace. However, once the combined $764 million in one-time ARPA Reimbursement for Essential Government Services funds received in July and August are applied to these totals, the overall gain in State general funds revenues thru September rises from $260 million to $1.024 billion.

Through September, personal income tax receipts, on the strength of steady employment levels and higher wages, are up $347 million on a net basis. Corporate income tax revenues have yet to tail off from the torrid pace of FY 2022 and are up $201 million net. Net sales tax receipts, despite the fact that more of its revenues are earmarked for the Road Fund in FY 2023, are still $133 million above last year’s pace.

[bnk]

https://www.chicagotribune.com/busin...pgy-story.html

Tyson Foods will move about 500 corporate employees in Chicago, Downers Grove to Arkansas headquarters

By Talia Soglin and Brian J. Rogal
Chicago
•
Oct 05, 2022 at 11:52 am

[sixo1]

Well, Tyson is investing in downstate Illinois. They announced in August of this year that they will invest $180 million to expand a prepared foods facility in Caseyville, Illinois. This will create 250 new jobs.

[bnk]

Originally Posted by sixo1

Well, Tyson is investing in downstate Illinois. They announced in August of this year that they will invest $180 million to expand a prepared foods facility in Caseyville, Illinois. This will create 250 new jobs.

Yes that is good news. I read that in several other stories on the move.