Restrictive zoning laws and policy barriers have prevented new housing construction, driving prices up and Illinois families out.
Atlas Sweets is a newcomer to Chicago’s summer farmers market and fair scene. For founders Vlad and Ellery Rikhlyuk, the cotton candy enterprise is about more than bringing in a little extra cash – it’s the revival of a family dream once crushed by Soviet Communism.
Illinois continues to be one of the slowest growing economies in the nation, ranking 46th in post-pandemic job recovery and adding just 20,300 jobs in the past year. Unemployment remained above the national average.
Illinois companies announced 444 mass layoffs in July. LSC Communications Transport in Bolingbrook, also known as Enru Logistics, accounted for over one-third of job losses.
Chicago had 44,840 licensed businesses operating in the city last year, fewer than any year in the past decade and 17% less than during 2015. The Magnificent Mile reported the largest drop, with active business licenses falling by over half.
Illinois lost 218 businesses to other states in 2023, part of an acceleration to triple the rate of what losses were before the pandemic. When adjusted for population, Illinois ranked No. 2 for the most business losses.
Despite leading the region in businesses applying to open, Illinois’ combative business climate results in few business actually starting.
June housing production in Illinois continues to lag the rest of the nation, leading to price problems across the state
Illinois’ latest drop in gross domestic product shows broader issues with the state. The state’s real GDP has been struggling for years.
Illinois was No. 12 in the U.S. for its June unemployment rate. It’s not been ranked that low since before the pandemic. Still, the state trails the national average thanks to anemic private-sector growth.
Ridership on Metra, the Chicago Transit Authority and Pace is still down 30% from pre-pandemic levels. The agency overseeing all three needs to look at spending before demanding $1.5 billion from taxpayers.
Residential permits across Chicago remained low in 2024, and efforts to increase housing on existing lots have been put off. Some of Chicago’s aldermen want to maintain power over their wards, including thwarting a popular housing solution.