Chicago Economy Archives

Chicago could be a front-runner in the race to lure free agent LeBron James. What's at stake for the Bulls and for the local economy?

Lisa Leiter talks with sports marketing expert Marc Ganis about what a Stanley Cup win would mean for the Blackhawks and the local economy.

The economic chaos in Europe could wreak havoc on some Chicago companies doing business on the Continent.

The economic chaos in Europe could wreak havoc on some Chicago companies doing business on the Continent.

Blue Cross & Blue Shield of Illinois has a bigger share of the Chicago market than any other health insurer does in any major city. Lisa Leiter talks with Crain's Senior Reporter Mike Colias about what its clout means for medical providers.

Find out how Chicago stacks up against other major U.S. cities when it comes to job creation.

Privately held banks lack the funds needed to snap up failed banks when they are auctioned by the FDIC. Lisa Leiter talks with Crain's Senior Reporter Steve Daniels about which local lenders are most likely to get in on the acquisition game.

Tootsie Roll buys sugar at a much lower price than its competitors. Lisa Leiter talks with Crain's Reporter David Sterrett about the Chicago-based candymaker's special foreign trade status and how the closely-held company might finally be up for sale.

Consumer advocates and state officials say Nicor is misleading customers with its gas pipeline repair program.

The countdown for Midwest Bank is on. If it doesn't raise fresh capital in the next few weeks, it could become one of the next local institutions to fail.

New reports show the housing market could be nearing the end of a devastating three-year slide. Find out if your neighborhood is making a comeback and what could be around the corner for local real estate.

How much is enough when it comes to charity care? That is the question facing many of the area's most prominent hospitals in the wake of a key Illinois Supreme Court ruling. Lisa Leiter talks with Crain's Senior Reporter Mike Colias about local hospitals at risk of losing key tax exemptions.

Mid-sized companies are finding easier access to credit these days. Competition is heating up among the banks that serve them. Hear from one corporate borrower and the chief executive of ColeTaylor Bank.

The city's convention and trade show business may be struggling, but many of Chicago's major tourist attractions are seeing increases in attendance. We look at how leisure tourism is on the rise and how hot spots are adapting.

There will be a $410 million federal infusion for the O'Hare Modernization Project, but it's not enough. To complete Mayor Daley's massive expansion, the city needs to win back support from the airlines.

Armitage Avenue used to be one of the hottest shopping areas in town. But now vacant storefronts line the street where boutiques used to thrive. We talk to local businesses and analyze the downfall of the renowned street.

There is one month left until the popular first-time home buyer tax credit expires. Did the latest extension continue to boost home sales? We sat down with the co-founder of @properties to get answers.

Many consumers are avoiding high-fructose corn syrup these days, which is forcing Corn Products International to reassess one of its core businesses. We sit down with CEO Ilene Gordon to discuss new sweeteners, acquisitions and even a possible name change for the 104-year-old company.

After a relatively slow 2009, signs are pointing toward a slew of new movies and television pilots shooting in Chicago in the coming months. We take a look at what films are on the way and what they could mean for the local economy.

The amount of distressed commercial real estate in Chicago totals $7.5 billion, and office space makes up the majority of this number. With unemployment at a 27-year high, the office space market might get worse before it gets better.

Chicago's unemployment rate has shot up to a 27-year high of 11.6%. Is there any relief in sight? For one industry, there is.

The newly enacted health reform bill has everybody wondering: will it help or hurt my business? Crain's senior reporter Mike Colias breaks it down.

Many banks that own foreclosed pieces of land in exurban Chicago are selling them at rock bottom prices to get the struggling assets off the books. We talk with one southwest suburban farmer who sold high, bought low, and now may profit from selling his own farm -- twice.

The landmark Allerton Hotel is the latest downtown property to enter financial distress. Learn whether it will go into foreclosure and if there are more delinquent hotels on the horizon.

There's a new mantra for today's restauranteurs: Just because there's a recession, doesn't mean you can't eat well. We talk to a new eatery featuring creative comfort food at a good value.

The Supreme Court is expected to shoot down Chicago's 28-year-old handgun ban in June. Will this open the arsenal door for gun shops to enter city limits? We talk to experts and suburban gun shop owners about what's to come.

Politicians and transportation officials are praising the progress of one large rail project set to break ground this year. But with Washington and the state tightening their budget belts , future funding for improvement plans could get derailed.

While most spec builders closed shop after the real estate bust, there are some who continued building multimillion-dollar homes. We visit the site of one of the homes and talk to the spec builder who says he's at the forefront of a market turnaround.

Companies will be adding jobs in the second quarter, according to the latest employer survey by Manpower. But the majority of companies will keep staff levels the same. Find out which sectors are hiring and which are not.

Chicago's liquor wholesalers, the Wirtz family among them, are banding together to stop Anheuser-Busch from distributing its own beer in Illinois. Crain's reporter David Sterrett talks with Managing Editor Brandon Copple about the booze battle.

Since fall 2008, Willis Tower has secured several new tenants and overcome a popularity slump to regain its lure as the building of choice in the West Loop. We take a look at how the tower's leasing office has put a shine back on the Chicago icon.

After a plunge in business travel, the road warriors are slowly returning to the airports. But with airlines cutting capacity, companies can expect to pay more for their employees to fly again. We have the story.

Chicago pastors have formed a coalition to bring a Wal-Mart to the South Side, which is struggling amid job losses and store closings. Can they put enough muscle behind their campaign to convince the City Council to join them against Big Labor?

Despite the recession, Chicago's biggest hospitals have posted eye-popping revenue gains. While losses grow at smaller health care facilities in struggling neighborhoods, providers like Northwestern Memorial, Advocate Health Care and NorthShore University Health Systems posted huge gains. What's behind the discrepancy, and what does it mean for the area's health care system?

Claims will jump, and so will insurers' costs. That is the conclusion of a new study coming on the heels of the Illinois Supreme Court's recent ruling to put an end to caps on medical malpractice awards. We talk to an insurance company to get its take on how the ruling will affect claims, costs and doctors' rates.

Construction starts will increase by double digits this year, according to a new report. It's a big improvement over last year's record decline, but the value of the projects is still a far cry from its peak. We talk to a local contractor about the struggles and successes he expects in 2010.

Production is picking up at area factories, but recovery will be slow due to greater competition from other states.

The on-time arrival of O'Hare's expansion project's second phase is threatened. The city surprised and upset airlines with the proposal of not only a hign increase in fees, but to also build a second terminal, which infringes on their business.

Hotels are still being haunted by the recession. Occupancy hit a 57-year low in 2009, and 2010 is expected to be only slightly better. We talk to the Hyatt Regency Hotel to see how they're handling this historic downturn.

When it comes to Chicago banks, the bad news keeps coming. Already 15 area lenders have failed, with more sure to fall in the months ahead. From Broadway Bank on the North Side to Amcore in Rockford, the list of endangered institutions keeps growing. How will the crisis affect the city's lending landscape? Crain's Steve Daniels breaks down the winners and losers in a conversation with Managing Editor Brandon Copple.

According to a new report, the Chicago-area housing market won't recover until 2013, and the industry will look vastly different from the boom years of the last decade. We'll tell you what will be happening to home values, ownership and industry jobs in the years ahead.

Supervalu, the parent company of Jewel, is considering opening more Save-A-Lot stores and is scouting sites around Chicago. But the company could cut down on product selection at Jewel to pay for the expansion.

Chicago home sales are showing signs of life, but is it a real rebound? We take a look at what's fueling sales and what could hold them back.

Developer Marty Paris is planning a huge, multi-tower retail and residential complex for Uptown's lakefront. But before he builds, he must secure leases, as well as win over neighbors.

If the state of Illinois were a business, it would probably go bankrupt. The state's cash flow can't cover its bills, and its liabilities far exceed its assets. The budget gap is hard to pin down but right now the state appears to be out of round by nearly $6 billion--and it's getting worse every day, as the recession holds down tax revenue and pension and other payments continue to slam the treasury.
What does this mean for Illinois citizens and businesses? And is there any solution in sight? Crain's columnist Greg Hinz breaks it down in a brass-tacks talk with Managing Editor Brandon Copple.

The industrial vacancy rate is the highest its been in nearly 20 years. This is creating great deals for renters, but it's also a sign that the local economy is struggling to recover.

The rich have been battered during this recession, prompting many luxury boutiques to close or adjust their businesses.

Target may lease two floors in the historic Carson Pirie Scott building. This would be a big win for developer Joseph Freed and Associates, as well as for the State Street shopping scene.

New numbers from the state reveal that Chicago will lose more jobs in 2010. But it's not all bad news. We'll tell you which industries will be hiring and from where economic growth will stem.

The notorious Asian carp are getting closer to the Great Lakes, and Michigan wants the waterways closed. But the economic effects on the shipping industry, and Illinois businesses, could be "disastrous." Does the short-term pain outweigh the long-term benefits of closing the locks?

Kraft commanded the headlines this week with a sale of its pizza business and a warning from billionaire investor Warren Buffett, the company's largest shareholder, about its bid for Cadbury.

Vacancies are up, rents are down. Building sales are few and far between. What will 2010 bring for the commercial real estate market?

2009 is a year most of us would like to forget, economically speaking. 2010 may bring a gradual recovery led by business investment.

Spire developer Garrett Kelleher is still looking for funding after a potential deal with some local labor union investment funds falls apart. Lisa talks with Crain's senior reporter Eddie Baeb about the prospects for what would be North America's tallest building.

A big week for Federal Reserve Chairman Ben Bernanke. Time names him "Person of the Year." A Senate panel backs him for a second term, but not without dissent among some members. Lisa talks with Mesirow Financial Chief Ecoonomist Diane Swonk about the central bank chief and the outlook for the local economy.

Hotelier Ian Schrager finds a local investor to help him buy the landmark Ambassador East Hotel and its famed Pump Room.

Retailers already are suffering the pullback in consumer spending are facing another threat: theft. It's on the rise this holiday season. We'll tell you what local stores are doing to combat shoplifters.

Two decades after leaving the local banking scene, Harrison Steans is taking on a big challenge. Lisa talks with Crain's senior reporter Steve Daniels about this banking legend and how he's putting his legacy on the line with Cole Taylor Bank.

Fewer than 1 percent of American companies export their goods overseas. But with U.S. consumers scaling back, many companies are looking for foreign markets more than they ever have before.

The popular local Italian restaurant chain, Francesca's, is using the recession to reach new markets. Find out where it's headed next, and what Francesca's needs to do to find success in those markets.

2009 was a dismal year for the commerical restate estate market. 2010 is not looking much better. The office vacancy rate is expected to hit levels not seen in two decades and rents are poised to drop even further.

The Chicago jobless rate may be at the highest level in decades, but that doesn't mean the jobless are willing to work for peanuts.

One reason unemployment might be staying stubbornly high: a lot of people would still rather stay unemployed than take a pay cut.

This holding out thing may work for Brett Favre, but, as our story points out, most of these people will eventually have to face the reality that their old salary is gone forever.

This is somewhat akin to the housing market, where buyers refuse to lower their price for many months after the market crashes. Eventually, they capitulate and things start moving again.

Here's the story.

The much-debated cash-for-clunkers program generated plenty of action in Illinois. Trade-in action amounted to $143.6 million in federal rebates, or $11.13 per capita -- fourth highest in the country.

In the most popular trade, Illinoisans dumped a Ford Explorer and drove away in a Toyota Corolla. More fun details in our story. 

The recession is showing no mercy to Chicago's houses of worship, sapping tithes and offerings as demand for church services rises.

The past year's unholy economic crunch is sparing nobody. Even the city's houses of worship are being clipped. Offering plates are coming back lighter and some members are losing their religion as job cuts and plunging home values take their toll.

It's another slice of life in the worst recession in decades. Crain's Senior Reporter Monee Fields-White has the story.

Willow Creek Community Church in South Barrington has seen offerings drop about 2%. Photo: Stephen J. Serio