{"id":1552729,"date":"2022-07-13T14:34:47","date_gmt":"2022-07-13T18:34:47","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1552729"},"modified":"2022-07-13T14:34:52","modified_gmt":"2022-07-13T18:34:52","slug":"chicago-mayor-lori-lightfoot-says-economy-is-thriving-even-as-fortune-500-companies-flee","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chicago-mayor-lori-lightfoot-says-economy-is-thriving-even-as-fortune-500-companies-flee\/","title":{"rendered":"Chicago Mayor Lori Lightfoot Says Economy Is \u2018Thriving\u2019 Even As Fortune 500 Companies Flee"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fchicago-mayor-lori-lightfoot-says-economy-is-thriving-even-as-fortune-500-companies-flee%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1552729&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"http:\/\/dailywire.com\/topic\/chicago\">Chicago<\/a> Mayor <a href=\"http:\/\/dailywire.com\/topic\/lori-lightfoot\">Lori Lightfoot<\/a> (D) insisted last week that her city\u2019s <a href=\"http:\/\/dailywire.com\/topic\/economy\">economy<\/a> is booming \u2014 even after several multibillion-dollar <a href=\"http:\/\/dailywire.com\/topic\/business\">companies<\/a> left the region in recent months.<\/p>\n<p>\u201cChicago\u2019s economy is thriving and our business sector has set records, keeping us competitive with top global financial cities,\u201d Lightfoot said in a <a href=\"https:\/\/www.chicago.gov\/city\/en\/depts\/mayor\/press_room\/press_releases\/2022\/july\/MayorLightfootTravelLondonParisHighlightChicagoEconomy.html\">press release<\/a> announcing an economic development trip to London and Paris, where she looks forward to \u201cdiscussing Chicago\u2019s economic strengths,\u201d speaking at a financial technology conference, and \u201clearning new ideas to further develop our business community and economy.\u201d<\/p>\n<p>However, Citadel \u2014 a hedge fund with $51 billion in assets under management \u2014 announced last month that it would <a href=\"https:\/\/www.dailywire.com\/news\/wealthiest-man-in-illinois-moves-his-business-from-chicago-to-miami-amid-feud-with-democratic-leadership\">move<\/a> to Miami, Florida. The company\u2019s founder, Ken Griffin \u2014 formerly the richest man in Illinois \u2014 had already relocated to Miami after telling The Wall Street Journal that Chicago\u2019s rising crime constitutes \u201ca really difficult backdrop with which to draw talent.\u201d Indeed, Chicago <a href=\"https:\/\/www.dailywire.com\/news\/lightfoots-chicago-records-797-homicides-in-2021-most-among-u-s-cities\">recorded 797 homicides<\/a> in 2021 \u2014 the highest of any American city.<\/p>\n<p>Likewise, construction machinery maker <a href=\"https:\/\/www.nbcchicago.com\/news\/local\/caterpillar-inc-to-move-global-headquarters-out-of-chicago-area-into-texas\/2857142\/\">Caterpillar<\/a> and airplane manufacturer <a href=\"https:\/\/www.forbes.com\/sites\/joewalsh\/2022\/05\/05\/boeing-will-move-headquarters-from-chicago-to-dc-metro-area\/?sh=2ffb83d863cf\">Boeing<\/a> respectively announced moves to Irving, Texas, and Arlington, Virginia. The former company had sales and revenues of <a href=\"https:\/\/investors.caterpillar.com\/financials\/quarterly-results\/default.aspx#:~:text=With%202021%20sales%20and%20revenues,turbines%20and%20diesel%2Delectric%20locomotives.\">$51 billion<\/a> last year and ranks <a href=\"https:\/\/fortune.com\/company\/caterpillar\/fortune500\/\">73<\/a> on the Fortune 500, while the latter had more than <a href=\"https:\/\/investors.boeing.com\/investors\/investor-news\/press-release-details\/2022\/Boeing-Reports-Fourth-Quarter-Results\/default.aspx\">$62 billion<\/a> in revenue and holds the rank of <a href=\"https:\/\/fortune.com\/company\/boeing\/fortune500\/\">60<\/a>.<\/p>\n<p>\u201cWe believe it\u2019s in the best strategic interest of the company to make this move, which supports Caterpillar\u2019s strategy for profitable growth as we help our customers build a better, more sustainable world,\u201d Caterpillar CEO Jim Umpleby explained in a statement.<\/p>\n<p>Yet Chicago officials made no mention of the heavy losses in their press release.<\/p>\n<p>\u201cWe are pleased to bring together city and business leaders to represent Chicago\u2019s global interests in London and Paris,\u201d Michael Fassnacht, chief marketing officer of Chicago, added. \u201cChicago\u2019s competitiveness in the world is key to our strategy of driving growth, innovation, and a strong business sector. As such, the business delegation joining us represents the varying interests of the city\u2019s business community, helpful in promoting Chicago as an investment-friendly city, as well, strengthening important, and long-standing, global business relationships.\u201d<\/p>\n<p>Chicago lost an average of 0.2% of its population each year between 2014 and 2019, according to <a href=\"https:\/\/blog.oxfordeconomics.com\/content\/metro-economic-forecast-chicago-june-2021#:~:text=Chicago%20is%20expected%20to%20see,ranks%2042nd%20of%2051%20metros.\">Oxford Economics<\/a>, as net migration fell to negative 0.7% between the first quarters of 2020 and 2021. The city is not expected to regain jobs lost during COVID and the lockdown-induced recession until the first quarter of 2024.<\/p>\n<p>In an <a href=\"https:\/\/www.dailywire.com\/news\/enough-is-enough-business-owner-explains-why-he-finally-left-chicago\">interview<\/a> with Fox News Digital, Illinois construction business owner and gubernatorial candidate Gary Rabine described how crime made work in Chicago challenging.<\/p>\n<p>\u201cWe would do thousands of jobs a year in the city, but as we got robbed more, my people operating rollers and pavers we got robbed, our equipment would get stolen in broad daylight and there would usually be a gun involved, and it got expensive and it got dangerous,\u201d Rabine noted, adding that security and insurance costs made the jobs \u201ctwice as much as they should be.\u201d<\/p>\n<p>Rabine was not surprised to hear the news of Citadel leaving Chicago. \u201cIf you want a great culture in your company you have to have people that love being on the team and they don\u2019t want to live in a violent area,\u201d he told Fox. \u201cThey don\u2019t want to live in a place where their kids can\u2019t walk to school safely and their wives and kids can\u2019t go shopping in a beautiful environment like Michigan Avenue which was once the safest place you could ever go shopping.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chicago Mayor Lori Lightfoot (D) insisted last week that her city\u2019s economy is booming \u2014 even after several multibillion-dollar companies left the region in recent months. \u201cChicago\u2019s economy is thriving and our business sector has set records, keeping us competitive with top global financial cities,\u201d Lightfoot said in a press release announcing an economic development &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1552818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1552729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1552729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1552729"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1552729\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1552818"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1552729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1552729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1552729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}