Friday, April 27, 2007

Are Chicago Business and Political Leaders Doing Enough for the Economic Future

I am often concerned about the future economic health of the city and metropolitan area. Everyday I read the SSC economic thread, real estate journals, newspaper articles and other business reports. Although many of the articles are positive and have promising reports about the city's future, there are thoses that cause uncertainty. Last month's ULI's publication "Real Estate Trends" potraits the real estate market here as weak and a secondary market. World Business Chicago and Northwestern University completed a survey that shows that Chicago image in China, although positve, needs a boost. Some financial journals are reporting that the economic conditions are improving on both coast and, that most of the economic activity is caused by investment from Asia. The condo markets in those coastal cities have stabilized and are rebounding. Many experts believe that Chicago's condo market will stay flat for another six to eight months. They say part of the problem is there has been very little job growth overall in the city/metro area. There has been very little investment from overseas especially from Asia. I don't know if this is true so, if someone knows the exacts please inform me.

One of Chicago's problems is its low profile image overseas. I believe that the city leaders and the state leaders can improve Chicago's image around the world by aggressively working together. Mayor Daley should try to convince suburban residents how important the city is to their lives. He needs to articulate to residents of the city and suburbs the importance of working to transform the region economically and socially. He could do this through a weekly or bi-weekly public service announcement. More money is needed from the state and region to properly sell Chicago to the world over the next 5-10 years. We need to do what ever it takes to assure the City gets a fair shot at succeeding economically.

I personally believe that being an alpha city is not everything. There are many non alpha cities that have that special energy and offer just as much culturally and socially as those at the top of the food chain. I am not saying that we have slip on the food chain so for all you opportunist who are looking to debate if the city is alpha or not, I don't care what you think. What I would like to know from all of you forumers, especially those who love the city (metro area), Do you think Chicago's leaders are doing enough to lead the city to a prosperous economic future? What will it take to keep the city at the top of the economic elite class of cities? Should we stop expecting the world to discover the city by word of mouth and aggresively market it? What are your thoughts?>

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