Posted 46 days ago
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FOR IMMEDIATE RELEASE | Aug. 14, 2024
CHICAGO—Today, Chicago Loop Alliance (CLA) released an in-depth Value of Downtowns report, created by the International Downtown Association (IDA), analyzing key principles of downtown success for the Chicago Loop compared to 54 other downtowns and center cities across the U.S. The study confirms that the Chicago Loop surpasses other U.S. downtowns studied by most value metrics and serves as the most significant and vital of Chicago’s neighborhoods. The nearly 50-page report details Chicago’s Loop as an established downtown, showcasing robust employment rates, burgeoning population density, and sustainable growth prospects for the future. View the full Value of Downtowns – Chicago Loop report at LoopChicago.com/ValueofDowntowns.
Report highlights include:
- While occupying less than half a percent of Chicago’s land, the Loop employs 419,311 workers, or 34% of the city’s total employment, with a worker density 75 times greater than the citywide average
- The Loop has approximately 14 times the density of retail, food and beverage businesses as the city average with combined sales of $1.8 billion.
- Since 2000, Loop employment increased by 27 percent, three times as fast as the average established downtown nationwide (per report criteria).
- The Loop’s residential growth rate is more than three times as fast as all studied downtowns.
- The Loop’s residential population is twice as dense as the average acre elsewhere in the city.
- 36 percent of housing units are owner-occupied in the Loop, significantly higher than the 19% median of other downtown study areas, suggesting an unusually stable center city community
- The Chicago Loop regained 96.7 percent of its 2019 employment levels within a year after the onset of the pandemic (2020-2021).
- Chicago’s Loop scores a perfect 100 in Walk and Transit scores, the only downtown in IDA’s study group to do so; and its Bike score of 79 surpasses the city’s overall score of 72.
- Loop households produce less than one third as many greenhouse gas emissions as typical regional households.
- Companies remain committed to the Loop – 88 percent of private employment in the Loop is with firms in existence 10+ years.
- Arts and culture in the Loop contribute an estimated $2.25 billion in economic activity.
- The Loop’s combined property assessment value is over $7.6 billion – within IDA’s study, Seattle is the only area to exceed assessed value for downtown properties with a study area three times larger than Chicago’s Loop.
“The Value of Downtown study confirms Chicago’s status as a world-class city, demonstrating how the Loop significantly contributes to this acclaim by generating critical revenue, driving employment, and enhancing resiliency throughout the entire city,” said Michael Edwards, President and CEO of Chicago Loop Alliance. “A variety of factors show the Loop as not only a legacy district with deep roots in the business community, but also a cultural hub of innovation and growth. Rapidly evolving as a dynamic residential area, the Loop gains recognition for leading in job creation, educational achievements, and diversity across sectors."
“For seven years, IDA’s Value of U.S. Downtowns and Center Cities has highlighted the critical role downtowns play in driving urban economies,” said David Downey, President and CEO of International Downtown Association (IDA). “This year’s study with the Loop underscores its exceptional status as a leading economic powerhouse with unmatched worker concentration, robust residential growth, and unparalleled walkability and transit accessibility.”
About the Value of Downtowns and Center Cities study
Building on IDA’s unique industry-wide perspective and expertise, the Value of Downtowns and Center Cities study quantifies the value of U.S. downtowns and center cities across more than 150 metrics organized under five core value principles (Economy, Inclusion, Vibrancy, Identity and Resilience), with a focus on how downtowns contribute to the city and region around them. The Value of U.S. Downtowns and Center Cities study is a partnership between IDA and local urban place management organizations (UPMOs). IDA began this research in 2017, working with Stantec’s Urban Places group and the first cohort of 13 UPMOs to develop a methodology for compiling and evaluating data from those 13 downtowns. In 2024, the analysis has expanded to include 54 downtowns and center cities across the U.S.
About Chicago Loop Alliance
Chicago Loop Alliance (CLA)’s mission is to lead the community by creating and supporting inclusive programs that attract people and investment to the Loop. CLA is a membership organization as well as the sole service provider for Special Service Area#1-2015, and the Chicago Loop Alliance Foundation produces public art projects and events. For more information, please visit LoopChicago.com.
About International Downtown Association
The International Downtown Association (IDA) is the premier organization for urban place professionals who are shaping and activating dynamic city center districts. Our members are downtown champions who bring urban centers to life, bridging the gap between the public and private sectors. We represent an industry of more than 2,500 place management organizations, employing 100,000 people throughout North America and growing rapidly around the world. Founded in 1954, IDA is a resource center for ideas and innovative best practices in urban place management. For more information, visit downtown.org.
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