What Boeing, Caterpillar and Citadel's Exit From Illinois Means for the State | WSJ
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- เผยแพร่เมื่อ 26 มิ.ย. 2024
- Three major companies-Boeing, Caterpillar and Citadel-are moving their headquarters out of Illinois after years of operating in the state.
WSJ looks at the economic and political implications of these exits out of Illinois.
Photo Illustration: Laura Kammermann
0:00 Illinois’ Fortune 500 companies
0:42 Why companies are leaving
2:37 What this means for Chicago
5:36 What’s next?
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Chicago should try to attract a body armor manufacturer. That company would be very close to its market.
Camping gear manufacturers as well would flourish there
And 30” rim stores, more check cashing locations, and liquor stores.
Casket company would do well there, especially for young kids.
Body bags and toe tags manufacturer…. good business in Chicago.
great opportunity for contractors willing to gather votes and make sure Beetlejuice remains mayor.
Don't forget Illinois going through a pension debt crisis. When so much of the tax revenue goes to paying off government employees' pensions, it's no wonder why people want to leave. If people don't want to be in Chicago, neither do the companies.
The State Pensions were managed by the same Wall Street scum that gave us the Housing Bubble and Dot Com Crashes. If youre trying to give crooks a pass and shift the blame elsewhere then MAYBE you should stick to your Pokêmon, Super Mario, Yanni "Music" (literally people, I'm not making any of that up) and leave the thinking to people who can.
Illegals and welfare too!
@@republicunited2183 poor people are not the problem dude
@@mf-- yes it is
Illinois politicians still have their heads up their rears. We moved out in 2007. Best decision of our lives.
Which state did you move to?
@@manofculture8026 SC
Who wants to have a business in Chiraq?
@@dutchberry Anyone who calls it “CHiRaQ” doesn’t actually know anything about the city and only parrots mindless talking points.
@@BlownMacTruck nope wrong. I used to live in Chiraq. That is how I know.
Cities like Chicago became what they are because they attracted large amounts of people looking for a better life. But more and more people are realizing that better things await them elsewhere. Illinois' political leadership refuses to acknowledge the problem, let alone propose any solutions for it. For locals who pay attention to such things, this isn't really a surprise- they haven't been capable of any meaningful problem-solving for a few decades now. The results of their ineptitude are now hitting home. Literally.
They also tax your residence to the moon as far as I have seen.
You did that eloquently without using the D word. :P
@@MarxAlex So does Texas with one of the heaviest property taxes in the country.
@@the3idiots14 right but the last time i checked......they had no income tax. So the point is to get people to work and then if you do well and can afford a property you pay it back.
Way more logical because it doesnt put stress on the poor or middle class to just work. You can still rent and not pay property tax.
So again yoir argument falls flat quick.
Corporations wrap themselves in the US Flag while they pursue always INCREASING profits because Stock Options are how the executives pay themselves now (I'm just an engineer but one start-up company awarded me 40,000 Stock Options - keep that in mind next time tney sell you on the idea that you're "equal"). Corporate Executives aren't even interested in making sure to stay connected with their products and their Workers, either because of this -> 2:20 (and Boeing's similar example mere seconds before) OR because these "super patriotic" turds never hesitate to pursue lower costs, even when it means giving the middle finger to that "Cold War" we fought for so long by shipping jobs to China.
Same reason Elon Musk left California, Democratic run states with major taxes and regulations.
Democratic run states benefit the average person. Makes perfect sense that billionaires and multi-billion dollar companies would want to leave for states that benefit them more. Not to mention everyone flocked to California, Illinois, or New York over the past 50 years. Too many people in those states made it incredibly expensive to live there
@@mikea5745 no they don’t help the average person. Democrats only help poor people by just giving handouts. At the end of the day it’s the middle class who gets screwed from inflation, rising cost of housing, and high crime. Remember, someone who isn’t earning minimum wage doesn’t have their wage adjusted everytime democrats want to raise the minimum wage a dollar hence middle class wages stay the same or take slower to adjust since no law exist to mandate that.
@@mikea5745 - Absolutely agree. These are the only states not facing any inflation like the rest of the country. If you need gas or food just steal it, if you want to start a small business Walgreens is the place to source your products from just ensure that the total price tab is below $900 and avoid the payment counter. If we could get a couple more losers to move to these states it would be mission accomplished.
@@mikea5745how do they benefit the average person? by releasing violent criminals and passing unconstitutional gun bans? By raising taxes on them?
I can tell you what happened to Montreal: For centuries it was the leading city of Canada, then in the 70s separatism and associated violence arose. Corporate headquarters started moving to Toronto; long-term decline began. It lost investment, many skilled people, and most of its international prestige. Montreal formerly had a larger population; now it's 4.3 million, Toronto's is nearing 7m. Older people vividly remember a glittering and booming Montreal. Now Toronto is markedly more prosperous.
Now Toronto has more skyscrapers than Chicago. How ironic.
Toronto is just Beijing west.
@@floxy20 No it doesn't. Chicago has around twice as many (over 150 m tall), and they're taller besides. Also, your grasp of the word 'irony' is highly questionable.
@@Theactualstoic Good idea. Worldwide, according to the Council on Tall Buildings, the four cities rank like this: NYC 3rd, Chicago 10th, Toronto 20th, Boston 63rd. (Toronto 3rd in North America; CN Tower excluded in their ranking system.) Calgary is the next Canadian city, 73rd in the world.
ah now i know, was visiting there recently,
Left Illinois years ago, taxes were outrageous for no services and the weather is the worst, we would never return there.
How many times has Boeing moved? I'm starting to think they make more money from kickbacks from moving than from selling airplanes.
They rely on welfare from the government to compete.
exactly im getting sick of hearing about the poor little multi million dollar companies who had no choice but to go to a red city where their employees cant afford healthcare
Oh don't worry Chicago!!! All these companies will be replaced by companies like Canopy Growth, Cronos, Aurora Cannabis and will not only survive but thrive. They'll be very close to their target market and won't have to spend all those extra dollars on shipping and forwarding.
Just twice but they don't really move. It's just the CEO and his cronies. A few hundred people in a corporation that employs 150000. The Chicago move was mostly about tax incentives. I wouldn't doubt that the DC move is partly about that too.
I moved out of Chicago 5 years ago due to the increase in crime, increase in property taxes and extremely bad politics. I was born and raised there and I just go back to visit every so often.
I still live here and 5 years ago Chicago was decent. It's gotten much worse. I moved 3 times in two years. The last place I lived reduced it's police force and hired community service officers 🤣. It's a joke, crime is going up everywhere and JB just got rid of the cash bail. I need to move out of this state entirely before things get worse.
I grew up in oak park and have bailed ill.I was in the south loop and could not believe how dead it was.trading business is gone.and this was before the pandemic
5 years ago? Increase? LOL
5 years ago nothing was going on 😂 what are you talking about
Exactly, you made the 100% correct decision. Same. Not the same city we grew up in and keeps getting worse.
yeah because texas crimes and politics are definitely perfect. Dont put your kids in a school tho
I loved living in Chicago as a kid. But cannot see myself living there again. Too dangerous, bad weather, pensions, politics stink, Ponzi scheme taxes. Couldn't stomach moving back. Great to visit for a bit though.
Agree
what does "ponzi scheme taxes "mean? I am not being a smartass, I am truly curious.
@@anniesshenanigans3815 Overblown pensions if government employees that have to be paid by constant new taxes
@@anniesshenanigans3815 Every year, more people leave the State and the politicians raise the taxes to make up for the loss of its citizens. Only trick it has up its sleeve. How else can they pay all those promised pensions?
@@mintheman7 And higher taxes each year to make up for people leaving the State. So sad right?
During my senior year at the U of I in Champaign recruiters asked me where I wanted to live and I responded, “Anywhere but Chicago.” (where I grew up) Glad I made that choice. I haven’t looked back.
Citizens can tolerate a lot,
But city and State govts that allow rampant crime in their streets that threatens the families of the corporations who pay taxes there,… will never be drawing in or keeping them from leaving…
From blue state to red state. Why am I not surprised?
Virginia is a blue state. Florida and Texas, of course, are not.
@@neckenwiler Virginia is technically purple
Boeing has messed up a LOT since moving headquarters from Seattle to Chicago….
Becoming fiercely adversarial with their unions, both engineering and hands on builders of the planes has caused a lot of self inflicted major problems. Pebble in the pond analogy.
Boeing also off-shored a lot of their engineering to Russia, India, and other foreign locations, which was penny wise and pound foolish!
Let’s hope they can gain some real world perspective before it is too late!
Boeing should had returned to Seattle.
Boeing is a monopoly and should be broken up.
@@jarigustafsson7620 as a defence contractor, it would make sense to be near the pentagon
it's nice to know my plane's software was written by a guy in india working for 5 rupees, nothing instills confidence in a passenger more than that
Tony Walters -
Maybe they are choosing to emphasize defense contracts, and are putting their Commercial Airplane business on a (way) back burner….?
Say thanks to the politicians who are as guilty as the voters who brought them to power. If voters want to continue they path to poverty, continue voting for that type of politicians
With people working remotely now, it makes sense to move the office address to the most beneficial place from taxation and other perspectives.
@@TH-camGuy-dm7uy Washington State doesn’t have an income tax and they seem to be a bit more blue.
Working Remotely has a shelf life. Can't replace real people being around other real people in person to get things done.
@@stapleman007 you don’t know what your talking about.
[Customer] My toliet is clogged!
[Plumber] Well, text me a photo of it.
Wait until the strategic reserve runs dry and gas prices go to 7 or 8 bucks a gallon…
The mayor is a embarrassment to the city the crime ,the cost to do business lol California and New York and many others are also doing the same.
Individuals are moving out of Illinois too. Bad weather, high crime, unreasonable taxes, corruption and segregation. Very little reason to stay.
Chicago is a great city all things considered, but the weather is an absolute deal-breaker for me. More of a place to visit for the weather alone.
Excuse me am form California and unresonable taxes is what we are known form
Texas is freaking hot.
Illinois crime is pretty average actually. Chicago has high crime, but it's not even in the top ten cities with the most violent crime in the US anymore. Property taxes are high, but income tax is low, and the income to cost of living ratio is actually great
@@raybod1775 out of the snow bank and into the sauna.
Leaving Illinois was the best decision I’ve ever made.
Me too. I'll never look back.
why don't you want to live in a city where police is being defunded?
Where did you move?
Amen brother! The taxes were eating me alive. The crime was pretty scary too.
Why? Do you own a business? Only that way it would make sense
As a CAT investor, I am relieved the company moved out of gangland.
Cat is moving their headquarters for now but I think everything will go eventually.
Detroit will soon have a sister city.
Long shot, Chicago is light years ahead of Detroit
These execs make all these decisions and once they move, will soon find that the local talent pool is subpar. They’re all interested in supporting insurrections and restricting personal rights and freedoms more than getting any work done. Pretty soon it stalls growth in the new area and it’s all back to basics. Companies like Oracle and Tesla moved to Texas and we can see it didn’t work as well they’d hoped.
Detroit is compared to Stockton California…. Not Chicago
@@_Chicagosfinest Fair point. I let my grief carry me away.
Corrupt tax arrangements & race to the bottom in corporate responsibility is not the answer.
Climate change will change all this.
Or progressive politicians could stop ruining cities
that's called neoliberalism
ak extortion
@@nikhilpanicker8428 I agree with that also, both extremes hurt the average responsible citizen in favour of greedy corporations, that might not have much allegiance to America or the locality, or to coddling antisocial degenerates & fanciful notions of human behavior.
@@assertivekarma1909 Lol, as though leftists have any loyalty or allegiance to America.
From a blue state to a red state it's like people are trying to tell you something
Yes, like there's no state tax in Texas.
Red states attract companies the same way foreign countries do... cheap, low skilled labor and lax environmental regulations. Heaven forbid a state invest in it's people having decent standards of living.
Yes companies prefer low taxes and limited government interference so they can treat their employees like trash. What else is new.
They won’t be red states for long if this trend continues
Boeing is a dying company. Moving to Virginia only confirms what we already knew-lobbyists and lawyers are still firmly in charge, and salesmen in charge of a company don't know how to make a plane, or cut costs in safe ways. The fewer engineers are in charge, the worse engineering firms perform.
Yes, it seems like it sooner or later the firm that makes the safest planes in the world will have their headquarters in Tokyo and it is not Boeing.
The second I spoke to laurie Lightfoot, I would mentally and immediately start making plans to move my organization.
I'm amazed that woman is still in office
What everyone misses is in Illinois state constitution, pension payment is guaranteed. So unless they remove that, taxes are going to even get worse because of 30 years of fiscal irresponsibility.
Why shouldn’t pension be guaranteed? It’s the human thing to do.
@@sct4040 Taxation is theft. You can't steal infinite money and call it compassion.
@@sct4040 Because it's financially unsustainable. The Illinois Constitution needs to be amended to provide any material pension reform.
Correct. And if you live there, you are on the HOOK for paying it. Get out while you can. All businesses and high wage earners tha can leave should, leaving the state with a reduced tax base to pay rapidly esca lating pension and social services costs. The sooner the city's and state's defaults are forced, the better it will be, because the longer it takes, the deeper the holes will be.
@@sct4040 Because they got those bloated pensions by striking.
Corrupt tax arrangements & race to the bottom in corporate responsibility are not the answer.,
We don’t need any more tax breaks for the wealthy; what we need is fair taxes for all Americans and for those at the top to pay their fair share.
74% of small business owners support the inflation Reduction Act.
@@legilooks In such times as this, you’ve got to make sure you considered having a diverse investment strategy as this will help manage the overall risk on your portfolio. I believe having exposure to different areas of the markets really helps in accumulating profits and portfolio growth….
@@charlestancred6181
@@younglee-segredo831 Thanks for the contact , i will contact her shortly.
They are going where they can get a better deal. It is about money and those with it tend to want more of it. They go where they can fatten their bottom lines. Political? You bet. But if you're the head of a city, state, or even a federal official you have to play the game in your court or have it moved to another court.
So why no major ones moving in then ,
@@quantcook agree google is a small bakery
Then if they got money, and they want more, then you should buy some stock, because that’s who gets it. Or do you think they should give it to the politicians!
Yes, its all about money and Chicago wrings every dime out of them just like California does. City Bureaucrats drafting anti business regulations and taxes to hopelessly patch and balance their overspent budgets. Yes, its all about money and Chicago will just set its new regulations and taxes on those business remaining.
@@quantcook Reread my post. You have answered your own question.
Actually from 1976 to 1981 I work there, after the 80s they went from like 15,000 employees to I don’t know like 5000 they closed tons of buildings in East Peoria Illinois because I used to work in them so they’ve been leaving Illinois for a very long time. My father worked there 30 years but he died in 1982,
Nobody knows what company you're talking about...
I pulled myself (high income) and my company out of California about 5 years ago for Texas and never looked back. I still keep a home in CA because it’s a beautiful state (San Diego area) but it’s no place to run a business. And having homestead there as a high earner makes you feel like a sucker. The taxes are way too punitive
Texas is only good for businesses, but not for a regular worker.
@@hectorcardenas2171 except regular workers are also flocking to Texas. Personal freedom. No income tax. Opportunities.
@@codycast
Personal freedom? 😂
BS!
@@hectorcardenas2171 At least Texas doesn't throw you in prison because your Glock has a standard magazine.
@@codycast "No income tax" is great advertisement for people who can't do basic math. The effective tax rate is higher in Texas for low income and middle income earners
It's not like Texas doesn't get tax money. They definitely do, just from other types of taxes
Born and raised in chicago 38 years later I left . Was turning bad in 1988 can't imagine it now
Good. Eventually the voters in Illinois will realize their mistakes.
The public worker's pensions are a big part of the problem.
No they won't. They will keep voting people like Lori Lightfoot in because her melanin
No the voters will not realize their mistakes. Will vote for more of the same.
I left Illinois in the 80s, best thing I ever did!
Boeing only had Executive offices there, which was minimal. Rumors are they originally moved there because Stonecipher had a mistress in Chicago. Also, I think the Congressional Procurement was led by Illinois Representatives back then too, not sure. Current rumors are that Calhoun is literally running Boeing from his East Coast Lakehouse, which seems rather odd, but apparently true. The fact they are moving to DC tells me they are gradually sliding toward Defense procurement from Civil and may have lost their confidence and courage to build commercial airliners in the future. Boeing needs to return it's Executive team to the standard it had pre-MD.
Moving from Chicago to Miami because of crime. Miami really?? 😂😂😂
We live and Chicago and can’t wait to move out too. Too much crimes, too many crooked politicians a no too much taxes.
Most of the people I know in Illinois are either leaving or wish they were.
Are you going to keep voting for Democrats?
@@rogerdodger8415 who cares about votes lol, even if you change the political landscape, crime is not just gonna magically stop. That takes years or even decades to self correct. Better make a decision based on your personal needs, what u see right now, politicians are not gonna save u
With your grammar I don't believe the democrats will notice you moving out.
Kill-inois
Work took me to Chicago about 3 weeks/year. I was always excited to go, so much to do. Not anymore...I'm not going back till things change.
Here in Texas we love industry. Seguin Texas has several large industrial manufacturing plants. Keep them coming.
That's pretty damning of your workforce. All you're good for is unskilled repetitive labor.
Yeah that's why Texas is doing so badly hahaha.
@@spacetoast7783 The fully integrated circuit, handheld calculator, and the ATM were invented in Dallas. That is NOT unskilled repetitive labor.
@@lisasdfwhightechworld9946 Who are you talking to? I never said anything about those things.
@@spacetoast7783 You sure did - spacetoast7 "That's pretty damning of your workforce. All you're good for is unskilled repetitive labor." You reference this to 30 million people. I reply that Texas has home grown high tech.
Chicago used to have over a hundred breweries in the 1950's. Those were the days.
Chicago has 160 micro breweries.
@@bradferguson4943 We talkin' macro.
I’m sorry your idea of a good state is about liquors.
@@saynotop2w What other criteria is there?
A business is a business, however most people move out because they cannot afford to live here . Personally I haven’t experienced the crime everyone talks about, however I believe that more can be done.
Chicago is one of the cheapest major cities in the US, I actually moved back to Chicago because my pay dramatically increased and my housing went way down compared to Tampa
@@OneNewHope Would never move back to Chicago. Its depressing on top of everything else. A great place to visit only. Best of luck.
The people who talk about Chicago crime are mainly proud whites who are searching for code words to say Black people are bad. I live in Chicago. Crime def is up but no different from anywhere else statistically.
@@waterbottles4744 and Chicago doesn’t miss you either, best skyline in the world that isn’t depressing to see! it has countless events and a great nightlife, its far from perfect but y’all need to stop with the Chicago slander. Most people you see being killed are gang members that you will never encounter if you’re in anyway street smart.
@@ITSCG Good. Glad to hear. Great skyline at what price? Harsh winters, insane taxes, one of the most dangerous cities in the World, passive aggressive people. Yeah I'm so street smart I moved to a safer city with great weather and an amazing quality of life. Guess what? I can legally defend myself as well. Glad I won't be the last one to turn the lights out. Beautiful skyline doesn't make up for all the bs and stress. Happy to be around happy people.
It may take a while, but with all the people leaving Illinois overtime, the taxes will have to continue to grow to cover the losses from those who left. Until they are astronomical. In a few years property taxes will be triple what they are now, but property values will plummet.
That scares me in NY too
@Ross meldrum I'm really impressed by what you wrote,I don't normally write in the comment section, but I think you deserve this complement....I'd like to be your friend if you don't mind, how are you doing today?
Illinois is gaining people though
I live in a state with high property taxes and no income tax but it also has a sales tax. It gives the rich the run of the house and lets them know they won't be taxed their fair share. Big companies are moving there daily. When they have raped it good they will leave and go elsewhere as they always do. It is a state in name only. Just a thought.
Which is the story of Detroit.
Boeing is moving to Virginia because it’s going to make more money from the government than it is from the private market. The same goes for Pratt and Whitney.
In the next 20 years Lockheed Martin, Boeing, space x, Pratt and Whitney and GE will get trillions of dollars in defense spending. Those are steady streams of profitable revenue. The private enterprise will now just be a bonus and their defense contracts will be their largest sources of revenue.
Caterpillar is because the Midwest simply isn’t motivated to grow. Florida and Texas are highly motivated to build and grow. So it makes sense for caterpillar to focus on the main source of their customers.
Big thing is they want to get to union busting states led by GOP governors
willing to sacrifice safety, pollution laws and living wages. Maximizing profit the
CEO's can then loot for themselves and their cronies.
No, they are moving to Virginia because a) it's safer, b) lower taxes and c) better infrastructure.
@@stevenbass732 No, it's to avoid paying workers a living wage and relocate to backwards states. Dysfunctional states.
Virginia is DC. Virginia & Maryland are both considered Suburbs of DC. The majority of politicians have homes in MD & VA not DC. DC is the hood.
What do I see when I look at Chicago today? Detroit in the late 1980's.
The real reason: 2:40
Yep
30 murders per weekend is fine.
Southern Illinois need to separate from the northern half
Chicago is a neat city in some ways, but I would only move there if someone was willing to pay a lot for me to move there.
literally interviewing only one side and calling it a day
Torn between being happy that people are recognising your state as a better alternative and being terrified that they'll come over and ruin it the way they ruined theirs.
You’re getting old, fearful companies that have stopped innovating decades ago. Congrats. Liberal cities will generate 10 new, industry defining companies for every bloated, tax avoiding company that leaves. Just look at Seattle. They don’t seem bothered by Boeing leaving years ago.
Don’t vote the same way what you fled from.
Citadel stating Chicagos crime as a reason to relocate to Miami... FL. Good luck with that dude
Last one out... Please turn the lights off
I try not to even stop in Illinois for a tank of gas. Put it in the rear view mirror as fast as possible!
If you can avoid the potholes
That state of Illinois, its city and county governments, and its school boards, all have the worst unfunded pension liability problem of any state. The IL constitution forbids all cuts in pension benefits. Therefore, the IL income tax will inevitably see a huge increase some time in the future.
It's a double whammy. it was stupidly enshrined in the reformed Constitution in 1843, and didn't allow for changing environment to make necessary adjustment as time changes. It also didn't have protections to keep the state treasury from robbing the pension, which governors from both party's have been doing for decades.
California wants a word with you. We have 500 Billion in unfunded pension liabilities
People's pensions, yeah, that's the problem.
@@billwhitis9997 Not the employees fault, in fact they will be screwed, govt pensions are just not sustainable.
@@snagletoothscott3729 The IL state legislature does not "rob" IL state and local pensions. It underfunds them
What? No mention of Tennessee? We have seen EXPLOSIVE growth from relocations for years straight now, we are easily in the top five in this.
I thought a company's corporate sale were generated by its headquarters, so it's sales taxes go to where it headquarters are located?
And Houston traffic has become a nightmare.
Lack of mass transit
@@Cyrus992 Yup. Main reason.
Companies go where they make money. Lots of factors there. But this trend is very obvious.
Empty buildings to house the homeless and drug dealers in. Way to go Illinois, you did good! Now this is how you clean up a city.
There are reasons why Chicago is an important city for more than a century.
And those reason are gone ,
@@writtenhousesecurity6499 Wait for winter in Dallas.
@@silambarasanbalasubramani8577 Being a little chilly is better then being a little dead . 🤔🤔
@@writtenhousesecurity6499 chilly + No Power = Dead
@@silambarasanbalasubramani8577 It over for Chicago. Property values dropping crime is rising . Only ones left are the ones stuck there.
Houston real estate has jumped 3-4x, appraisal values have also gone up (more property tax which was already high), Traffic is a mess and gerrymandering is in full gear.
Yeah, and it's getting worse.
but but but if you a millionaire no state income tax is GREAT, why pay taxes to help everyone else?
@@murraymadness4674 because the rich pay taxes elsewhere right? 🙂
Property tax is really high. Makes up for no state income tax. They get their money one way or the other. And tax has been going up with the influx of ppl.
@@FaisalKhan-wf8ys When your yearly income is $100 Million, your property taxes on your one or two houses in Houston don't mean anything. But if you make $50,000, your property taxes on your $250k home is huge compared to no state income tax.
@@murraymadness4674 They will eventually get you somehow. In Houston, it's real estate taxes. I know. I paid them for a long time after moving there from Chicago. Much higher than in Illinois.
Staying in Chicago, is like staying on a sinking ship waving goodbye to the last lifeboat. 😨😨
My older brother would say. If you see the rats leave the sinking ship, you'd better follow.
Only once in my career did I see upper management post outside the company or drop salary and benefits in multiple positions
I Learned those who were staying were trying to weather the storm by posting to a lower position.
They were trying to save their years of service (and grandfathered benefits) in the company for better retirement by not leaving.
Thank you, Illinois!
Signed ... a Virginian.
It’s not enough. You need to move all the employees. This is not a real move it’s more headline news. Also more big companies need to leave like McDonalds and other major Fortune 500 companies.
When upwards of 60% of income is spent on housing… and that’s not including transportation? Well of course people move.
Housing for people that don’t work.
Chicago is one of the most affordable large cities in the country. Thanks to its higher wages, it compares favorably to some Sun Belt cities that have lower wages. Plus, Chicago has a decent public transit system so one can save lots of money on transportation expenses.
The world keeps turning and in the scheme of things, this doesn't mean anything.
Tell that to Detroit, one of the world's most thriving cities in the postwar years. Then, you know.
The world keeps turning but cities live and die.
Are those companies moving in?
Or are they _expected to_ move in?
Big difference.
It’s all about the crime that goes unchecked in Chicago.
It’s sad how weak and intolerable our state has become
your state tolerates corruption at the highest levels.....time to find a RED state
The Texas drought is starting to look more and more like aridification. Whose water will these new companies take?
Moving to Florida is a bad bet. Rising sea levels and storm surges, not to mention increasingly powerful hurricanes, will make them reconsider. When Disney moves the end of Florida's prosperity is near. Any company that decides where to go on purely financial reasoning, and doesn't take climate change into account is run by a bunch of losers. And Florida will lose big in coming years. Texas is turning blue. I sometimes wonder if WSJ really knows what its talking about, or is it just a propaganda wing of the far right? Food for thought.
@@stefanschleps8758 Florida has problems beyond climate. Insurance cost that would look like mortgage payments except houses are skyrocketing in price. Algae blooms are affecting water quality. A school system where you only need an associates degree in anything to be a teacher.
Their electric grid is pretty wonky too
Honestly think a lot of states are going to be having major climate problems soon. I moved from Illinois to California (better jobs and pay by far), Texas pays my field pretty well but can't touch what I make here. California is burning and arid now. Most of the southwest and west will be the same soon, but floods will happen elsewhere. The Midwest "rustbelt" may actually be a winner as the climate goes south.
In some years we have 20 inches of rain in South Texas, other years there are 50 inches. But, the Texas population is approaching 30 million. I think relatively lightly populated East Texas will gain population because it is relatively green - the area north of Houston to the Arkansas border.
Caterpillar was along time coming, not just Boeing. This was announced several years ago, but they have so much production infrastructure in the state it took them a while to get ready to move.
The picture of Pritzker and Lightfoot standing together says it all…….😐
I moved out of Illinois and I moved to Texas in January of this year. Best decision of my life.
Why did you move?
There is no world class city in Texas. Public transportation is woeful. The cities are boring and lack sophistication. You can keep it.
Exactly. We have to choose between the lesser of the two evils @@yawos9024
Forget corporate taxes - upper management income and property tax is moving.
Spent nearly 15 years of my life in Chicago. In the end, it was too much cost for too little gain. Nice place to visit, but I will never live there.
The people moving to DFW will feel right at home in Dallas, as Dallas is becoming more and more WOKE with every passing month... it was my long term retirement destination once San Diego became a no go, now Dallas is definitely a no go... looking for the reddest of ted state!!!
Casper the friendly ghost's mother, the mayor of Chicago is why many of the company's are leaving. Chicago is dangerous.
Will these moves make red states blue as blue state people are moving out?
yup. Texas will flip most likely
Hopefully people gloating about Illinois loss will read this.
I wonder if there is some sort of long term trend where red states slowly trend blue and blue states slowly trend red over a period of generations
@@alexander15551 I think it is more like Urban areas vs Rural areas determining change in political changes.
Dallas, the city of Dallas is now a whole
This whole comment section is filled with bots, fails to mention what citadels been doing and the burning of a document warehouse with a firefighter station that’s 2 miles away from the fire. They had it burning for 3 days to get rid of physical documents
Citadel employs basically zero workers. The other two are moving for political reasons but eventually they’ll be bought or go out of business. The difference to Illinois is relatively small.
Or maybe CEOs are just sick of Democrat-run states for the numerous reasons.
yes because they stopped handing out corporate welfare ......wich we all know republicans love yet hate to see the people get it.....
They aren't allowed to say that out loud.
When the South starts having water shortages they’re gonna miss NY and Northern States. Cali is meh but yeah they’re gonna feel it.
States like Cali and Illinois and New York just dont get ..any taxes placed on corporation make the cost of thier goods and services more expensive because they pass it along to the consumer.. none of these companies would have left Illinois if they had to pay income taxes to the state
These companies sell all over the world. Maybe you've never heard of them before.
I just read the last twenty or so comments. No one has the nerve to say what the exact reason for this is, I don't either.
Boeing needs to be split up, so that we can sort out how to salvage the pieces left of it. The concept of a company getting to be "to big to be allowed to fail" doesn't work. Those companies just drag everyone else down with them. We need to start splitting them up, and letting some of the pieces fail.
One idea: split Military and Commercial. One reason why 737MAX fiasco happened in the first place: Dennis Muilenburg crossed from Military to Commercial. Traditionally, workforces (or at least the executive positions) of these divisions never crossed this division. Dennis is the first (known) instance that break this rule.
I bet they are already planning to separate the profitable military side from its commercial airline manufacturing.
Who's "we"?
The people of the United States who fund Boeing. Boeing receives tens of billions in military contracts. So we have a say. Don’t want us to have a say. Stop taking handouts
The same is true in practically every industry. Large corporations have consolidated so much that there are too many regional monopolies. It’s so uncompetitive
Chicage has nothing left to offer, other than high tax rates and high crime rates. The great lakes are no longer transport hubs that held together the large manufacturing sectors, and customers do not care where the headquarters of a business are. Then we get to the supply chain, and there is nothing in Chicago that can not ne sourced cheaper elsewhere. The only benifits Chicago has left to offer is tax breaks, on taxes that do not exist or are lower than the "special" rates offered to corporations in Chicago. The only reason to headquarter in Chicago is virtue signalling and the saying "go woke, go broke" is becoming true more often these days.
What do you mean it’s no longer a transport hub? 6 of the 7 Class I freight railroads still meet in Chicago. It’s the national hub of freight traffic.
@@eriklakeland3857 Wow stuff gets transported to a big city by railroad, but that is not the definition of a transport hiub. Chicago is the national hunb of uS railroads.
If the rairroads were constructed today, Chicago would have only one line.
@@Right-Is-Right the fixed infrastructure is in place. That’s not changing for Chicago anytime soon. That’s what I took issue with.
@@eriklakeland3857 Still not much freight gets moved from one railroad to another, just trains coming in and out. The article you read years ago, was so lame they forgot to mention that there was not much freight being moved. Not like chicago and surrounds has the industry it once had, in fact they are loc=sing more every year.
Are there any companies moving to illinois?
WSJ didn’t mention any, so there must be none.
Illinois is ranked 3rd for corporate relocation for a reason.
Texans are really happy now about all these companies moving in. Let's see in a few years when the government starts spending in all this money in new infrastructure to keep these companies if they are still happy. Those corporations don't pay taxes but residents always will volunteer for it.
Beatle Juice is doing her job well 👍
Who'd like to stay in a gangster city!
People always talk about Chicago but the rest of the state is suffering the most. Every town in Illinois outside of the Chicago metropolitan area with a population over 50,000 has shrunk between 2010 and 2020, with two exceptions: Champaign-Urbana and Bloomington, with Bloomington's growth only slightly above 0. In general, there is a mood of pessimism and most people are either planning on moving in the next few years or at least have a desire to move. Rural Illinois is dying while its neighbors are experiencing healthy growth. It really is inexcusable on the part of the state government.
Land of Lincoln how appropriate !!!!
Caterpillar has been saying they was leaving Illinois for the last 35 or 40 years
And now they are.
Only downside is Illinois is protected from climate change for the most part
@Punxsutawney Phil the only downside to moving out of that state
You got that wrong! That economic parameter is definitely an upside. The climate cultists & the politicians that follow them w/ a ring in their nose are to sure of themselves but w/o evidence or proof. I'm not saying that nothing is happening w/ the Earth's Climate but what are the quantitative affects? How, what where, why & who; scientists can't answer those questions using the Scientific Method. The cultists claim that CO2 is responsible for Earths warming. OK; Photosynthesis is the process by which Trees/Plants convert CO2 to Food. At what point or range do we curtail emissions & not starve the Trees/Plants?
@Punxsutawney Phil how could that possibly not be a good thing?
Surely that's a good thing?
That would be a good thing. IF IT WAS TRUE
Right to work basically means you can be fired without cause. You have no right to your job. So when economic conditions favor hiring lower paid workers they just fire everyone. It's not a good environment for the worker.
right to work means the people are slave. or serf.
If it’s so bad, then why haven’t the workers rose up? Economic factors control workers and employers relationship. Most unions are poisonous. I know I had to be in one for over 30 years.
Unions have destroyed Illinois
@@MrRipper1956 Tell us how come Illinois' median income is higher than all these right-to-work states? In Illinois, Children get free healthcare.
Watch these companies fire their transferred employees once the companies get going in the new states. Also, watch them cut the pay rate for new employees in half.
Seen it happen many times in the Peach state that is not so peachy.
I leave in Chicago for the last 30 yr. too expensive to live here. income is stagnant, Real Estate Tax, local tax, state tax... sky rocket.
I think just seeing Chicago's mayor is enough to make anyone look elsewhere! 😁
True.
it means they are leaving state after stealing that state's money
Miami?
If I had a 500 fortune company, I'd be on my way to TX or FL, or even better, believe it or not....West Virginia!
Boeing moving to Virginia is a good move
No it’s not. No one thinks so - from investors to consumers. They’re only leving to be closer to DC, which doesn’t make any sense for a company that already has extremely tight ties with government. Not only is it even MORE expensive than Chicago, it’s completely pointless. It’s yet another sign that Boeing has completely lost its way.
@@BlownMacTruck I have to agree. When I heard the list, I thought “one of these things is not like the others”. Boeing has become something of an embarrassment. Moving near DC is just an acknowledgment that they’re screwing up so badly they need to retreat to government protection. The others like CAT are going to hurt, though.
@@BlownMacTruck Time will definitely tell. Either they have a unique opportunity or as you say are just bad at planning.