The state’s two main fiscal forecasting agencies agree: Illinois’ finances will see a strong close in the final 3 ½ months of the fiscal year before things tighten a bit next year.
Economy
The Obama Presidential Center, which broke ground in September 2021, had been slated to open in October 2025.
The company is closing 150 underperforming stores — 50 by the end of 2024 and the other 100 over the next few years. By 2026, it will have just 350 Macy’s stores, the company announced.
The economy looks set to grow 2.2% this year after adjusting for inflation, according to the National Association for Business Economics. That’s up from the 1.3% predicted in the association’s prior survey, which was conducted in November.
Gov. J.B. Pritzker on Wednesday unveiled a $52.7 billion budget that he described as filled with “hard choices.” The plan builds on priorities like funding preschool, supporting Black residents, funding the neediest schools and caring for asylum seekers.
“I’m going to spend all that money, I can assure you of that,” Mayor Brandon Johnson said.
Voters in two precincts of the 7th Ward will be asked whether Ald. Greg Mitchell (7th Ward) and Mayor Brandon Johnson should “support a Community Benefits Agreement (CBA) ordinance to prevent the displacement of renters, condo & home owners in South Shore in light of the impact of the Obama Center and growing development in the area.”
Chicago spent less than $160 million on a host of programs including affordable housing, mental health, violence prevention, youth job programs and help for unhoused Chicagoans through Dec. 31, 2023, according to reports to the federal government.
According to a report from the New York Federal Reserve Bank, the real net worth of white individuals outgrew that of Black and Hispanic individuals by 30 percentage points and 9 percentage points respectively, from the first quarter of 2019 through the second quarter of 2023.
For first-generation individuals, building wealth can be intimidating. And while learning how to navigate finances can be challenging, it is possible. Giovanna González has made it her life’s mission to teach others how to tackle their finances while unpacking cultural and systemic barriers.
“The Biden administration has put in place the most extensive set of policies and investments to benefit the middle class and grow the economy that our country has seen in my lifetime,” Yellen said in a speech before the Economic Club of Chicago.
The temporary Bally’s casino in River North’s Medinah Temple brought in just over $3 million in tax revenue last year. That’s almost $10 million short of what former Mayor Lori Lightfoot’s administration projected.
Archer Daniels Midland Co. said it’s working with outside counsel and the audit committee of the company board to complete an investigation of accounting practices within its nutrition business and it pulled guidance for the unit.
The S&P 500, which is the main measure that professional investors use to gauge Wall Street’s health, rallied 1.2% to 4,839.81. It erased the last of its losses since setting its prior record of 4,796.56 at the start of 2022.
The 44,000-square-foot, $42 million facility will be dedicated to chocolate and nut testing and research, according to a company press release.
The proposed change by the Consumer Financial Protection Bureau would potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks, which were gearing up for a battle even before Wednesday’s announcement.