Recent sentiment data from the Chicagoland Chamber of Commerce points to a marked shift in mood across the region’s small business community. In a poll of small business owners conducted with the University of Illinois Chicago late last year, 70% said they expect the local economy to get worse over the coming year — a dramatic rise from the 43% who felt that way the year before.
The concern extends to owners’ own books. Fewer than half of those surveyed believe their balance sheets will perform better than they did the prior year — a sign that the uncertainty in the air is as much about individual businesses as it is about the broader economy.
The reasons behind the pessimism are not uniform. Owners point to a range of pressures rather than a single cause. Some cite weak demand, taxes, access to capital, and regulatory burdens. For others, the most pressing challenges are safety and crime, the difficulty of recruiting workers, or the rising cost of healthcare.
What the data does not capture is how hard those same owners are working to meet the moment. That is the story Grow Chicago is built to tell. Through the initiative, the Chamber is sharing how the region’s business owners are overcoming these challenges — and working to create a thriving community for all.
Together, let’s Grow Chicago.