The Chicago Metropolitan Agency for Planning (CMAP) analyzed key demographic shifts in the Chicagoland region to provide direction for the formation of the On To 2050 plan – a comprehensive plan for the seven counties and 248 communities of the Chicagoland MSA.
This demographic snap shot covers the four (4) main factors that are impacting our regional population trends. These trends include the slowing of population growth, an aging population, shifts in immigration patterns, and the increasing diversity in the region.
The Schaumburg Business Association has reviewed these four trends and provided a synthesized review of each impact on the Schaumburg business community:
“Recent population growth lags due behind peer regions”
Compared to peer regions such as Las Angeles, Boston, New York, and Philadelphia, Chicago lags behind in overall population growth. The slowing in overall population matches the slowing in economic growth being seen across the nation as well as Chicago’s peer communities. Suggested initiatives that could stabilize the region’s economic position are increased regional collaborations regarding economic development, as well as infrastructure investment.
“Age trends in peer regions”
Chicago is equal to its peers is regarding its aging population. The CMAP region and its peers have an ever-growing population proportion of 65 and over. However, an alarming trend is that Chicago’s growth rate amongst the 20-34 age bracket (typically referred to as Millennials) is falling behind peer regions. This trend is concerning as this demographic tends to favor the urban lifestyle and amenities that the Chicagoland offers. Both statistics greatly impact the future planning for the region, as the aging population and the 20-34 age bracket, both have different wants and needs for their communities.
“Strong International immigration to the region over long term”
Historically, the Chicago region has been a primary destination of international immigrants coming to North America. With slowing birth rates and an aging population Chicago and its peer communities need to rely on immigration to continue to support population growth. However, immigration has slowed down in recent years. One possible contributor to this decrease is the slow recovery from the recent recession. This is also expressed through the drop in the average median household income in the region, which has dropped by 9.5% between 1990 and 2014.
Since 1990 the diversity of the population has increased by 34%. Currently the second largest population after White residents is Hispanic residents. Other populations that have seen a large shift in growth are the Asian, Native Hawaiian, and other Pacific Islander populations. This shift in diversity will have a dynamic effect on planning in the region as these populations will most likely have different preferences and face different challenges than historical population make ups.
CMAP’s demographic data provides key insight into the future of the Chicagoland population and workforce. These insights should be considered as your business plans its HR strategy for the future.
Posted on Jul, 25
by Christina Cox filed under