Search Results
Seventh District Year in Review for 2024: Economic Growth Slowed to Near Average
In 2024, economic growth slowed for both the United States and the Seventh Federal Reserve District, with growth rates having come in close to their respective ten-year averages.1 District employment continued to grow more slowly than national employment overall, and this was partly due to slower growth rates for the District in the education and health services sector and the manufacturing sector. One bright spot for District employment was the public sector: Employment in the public sector grew faster than in the private sector, making up for several years of relatively slow job gains ...
Newsletter
Higher Home Prices and Higher Rates Mean Bigger Affordability Hurdles for the U.S. Consumer
In the U.S., homeownership is often described as part of the “American dream,” a way for consumers to accumulate wealth and gain other economic benefits. Almost two out of three U.S. households own the home they live in, a relatively stable amount over the last decade. Buying a home is usually the largest investment that a consumer will make, and the purchase price usually far exceeds what most can afford out of their current savings. In 2022, roughly 70% of home purchases were made with the help of mortgage financing.
Reviving the Restaurant Corridor in the Greater Chatham Neighborhood of Chicago: Challenges and Opportunities
Greater Chatham is a 15-square-mile area in the city of Chicago that includes the largely African-American neighborhoods of Avalon Park, Auburn Gresham, Greater Grand Crossing, and Chatham. Greater Chatham is a mixed-income community with relatively high levels of human capital (figure 1). In this community, the idea that restaurants can act as an economic anchor has been the inspiration for various public and privately funded programs to support food-related businesses. Greater Chatham describes itself as the soul food/Caribbean/West African food district of Chicago. Its 75th Street ...
Journal Article
District Digest: Transportation Access as a Barrier to Work
Lack of a car can be a barrier to employment, particularly for low-income individuals. According to a 2022 survey conducted by the South Carolina Department of Employment and Workforce, almost 20 percent of individuals in that state who were able to work but were not currently working cited transportation as a barrier. Many studies have shown that ownership of a car (or a truck or motorcycle) increases the probability of work, especially among welfare recipients. And low-income individuals are the least likely to own a car and therefore must rely on other means of transportation, such as ...
Do Amenities, Building Age, and Floor Plans Affect Office Vacancy Rates?
The Covid-19 pandemic forced many employees to work from home. While fully remote work isn’t as common, structured hybrid work schedules that require employees to work in the office two or three days a week have become more commonplace. Workers coming into the office less frequently has decreased the demand for office space. The pressure on tenants to populate their office space with workers has increased. In some instances, firms have updated their space to offer highly sought-after amenities to persuade workers to return to the office more often.