Oct
06

Downtown Chicago Population Continues to Increase

October 06, 2012

chicago population increaseThere have been a lot of Chicago new homes and new condo projects popping up in the city, especially in the Loop. Part of this growth may relate to the fact that in the past 10 years, Chicago experienced the largest increase in its downtown population when compared with any other U.S. city.

New data recently released from a U.S. Census report from 2010 shows that the population of downtown Chicago has increased by 48,000 since 2000.

In general,  the Census report showed that downtown areas in large metros with a population of 5 or more million have been experiencing double-digit population growth since 2000. The Census report considers any residence within two miles of a metro’s largest city hall to be part of “downtown.”

In general, cities have been growing faster than the suburbs of large metro areas. The average age of residents (a median of 36.6) in large metros areas is younger than the population in non-metro areas, which could also explain the recent growth in the condo industry.

If the downtown population of Chicago continues to grow at a strong rate, this will certainly be good news for both the condo market and the economy in general.

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Jessica Thom

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