Speaker: Suburbs will continue to attract the next generation
The notion that people are dying to leave the suburbs is just not true, an internationally recognized author on global, economic and social trends told nearly 600 business leaders Friday morning at the Lincolnshire Marriott.
Joel Kotkin, the keynote speaker at the sold-out event held by Lake County Partners, a nonprofit economic development organization, joined other presenters who addressed the economy from local and worldwide perspectives.
Kotkin said most of the job growth and affordable housing are in the suburbs. He explained that the Millennial generation, specifically those in their late 20s, might be attracted to Chicago right now, but their desires will soon change. Millennials, he said, are doing everything later, including getting married, buying a home and having children.
"This idea that the suburbs aren't going to be attractive to the next generation is not true," said Kotkin, who just released his latest book, "The Human City: Urbanism for the Rest of Us." He said the suburbs are where people want to raise children.
Lake County Board Chairman Aaron Lawlor told business leaders at the meeting there are several programs and business initiatives in place to attract Millennials, including Lake County Young Professionals, a business and social networking group targeting the younger worker. The county is also working to fill Innovation Park Lake County, the former Motorola Mobility campus along Route 45 in Libertyville.
Meanwhile, the breakfast meeting started with an economic update presented by Steve Vogt, co-chief investment officer of Mesirow Advanced Strategies Inc. Vogt admitted he is a bit of a pessimist when it comes to the economy. He spoke about "the good, the bad and the ugly," referring to Clint Eastwood while addressing aspects of the economy.
Vogt, of Green Oaks, said the good is that the U.S. economy is picking up steam. "We're in better shape here than other countries," he said, pointing to the fact that retail sales are up, manufacturing numbers are looking good and home prices have been strong. On the negative side, he said auto sales have slumped a little in May and construction numbers are a little weak. "I'm not worried about that though," he said.
In looking at the bad, he fears that some of those positives might fade going into next year. Another bad or ugly aspect is the global economy, Vogt said. "Much of the global growth is driven by excess demand in the U.S. and that's a problem."
Participants found the event to be informative. "I thought it was interesting," said Libertyville resident Thomas Schwartz, board member of Cancer Treatment Centers of America. "I agree with the economist that we will see slow growth." He added that it was also interesting to hear about housing in the suburbs and wondered what will happen if larger companies continue to relocate to Chicago.
Chris Piazzi, of Mundelein Community Bank, said the presenters were "fabulous." "With the dynamics of the economic environment, it's always helpful to get updates from the experts," he said.