By Dr. Lawrence J. McQuillan, Illinois Policy Institute -
Last week I discussed Illinois’ poor entrepreneurship rate compared to the nation as a whole. Unfortunately, the results get worse when drilling down to Chicago. As the graphic shows, Chicago has the worst entrepreneurship rate among the 15 largest metropolitan areas in the country. Wait, I take that back: we’re tied at the bottom with the post-apocalyptic wasteland known as Detroit. Chicago is tied with Detroit. Let it sink in. It doesn’t get any worse than this.
The 2012 Kauffman Foundation entrepreneurship index measures the percentage of adults ages 20 to 64 that start a new business each month and work 15 or more hours per week. It’s essentially a measure of entrepreneurs voting with their feet about where they want to pursue their dreams. And they’re voting against Chicago.
More people lived in Chicago in 1920 than today. There has been a mass exodus from the city. Talented, creative and innovative people have chosen to live elsewhere to start and grow businesses. That’s bad news. But worse is that public policy is helping to drive entrepreneurs out. More HERE