By: Diane Benjamin
Let’s review:
The US Census Bureau claims the population of Bloomington-Normal decreased in 2023: https://blnnews.com/2024/05/20/losing-population/
The US Bureau of Labor Statistics claims local employment dropped just since November 2023 and the unemployment rate increased: https://blnnews.com/2024/05/20/stats-you-needs-to-see/
Patrick Hoban, CEO of the Economic Development Council, sang a different song last night. His comments are based on a 2022 housing study that was based on 2020 data. He also claimed Rivian now has 8500 employees with plans to hire 500 more. Ferrero also has plans to hire 250 employees. Watch his comments:
How can the population be decreasing, the unemployment rate be rising, and housing be short by at least 7000 units?
Meenu Bashkar, President Mid Illinois Realtors Association, spoke after Hoban. She verified what I stated in the Losing Population story. People can’t afford to move because of the interest rates. In the past people moved about every 7 years, now it is 12 years. Nobody wants to trade a 2-3% interest rate for a mortgage more than twice as expensive and get less house because of it.
Developers aren’t building because of interest rates and inflation. There is still more to report like what this group wants to do about it. Hoban wants rentable properties that are less then $1200 a month. He claimed Apartments.com currently shows 30.
Hit play to hear Ms. Bashkar:
Regarding Hoban, he’s a lying liar. He’s paid to spin the information to paint a rosy picture that doesn’t exist. This is a man with zero integrity. Zero.
Boom town is over for B-N. It’s bust town now. And it ain’t comin’ back anytime soon with communist idealogy running thangs.
The days of insurance propping up the local economy is long gone. Local politicos, headed by Koos, have decided Rivian is the new too important to fail local go to. If you read anything outside of local press, most long-established auto journalist agree Rivian is in big trouble. Why do you think Pritzker, probably on the urging of Koos, promised to infuse the company with $800 million of Illinois tax payer money? It’s important for the local leadership establishment to trot out Hoban to tell the community it is growing leaps and bounds all because of Rivian. They gambled the community’s future on a unproven business and product based on a political farce, which is man- made climate change. Economic reality never meant squat to these people, only being locally recognized and noticed.
Pea…in hind-site I guess the Mitsubishi car plant should have just been torn down and then we could be promoting our community as Flint/Blo/No or maybe Gary/Blo/No…
Burg…hang in there buddy. You always said Rivian was going to be the end all be all. Why are you mad at me all the time if I’m so wrong? R.J. Will employ 10,000 people some day and the plant will outlive you and me. Keep on hoping and buy three or four vehicles and invest all your savings in.the company if your so sure about the big R. BN idiots. Gotta love em. Glad I got under your skin.
State Farm only has so many parking lots
Pea…you must have a high opinion of yourself to assume that you have a unique intellect or insight into why comments are made with a differing view (personality trait of most internet trolls). Seems to me that you often decide to inject your Rivian opinions into informative topics and conversations just to stir up emotions, but it doesn’t work here and I have no skin in this game. Just rooting for BN’s future.
Sadly, from the realtor’s perspective, the best way to solve this so-called shortage is for the government to subsidize new construction home buyers.
I’m not a financial expert but I would never invest in anything that a woke political party is promoting and propping up. Here today, gone tomorrow.