(Source: Business Wire)
A new survey released today by Citi
revealed that Chicago-area residents are more optimistic about their own
personal finances and local business conditions than the nation as a
whole. However, in response to current economic concerns, Chicagoans are
continuing to make dramatic changes to the way they spend and save money
today.
Compared to national
survey data released by Citi in September 2009, key findings from
Citi's Chicago-area survey show that:
More than two thirds (67 percent) of Chicago-area residents expect
that local business conditions will become much or somewhat better
over the next 12 months, compared to 57 percent nationally who feel
the same.
Seventy percent of adults in Chicago feel their own financial
situation will improve in the next 12 months, compared to 65 percent
nationally.
Fewer people in Chicago (52 percent) believe that the country's
economic conditions have a ways to go before hitting bottom compared
to those at the national level (63 percent). At the same time, 34
percent feel that the country's economic conditions have already
"pretty much" hit the bottom, compared to 22 percent nationally.
Seventy-seven percent of Chicago residents expect the value of homes
in the Chicago area will go up a lot, go up some or stay the same over
the next twelve months.
Fifty-six percent of Chicago homeowners believe that if they put their
house on the market today, they would be able to sell it for more than
they paid, compared to 25 percent who feel they would have to sell it
for less.
Despite this growing optimism, Chicago residents still expressed
significant concerns about the state of today's economy. Just 28% rate
the economy in their area as excellent or good, while 72% describe the
local economy as only fair or poor. And when it comes to specific
economic concerns, the cost of health care tops the list (33%). One in
five Chicago area residents also mention the number and quality of jobs
in their area as an element of the economy that worries them (21%),
followed by the amount of money they pay for necessities (20%) and the
security of their retirement pension (18%).
Darryl Hendricks, Citibank Central Division Manager, said, "Although we
can't understate the impact of the current economy on Chicago-area
residents or their ongoing economic concerns, it's encouraging that more
consumers are beginning to see a light at the end of the tunnel.
