It's been a rough ride for the past few years with the soft real estate market, record foreclosures and more stringent lending requirements. Lets face it.... It has been crappy. You really cant have peaks without valleys.. It will take a considerable effort in Washington and several years for our economy to turn the corner. There is hope for the greater Chicagoland area that may be a significant boost to our economy and greatly improve our real estate and lending market on the horizon.... What hope? The 2016 Summer Olympics. While it's not a done deal yet, there is hope.
The location of the 2016 Summer Olympics has not yet been decided. The remaining shortlisted host cities are Rio de Janeiro (Brazil), Chicago (USA), Madrid (Spain) and Tokyo (Japan). Other cities that bid but were eliminated on June 5 2008 include Baku, Doha and Prague. The final decision will be made on 2 October 2009.
There are rumors that currently Chicago is the front-runner, followed by Rio de Janeiro, Tokyo, and Madrid.
What impact will we see if we are awarded the 2016 Summer Olympics? Well, in a past life I used to work in Economic Development and still have many friends in the Illinois Department of Commerce & Community Affairs. The pointy heads estimate that should we win the 2016 Summer Olympics, the greater Chicagoland area will see a net import of 4000 to 6000 workers. In addition, there would be several hundred million dollars invested in our economy so I hope you see the massive impact we could see in less than two years time. Construction would begin in the spring of 2010 so if successful, our economy would improve far quicker than other areas.
Personally, I am not a big fan of many of the things that are considered olympic sports but should we be successful with our bid, I may even have to watch olympic badmitton and applaud the impact it has had on our economy. Keep your fingers crossed...
That's all I have to say about that....
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