Chicago Businesses Hit 10-Year Low | Magnificent Mile Stores Cut in Half

Chicago is facing a serious business decline. According to the Illinois Policy Institute, the city had just 44,840 active business licenses in 2024 — its lowest in a decade and down 17% from 2015.The famous Magnificent Mile has been hit especially hard, losing over 50% of its businesses in the past 10 years. Meanwhile, some neighborhoods like New City have seen growth, but overall, the city continues to struggle.