CORRECTION: An earlier version of this story incorrectly called Citadel Securities the hedge fund Citadel. This has been corrected.
Many large corporations are leaving Chicago because of the city’s ongoing struggle against violent crime.
Tyson Foods announced Wednesday that it will leave Chicago for Arkansas. This joins a number of large companies that have left Chicago in the last year. This corporate exodus coincides closely with the rising crime rate over the past two decades.
Chicago saw a 40% rise in crime between 2021 and 2022. This included a 56% rise in sexual assault reports, 15% increase in robberies and a 52% jump in thefts. There was also a 132% increase of motor vehicle thefts. In Chicago, 34 people were killed last weekend. This number was higher than 50 on several weekends this year.
Boeing, a global aerospace firm that makes airplanes and defense-related products announced its plans to relocate its headquarters from Chicago, Illinois to Arlington, Virginia on May 5. However, the company will still maintain a Chicago presence. Caterpillar plans to move its headquarters from Chicago, Texas to Irving, Texas in the next month.
Citadel, a $51-billion hedge fund, announced plans in June to relocate its headquarters from Chicago, Illinois to Miami. United Airlines plans to move nearly 1,000 employees from Chicago in December 2021.
Although most corporations did not mention crime when they announced their plans to leave, Chris Kempczinski, CEO of McDonald’s, raised eyebrows with his recent speech about Chicago’s crime crisis. He cited drug abuse, violence and homelessness among the business problems that make it difficult for companies looking to hire talent.
According to Fox Business, Kempczinski stated that “there is a general feeling out there that our community is in crisis.” “The truth is that Chicago has fewer large corporations this year than it did last year. There are fewer large companies in Chicago this month than there were last month. It’s also more difficult for me now to find a new employee at McDonald’s in Chicago than in the past.
The Daily Caller News Foundation did not receive a response from the City of Chicago to our request for comment.