The Census Bureau had more bad news for Chicago and Illinois in its latest population estimates. Illinois led the nation in population loss for the second straight year. The total population of 12,801,539 residents is a drop from 2015's 12,839,047 residents. The brunt of that population decline is centered in the metro Chicago area, which dropped to 9.5 million residents.

What is most concerning is that the rate of decline is accelerating. The metro Chicago area lost 19,570 people between 2015 and 2016, compared to 11,324 residents from 2014 to 2015. The population loss is mostly centered in Cook County but there are signs that the trend is spreading into the collar counties.

One of the main reasons behind the decline: People are moving to states with warmer climates and better job opportunities, according to University of Chicago economics professor Randall Kroszner. If the downward trend continues, it will have a negative impact on future government spending and funding and may trickle down to the real estate market.