During his first mayoral campaign in January 1989, Richard M. Daley insisted that “Everybody talks about bringing manufacturing back. There aren't going to be any more soap factories on Clybourn Avenue[.] … The city is changing. You're not going to bring manufacturing back.” Although this was a controversial statement at the time and Mayor Daley later embraced promanufacturing policies, it reflected an awareness of a fundamental economic shift in Chicago. By the late 1980s, the city had lost over half of its post–World War II manufacturing jobs, and companies were continuing to leave the city for more space, lower taxes, and a less expensive labor force. In fact, only months after Daley's comments, Procter & Gamble announced that it would close its fifty-nine-year-old soap plant at 1232 West North Avenue on the North Branch of the Chicago River, eliminating 275 manufacturing jobs in the process. Deindustrialization was under way, causing anxiety for politicians and pain for factory workers, but a new economy that was focused on real estate, finance, and culture was emerging in Chicago.