2017 First Quarter Economic Indicators Show Low Unemployment, Vacancy Rates
Posted: April 24, 2017
Choose DuPage has released its 2017 First Quarter Economic Indicators Report this week, once again confirming DuPage County maintains a thriving business climate. Due to its low unemployment, skilled and educated workforce, high quality of life and growing business and industry sectors, DuPage County presents opportunities for job creators and entrepreneurs during a time when the state struggles with high taxes, pension challenges and a hostile business climate.
2017 First Quarter Economic Indicators Report Highlights:
- DuPage County maintains the lowest unemployment rate in the Chicagoland six-county region at 4.1%, lower than both the State of Illinois (5.5%) and United States (4.9%).
- DuPage County‘s current top job opportunities include positions in computers and mathematics, management, office and administrative support, sales, business and finance, healthcare practitioners and transportation.
- Industrial vacancy rates are at 5.4%; DuPage County continues to have the lowest industrial vacancy rate in the region.
- Sales tax receipts increased by 2.47% over last quarter indicating consumer spending habits have increased in DuPage County
DuPage office vacancy rates have continually declined and are holding steady around 16-17 percent, with industrial vacancy rates running around 5.4 percent. While space is being acquired by new businesses moving into the area as well as the expansion of existing DuPage businesses, DuPage County continues to have the lowest industrial vacancy rate in the region; this creates a great opportunity for developers.
“Local commerce and industry continue to flourish, while unemployment remains at its lowest in the Chicagoland region,” said John Carpenter, president and CEO of Choose DuPage. “Remember, DuPage County dropped its sales tax by a quarter percent last June, putting $36 million back into taxpayer pockets – consumers are putting that money back into local commerce. DuPage County is ripe for increased business and industry expansion.”
DuPage County has consistently maintained the lowest unemployment rate in the Chicagoland region and boasts an AAA bond rating due to its strong economy, fiscal management and healthy budgetary performance. Low taxes and operating costs, strong labor demographics, close proximity to hotels, dining, shopping, golf and recreation are just a few of the benefits our community provides to business and industries considering relocation or expansion of operations. For all these reasons and more, DuPage continues to maintain a solid, thriving economy.