Annual Economic Indicators Report Shows Strong Performance and Growth Opportunities for DuPage County
Posted: February 1, 2019
Low unemployment, industrial vacancy rate creates tremendous opportunity for development
Choose DuPage Economic Development Alliance has released its findings from their 2018 Annual Economic Indicators Report, including metrics showing positive economic growth achieved on several fronts over the past year. DuPage County is home to nearly 75,000 businesses providing more than 650,000 jobs and continues to attract a variety of industries from food manufacturers to nationally-ranked healthcare institutions. New businesses are relocating to make DuPage County their home, while local industries continue to expand their footprint.
2018 Economic Indicators Report Highlights:
- Closing out the year, DuPage County again had the lowest unemployment rate in the region at 2.9%; lower than both the State of Illinois (4.2%) and United States (3.7%).
- DuPage County’s top job opportunities in 2018 were reported to be in retail sales, customer service and labor, while the fastest-growing industries (by employment) were healthcare and social assistance, and professional, scientific, and technical services.
- Office vacancy rates dropped 1.5% from 15.8% at the end of 2017 to 14.2% at the end of 2018; Industrial vacancy rates fell from 5.1% this time last year, to 4.4%. DuPage County continues to have one of the lowest industrial vacancy rates in the region.
Data shows DuPage County continues to have the lowest industrial vacancy rate in the region running at 4.4%. DuPage office vacancy rates have continually declined and are holding steady at 14.2%. Space is being acquired by new businesses moving into the area as well as the expansion of existing DuPage businesses. During 2018, Aldi expanded its corporate offices into Naperville, leasing 113,000 square-feet in the Naperville Woods Office Center. Additionally, Elkay Manufacturing signed a new lease for 47,073 square-feet of office space in Downers Grove.
“Businesses continue to choose DuPage County because of our highly-skilled workforce, dynamic business climate, low commercial property taxes and overall operating costs,” said John Carpenter, president and CEO of Choose DuPage. “The County had a number of spec industrial buildings break ground in 2018 including the North Avenue Commerce Center in Winfield and Bridge Point Downers Grove. Combined, these developments will bring an additional one million square-feet of industrial space to DuPage County—a valuable resource for further economic development in our area.”
Economic indicators show continued growth and success for DuPage County making the area an ideal location for developers and businesses to land in 2019. Click here to download the complete Choose DuPage 2018 Annual Economic Indicators Report.