Posted: July 29, 2017
The Truth Behind Business Migration
The following is a letter to the editor from John Carpenter, President & CEO, Choose DuPage
Here we go again. A recent article published in the Daily Herald by Washington Post writer Jonathan O'Connell, "Suburbs left scrambling as McDonald's, other firms relocate to big cities," continues to spread the false narrative of business relocating to city centers for better opportunities.
The article focuses on McDonald's decision in 2016 to leave Oak Brook for Chicago's West Loop neighborhood to attract a younger workforce and integrate better uses of technology. In truth, this migration should be seen for what it really is -- a cost-cutting measure. While companies moving downtown will pay more per square foot for the smaller real estate, due to the reduced head count and benefit incentives, savings are realized.
Despite the misleading headlines, the western suburbs of Chicago are alive and well. DuPage County maintains the lowest unemployment rate in the Chicago region, as it has consistently for years and we are confident our skilled and educated workforce will fuel our growing business sector for years to come. We are excited for this opportunity to attract new residents and businesses to an impressive Oak Brook complex with a supersized opportunity in DuPage County.
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Posted: July 28, 2017
Mid-Year Review Shows Continued Strong Economic Indicators for DuPage County
DuPage County continues to boast lowest unemployment and lowest industrial vacancy rates in the region
Choose DuPage has released its 2017 Second Quarter Economic Indicators Report, showing continued success for business and industry in DuPage County during the first half of 2017. Maintaining the lowest unemployment rates in the region at just 3.3 percent, DuPage County’s skilled and educated workforce continue to present opportunities for job creators and entrepreneurs seeking to build, expand operations in the county. Data suggests DuPage County offers a business-friendly environment for a variety of industry sectors while the state and surrounding communities continue to navigate struggles with high taxes, pension challenges and a hostile business climate.
2017 Mid-Year Highlights:
- DuPage County continues to maintain the lowest unemployment rate in the Chicagoland six-county region at 3.3 percent, lower than both Illinois (4.3 percent) and United States (4.1percent).
- DuPage County‘s current top job opportunities include positions in computers and mathematics, management, office and administrative support, sales, healthcare practitioners, business and finance, and transportation.
- Industrial vacancy rates remain steady at 5.4%; DuPage County continues to have the lowest industrial vacancy rate in the region.
- Sales tax receipts increased by 1.3% compared to the same time last year growing from $314M to $318M indicating consumer spending habits remain strong in DuPage County.
“DuPage office vacancy rates have held steady around 16-17 percent in 2017, with industrial vacancy rates running around 5.4 percent – the lowest industrial vacancy rate in the region,” said John Carpenter, president and CEO of Choose DuPage. “Our low taxes and operating costs, strong labor demographics, proximity to hotels and dining, as well as shopping, golf and recreational activities are just a few of the benefits our community provides to businesses considering opportunities in DuPage.”
In addition to domestic company growth and expansions in DuPage, working closely with the Illinois Department of Commerce & Economic Opportunity (DCEO) and Intersect Illinois, DuPage County has also expanded its global footprint with international businesses seeking to relocate, or expand operations, in the United States. Currently, roughly 800 foreign-based firms representing 40 countries are located in DuPage County providing workforce opportunities throughout the region.
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. For all these reasons and more, DuPage continues to maintain a solid, thriving economy.
The Choose DuPage 2017 Second Quarter Economic Indicators Report can be viewed in its entirety by clicking here.
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Posted: May 1, 2017
Close to 700 Business Leaders Attend 8th Annual DuPage County Regional Outlook Event
Howard Tullman, CEO of 1871, shared his perspective on the impact of innovative technologies on the DuPage County economy with an audience of 700 top business leaders during the 8th Annual DuPage County Regional Business Outlook event on May 3 at the Drury Lane Conference Center. The annual event, hosted by Choose DuPage Economic Development Alliance, Mesirow Financial and Ice Miller, brought together nearly 700 local business owners, executives, government and education leaders, as well as other members of DuPage County’s business community to share insights about the emerging technologies and their effect on the current regional and national economic landscape, as well as to discuss best practices and growing potential in today’s economy.
During his keynote address, Tullman expressed to the crowd that to remain relevant in the growing economy, companies must quickly adapt to new, innovative technology and services that enhance the lives of consumers—whether that be by saving time, money, or energy. From ground breaking new wearables to the latest social trends, Howard Tullman offered a no-nonsense and straightforward talk inspiring local business leaders to get active inventing the future.
“This is the right now economy, people want things now,” said Howard Tullman, CEO of 1871. “Businesses need to be there—to be helpful, to be quick, and to develop the methodology to pay me for my attention—meaning that the business saves me time, helps me make a better decision or saves me money.”
Tullman provided an exciting and rapid fire review of the major tech trends that will radically shake up the ways we think about disruptive innovation, new product development and satisfying the accelerating demands of your customers.
Prior to Tullman’s remarks, Dan Cronin, DuPage County Board Chairman, provided an overview of the current DuPage County economic outlook, while Leo Harmon, managing director, equity management for Mesirow Financial and Peter Hegel, senior managing director, fixed income management for Mesirow Financial, presented a U.S. Market Outlook. The presentations offered an optimistic view about current market trends provided pro-growth and pro-business policies are enacted by the local, state, and national governments.
“I’m pleased to report our DuPage economic picture is positive,” said Chairman Dan Cronin. “We strive to create an atmosphere in which both new and established businesses can grow and thrive. Our unemployment rate is among the lowest in Illinois and we know employers are attracted by our highly trained and educated workforce and our outstanding quality of life.”
Following the keynote presentation, business journalist Lisa Leiter hosted a panel discussion on advancements and opportunity in DuPage County with Vincent Tomkinson, Midwest managing partner, Grant Thornton; John Carlisle, interim director, Chain Reaction Innovations, Argonne National Laboratory; and Roman Kuropas, CEO, president and founder, Innova EV. The panel’s remarks echoed the theme of the overall event which positioned DuPage County as a smart choice for overall business success. DuPage County offers a business-friendly environment, skilled workforce, high quality of life and growing industry sectors including manufacturing, business services, healthcare, retail and technology. DuPage County is experiencing a prosperous business climate and today’s event reinforced the spirit of innovation and opportunities throughout the business community.
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Posted: April 24, 2017
2017 First Quarter Economic Indicators Show Low Unemployment, Vacancy Rates
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.
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Posted: April 12, 2017
NAI Hiffman completes lease renewal at Butterfield Centre in Lombard
NAI Hiffman Executive Vice President, Michael Van Zandt, and Vice President, Brian Edgerton, represented the landlord, St. Paul Fire & Marine, in the 86,110-square-foot office lease. Waste Management has been an active tenant at Butterfield Centre since 1991 and continues to benefit from the property’s prime location in DuPage County.
NAI Hiffman currently provides leasing and management services at Butterfield Centre, a two-building, 280,672-square-foot, Class A office complex centrally located at 700-720 E. Butterfield Road. The property features close proximity to major interchanges like I-88 and I-355, as well as popular restaurants and shops within Yorktown Center Mall in Lombard. Amenities, include: newly renovated common areas, on-site deli with “made-to-order” service, fitness center, covered parking, storage, and training center with auditorium. To learn more about Butterfield Centre and its leasing opportunities, visit: www.butterfieldcentre.com.
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Posted: April 12, 2017
Internet Park Could Be Coming to Naperville
A space outside of City Hall could soon transform into an outdoor internet workspace open to the public.
“The idea is that we have comfortable seating, shade, electrical outlets that are handy and convenient, and possibly other small amenities throughout the area, in a space that’s otherwise just completely unused,” said Steve Chirico, the Mayor of Naperville.
An idea first brought up to the mayor, who then involved other local leaders, this proposed space would utilize sustainable materials and energy sources like solar panels to help power visitors electronics.
This space was first publicly discussed at the recent State of the City address, but plans are far from complete.
“Next steps are I have to convince our City Council and other stakeholders in our community that this is a great idea, and so far everybody has really thought it is a great idea, but we also need money,” said Mayor Chirico. “So that I envision being a public/private partnership, members of the community who want to give a gift to the city, other governmental bodies who think it falls into their wheelhouse of being a part of this.”
The budget for this project is not yet known, but the mayor does have a timeline in mind.
“I would love to see it done this year, but it’s a lot of work and it’s a big project. So maybe it’s a little optimistic but that’s the way I think,” said Mayor Chirico.
If constructed, this area would be free and open to the public, with Wi-Fi and power provided.
Originally published by: NCTV Channel 17 News | View Article
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