Economic Indicators Report shows second lowest unemployment rates in the state; diverse industry growth
Choose DuPage has released its 2019 First Quarter Economic Indicators Report, reinforcing DuPage County’s pattern of economic sustainability and consistent growth.Data from the report shows DuPage County’s unemployment rate is the lowest in the region; second lowest in the state, having dropped from 4.2 percent in the first quarter of 2018 to 3.2 percent in Q1 of 2019. Persistent, steady industry growth across DuPage County continues to absorb office and industrial vacancies and drive development – heightening the county’s status at the forefront of Illinois’ suburban economies.
2019 First Quarter Report Highlights:
- DuPage County closed out the first quarter of 2019 with the lowest unemployment rate in the region, and second lowest in the state at 3.2 percent – down one percent since last year. The county’s unemployment rate remains lower than both the State of Illinois (4.3 percent) and the United States overall (3.8 percent).
- Since 2018-Q1, office vacancy rates dropped from 15.3 percent to 13.8 percent; while the industrial vacancy rate remains the lowest in region at 4.5 percent.
- The top job opportunities in DuPage County are reported to be in retail, sales, customer service and labor, representing over 10,000 job openings altogether.
The fastest growing industries in DuPage County include the healthcare and social assistance sectors, employing nearly 75,500 workers with an average annual wage of more than $56,000. These industries have grown an average of 3.8 percent since 2013; with an additional 1.6 percent of growth expected within the next year.
“Findings from our first quarter of 2019 represent a strong start to the year, with opportunities to further expand operations for a number of DuPage area industries,” said Lisa Miceli, vice president of economic development for Choose DuPage. “Decreasing office vacancy rates and maintaining the lowest industrial vacancy rates in the region illustrates that businesses and developers understand the economic potential of DuPage County, which provides a bright outlook for further growth and job opportunities in the future.”
DuPage County is home to nearly 90,000 businesses taking advantage of the region’s highly educated and skilled workforce. Together, these companies represent over 653,000 jobs across a diverse range of industries operating throughout DuPage.