Here is the economic indicators report for the third quarter of 2014.
Sales Tax Receipts
Beginning with sales tax receipts, which are always reported one quarter in arrears, the DuPage County total sales tax receipts were $342 million for the second quarter of 2014 compared to $327 million for the second quarter of 2013. This is an increase of 4.4% year over year. Moreover, the second quarter increase of 4.4% is double the first quarter increase of 2014 versus 2013 of 1.79%. Sales tax receipts are trending in a positive direction.
The unemployment rate in DuPage County dropped from 6.0% in the second quarter of 2014 to 5.0% as of August 2014. This is lower than August of 2013, which was reported at 7.5%.
DuPage County continues to have the lowest unemployment rate in the region and remains considerably lower than the state unemployment rate of 6.7% for this same period.
Additionally, the DuPage County unemployment rate of 5.0% is the second lowest unemployment rate in the State of Illinois and the lowest unemployment rate for any county in Illinois with a population greater than 10,000 people.
DuPage County office vacancy rates remain stubbornly high at 17.2% for the third quarter of 2014, compared to 16.8 for the second quarter of 2014.
Choose DuPage was pleased to welcome SKF Corporation to Naperville during the third quarter of 2013. SKF will soon begin construction on an 80,000 square foot building on Warrenville Road in Naperville, which will be the home to nearly 100 new employees for DuPage County.
In DuPage County the industrial vacancy rate declined over a 15-month stretch, but in the second quarter of 2014, the industrial vacancy rate rose slightly to 6.7%, however, in the third quarter of 2014, the vacancy rate dropped to 6.3%. Again, historical low numbers for industrial vacancy rates in DuPage County.
Choose DuPage remains committed to addressing office vacancy rates through initiatives like the Rev3 Innovation Center, which recently opened at the Naperville Campus of Northern Illinois University. Rev3 is a critical component of DuPage County’s economic development strategy to promote entrepreneurialism, small business development, manufacturing and technology throughout the region. Visit their website or contact us for additional information.
Please feel free to contact Greg Bedalov, or any member of the Choose DuPage staff with questions or comments.