Here is the economic indicators report for the third quarter of 2015.
Sales Tax ReceiptsAlways reported one quarter in arrears, the DuPage County total sales tax receipts were $348 million in the second quarter of 2015 compared to $342 million during the same time last year. This represents a 1.94% increase.
Unemployment RateThe unemployment rate dropped to 3.9% in the second quarter, compared to 5.1% in the first quarter. DuPage County has the lowest unemployment rate in the region, and among the lowest in the State of Illinois.
Job MarketAccording to the Illinois Department of Employment Security, the professions that currently have the most online job postings in DuPage County include:
- Truck Drivers
- Retail Sales Persons
- Customer Service Representatives
- Supervisors of Office & Administrative Support
- Computer Use Support Specialists
- Marketing Managers
- Supervisors of Retail Salespersons
- Registered Nurses
- Bookkeeping, Accounting & Auditing Clerks
- Supervisors of Food Preparation & Servers
Office Vacancy RatesThe office vacancy rate in DuPage County dropped from 16.9% in the second quarter to 16.2% in the third quarter of 2015. While DuPage County has the second highest office vacancy rate in the region, we’ve showed promising recent activity. Some of the top lease transactions during the third quarter included:
- Inland Real Estate in Oak Brook
- vAuto in Oakbrook Terrace
- Athletico in Westmont
- Deen Investments in Naperville
Industrial Vacancy RatesThe industrial vacancy rate dropped from 5.7% in the second quarter to 5.4% in the third quarter. DuPage County continues to have the lowest industrial vacancy rate in region. Over the last five years, industrial vacancy rates have had a nearly continuous decline in DuPage County, dropping a total of 8.1% since 2010.
Industry Spotlight: Transportation and WarehousingTransportation and warehousing is thriving in DuPage County, and considered one of the County’s top growth industries.
LocationThis is fueled by DuPage County’s prime location in the heart of an extensive multi-modal transportation network. Proximity to:
- O’Hare and Midway International Airports
- Major interstates including I-355, 88, 55, and 290
- The nation’s hub for rail freight
WorkforceToday, DuPage County has a transportation and warehousing workforce of nearly 27,000. Since 2010, employment in this sector has increased 8%. And over the next 10 years an estimated 7,707 jobs will become available through replacement and growth demands, bringing the projected total jobs to 34,546 by 2025.
The MarketThe existing warehousing inventory in the West Suburban Market, which includes DuPage County, has over 180 million square feet of rentable building area, making it a top market in the region. This includes 3,284 buildings, over 1,100 acres of land, or 16.5 million square feet of new industrial development potential.
Western Access O’HareAnd at the heart of all this lies the Western Access O’Hare project, which will ultimately provide a western access point to O’Hare International Airport. It begins with the extension to the Elgin-O’Hare expressway and the creation of a bypass to connect I-90 and 294. The increased transportation and infrastructure will become a prime location for businesses and future development. Consider the benefits:
- Prime Location
- 127 square-miles of available land
- Skilled workforce
- Savings of fuel and time
- An unparalleled quality of life