Economic Indicators 1Q 2014
DuPage County Economic Indicators First Quarter 2014 Indicator
Current Rate Or Change
Sales Tax Receipts (percent change)
5.93%
Unemployment Rate
7.3%
Chicago Federal Reserve Midwest Manufacturing Index
97.4
Office Space Vacancy Rate
16.3%
Industrial Space Vacancy Rate
5.1%
Highlights: Sales Tax Receipts: DuPage County total sales tax receipts were $344 million in the fourth quarter of 2013 compared to $325 million for the fourth quarter of 2012. This is an increase of 5.93%. Unemployment: The unemployment rate rose from 6.5% in 4thQ 2013 report to 7.3% as of February, 2014. However, this number still lower than February of last year which was 7.9%. DuPage County continues to have the lowest unemployment rate in the region and remains considerably lower than the state unemployment rate of 9.4% for this same period. Chicago Fed Midwest Manufacturing Index: The Index increased to 97.4 in October of 2013, a 5.3 increase from October of 2012 where it was 92.1. Vacancy Rates: The office vacancy dropped to 16.3% this quarter from 16.6% in 4Q 2013. The industrial vacancy rate also continues to decline and ended 1stQ 2014 at 5.1%, down from 6.5% in 4thQ 2013. This is the th 15 straight quarter of a decline in the industrial vacancy rate.
Trend
Sales Tax Receipts County Cook DuPage Kane Lake McHenry Will
2012 – 4 Quarter
2013 -‐ 4 Quarter
$1,262,538,797 $325,200,976 $109,418,645 $187,128,987 $59,760,188 $148,468,542
Source: Illinois Department of Revenue, Taxes report are from 4Q 2013
$1,279,106,692 $344,492,018 $110,983,716 $193,050,842 $62,420,653 $151,781,148
4Q 2012 – 4Q 2013 % Change 1.13% 5.93% 1.43% 3.17% 4.45% 2.23%
Unemployment Rates
Chicago Metro Area Job Listings
DuPage County Historical Unemployment Rate 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
9.0%
8.8%
3.0%
4.0%
5.6%
6.7% 7.3% 6.9%
7.3%
2006 2007 2008 2009 2010 2011 2012 2013 2014 DuPage
Chicago MSA
Available online job postings Computer related Truck Drivers Retail Sales & Supervisors Registered Nurses Customer Service Marketing Managers Office & Administrative Support Insurance Sales Food Prep & Serving Related Accountants
Group Job Ad Count 15,641 9,944 8,742 6,171 4,038 3,931 2,990 2,864 2,823 2,754
Source: Illinois Department of Employment Security
Note: The Chicago Metro Area includes Cook, DeKalb, DuPage, Grundy, Kane, Kankakee, Kendall, Lake, McHenry, & Will Counties, April 2014
Note: The Chicago MSA is defined as the Chicago-‐Joliet-‐Naperville MSA with a geographic area of Chicago-‐Naperville-‐Joliet IL, Lake –Kenosha IL-‐WI, and Gary IN Metropolitan Division.
County Unemployment Rates County Cook DuPage Kane Lake McHenry Will
February 2013 10% 7.9% 10.6% 10.4% 9.7% 10.5%
February 2014 9.2% 7.3% 9.4% 10% 8.8% 9.8%
Source: Illinois Department of Employment Security. The current unemployment rate is from April of 2014.
Choose DuPage First Quarter 2014 Economic Indicators Report pg. 2 www.choosedupage.com
Chicago Federal Reserve Bank’s Midwest Manufacturing Index & Industrial Production Index for Manufacturing
CFMMI and IPMFG 105 100 Baseline is 100
95 90 85 80
CFMMI
75
IPMFG
70 65 60
Source: Chicago Federal Reserve Bank Note: The Midwest is defined as the Seventh Federal Reserve District: Illinois, Indiana, Iowa, Michigan, and Wisconsin. October 2013 is the most recent CFMMI and IPMFG data.
Regional Real Estate Market Comparison
Office County Cook DuPage Kane Lake McHenry Will
Vacancy Rate
13.2% 17% 18.4% 16.5% 22.1% 14.9%
Total Absorption YTD 1,016,100 265,427 143,082 -‐1,177,538 40,292 104,358
Industrial Avg. Rate
Vacancy Rate
Total Absorption
Avg. Rate
$24.54/fs $19.39/fs $17.74 $19.83/fs $15.92/fs $19.41/fs
8.7% 6.1% 6.9% 8.4% 13.8% 10.3%
1,449,692 3,587,309 1,011,982 399,553 -‐146,948 3,108,669
$5.13/nnn $5.16/nnn $4.77nnn $5.42/nnn $4.38/nnn $4.07/nnn
Source: Costar, Data as of April, 2014.
Choose DuPage Economic Indicators Report The Choose DuPage Indicators Report is published on a quarterly basis. It is intended to provide a snapshot of the current state of the local DuPage County economy. While there is an abundance of economic data produced by state and federal sources, not all of it is produced for local level examination and disseminated on a regular schedule. Therefore, the choice of which indicators to track was determined partly on relevancy, availability and reliability. If you have any questions about this report please call Choose DuPage at 630-‐955-‐2090.
Choose DuPage First Quarter 2014 Economic Indicators Report pg. 3 www.choosedupage.com
Current Rate Or Change
Sales Tax Receipts (percent change)
5.93%
Unemployment Rate
7.3%
Chicago Federal Reserve Midwest Manufacturing Index
97.4
Office Space Vacancy Rate
16.3%
Industrial Space Vacancy Rate
5.1%
Highlights: Sales Tax Receipts: DuPage County total sales tax receipts were $344 million in the fourth quarter of 2013 compared to $325 million for the fourth quarter of 2012. This is an increase of 5.93%. Unemployment: The unemployment rate rose from 6.5% in 4thQ 2013 report to 7.3% as of February, 2014. However, this number still lower than February of last year which was 7.9%. DuPage County continues to have the lowest unemployment rate in the region and remains considerably lower than the state unemployment rate of 9.4% for this same period. Chicago Fed Midwest Manufacturing Index: The Index increased to 97.4 in October of 2013, a 5.3 increase from October of 2012 where it was 92.1. Vacancy Rates: The office vacancy dropped to 16.3% this quarter from 16.6% in 4Q 2013. The industrial vacancy rate also continues to decline and ended 1stQ 2014 at 5.1%, down from 6.5% in 4thQ 2013. This is the th 15 straight quarter of a decline in the industrial vacancy rate.
Trend
Sales Tax Receipts County Cook DuPage Kane Lake McHenry Will
2012 – 4 Quarter
2013 -‐ 4 Quarter
$1,262,538,797 $325,200,976 $109,418,645 $187,128,987 $59,760,188 $148,468,542
Source: Illinois Department of Revenue, Taxes report are from 4Q 2013
$1,279,106,692 $344,492,018 $110,983,716 $193,050,842 $62,420,653 $151,781,148
4Q 2012 – 4Q 2013 % Change 1.13% 5.93% 1.43% 3.17% 4.45% 2.23%
Unemployment Rates
Chicago Metro Area Job Listings
DuPage County Historical Unemployment Rate 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
9.0%
8.8%
3.0%
4.0%
5.6%
6.7% 7.3% 6.9%
7.3%
2006 2007 2008 2009 2010 2011 2012 2013 2014 DuPage
Chicago MSA
Available online job postings Computer related Truck Drivers Retail Sales & Supervisors Registered Nurses Customer Service Marketing Managers Office & Administrative Support Insurance Sales Food Prep & Serving Related Accountants
Group Job Ad Count 15,641 9,944 8,742 6,171 4,038 3,931 2,990 2,864 2,823 2,754
Source: Illinois Department of Employment Security
Note: The Chicago Metro Area includes Cook, DeKalb, DuPage, Grundy, Kane, Kankakee, Kendall, Lake, McHenry, & Will Counties, April 2014
Note: The Chicago MSA is defined as the Chicago-‐Joliet-‐Naperville MSA with a geographic area of Chicago-‐Naperville-‐Joliet IL, Lake –Kenosha IL-‐WI, and Gary IN Metropolitan Division.
County Unemployment Rates County Cook DuPage Kane Lake McHenry Will
February 2013 10% 7.9% 10.6% 10.4% 9.7% 10.5%
February 2014 9.2% 7.3% 9.4% 10% 8.8% 9.8%
Source: Illinois Department of Employment Security. The current unemployment rate is from April of 2014.
Choose DuPage First Quarter 2014 Economic Indicators Report pg. 2 www.choosedupage.com
Chicago Federal Reserve Bank’s Midwest Manufacturing Index & Industrial Production Index for Manufacturing
CFMMI and IPMFG 105 100 Baseline is 100
95 90 85 80
CFMMI
75
IPMFG
70 65 60
Source: Chicago Federal Reserve Bank Note: The Midwest is defined as the Seventh Federal Reserve District: Illinois, Indiana, Iowa, Michigan, and Wisconsin. October 2013 is the most recent CFMMI and IPMFG data.
Regional Real Estate Market Comparison
Office County Cook DuPage Kane Lake McHenry Will
Vacancy Rate
13.2% 17% 18.4% 16.5% 22.1% 14.9%
Total Absorption YTD 1,016,100 265,427 143,082 -‐1,177,538 40,292 104,358
Industrial Avg. Rate
Vacancy Rate
Total Absorption
Avg. Rate
$24.54/fs $19.39/fs $17.74 $19.83/fs $15.92/fs $19.41/fs
8.7% 6.1% 6.9% 8.4% 13.8% 10.3%
1,449,692 3,587,309 1,011,982 399,553 -‐146,948 3,108,669
$5.13/nnn $5.16/nnn $4.77nnn $5.42/nnn $4.38/nnn $4.07/nnn
Source: Costar, Data as of April, 2014.
Choose DuPage Economic Indicators Report The Choose DuPage Indicators Report is published on a quarterly basis. It is intended to provide a snapshot of the current state of the local DuPage County economy. While there is an abundance of economic data produced by state and federal sources, not all of it is produced for local level examination and disseminated on a regular schedule. Therefore, the choice of which indicators to track was determined partly on relevancy, availability and reliability. If you have any questions about this report please call Choose DuPage at 630-‐955-‐2090.
Choose DuPage First Quarter 2014 Economic Indicators Report pg. 3 www.choosedupage.com
