q2 economic indicators report
Q2 ECONOMIC INDICATORS REPORT
CHOOSE THE PEOPLE, THE PLACE, THE PROSPERITY OF DUPAGE COUNTY. CHOOSE THE DUPAGE ADVANTAGE.
SALES TAX RECEIPTS
SALES TAX RECEIPTS
Always reported one quarter in arrears, the DuPage County sales tax receipts for the first quarter of 2016 were $301 million compared to $314 million during the same time last year. This is a decrease of 3.9%.
-3.9%
DuPage County reported the lowest decrease in the region.
COUNTY
2015 – 1ST QUARTER (IN 000’S)
2016 – 1ST QUARTER (IN 000’S)
1ST Q 2015 – 1ST Q 2016 % CHANGE
COOK $1,289,717
$1,155,833
-10.4%
DUPAGE $313,996
$301,873
-3.90%
KANE $102,487
$97,942
-4.43%
LAKE $177,748
$167,131
-5.97%
MCHENRY $57,399
$54,512
-5.03%
WILL $142,374
$136,297
-4.27%
Sales tax receipts are reported quarter to quarter to accommodate seasonal changes. Source: Illinois Department of Revenue
EMPLOYMENT TRENDS
UNEMPLOYMENT RATE
5.1%
UNEMPLOYMENT RATES The unemployment rate in DuPage County fell to 5.1% compared to 5.3% during Q1 2016. DuPage County has one of the lowest unemployment rates in the Chicago metro region. Source: Illinois Department of Employment Security.
5.1%
DUPAGE COUNTY
6.0% ILLINOIS
5.1%
UNITED STATES
UNEMPLOYMENT RATES
JOB OPPORTUNITIES As of June 2016, the top job opportunities include:
OCCUPATIONAL GROUP
# OF ONLINE JOB ADS
COMPUTER/ MATHEMATICAL
18,565
MANAGEMENT
16,299
OFFICE/ADMINISTRATIVE SUPPORT
14,203
SALES AND RELATED
13,860
BUSINESS AND FINANCIAL OPERATIONS
12,567
HEALTHCARE PRACTITIONERS
10,823
TRANSPORTATION
8,678
EDUCATION, TRAINING, AND LIBRARY
6,977
FOOD PREPARATION/SERVING
6,957
INSTALLATION, MAINTENANCE, REPAIR
3,786
ARTS, DESIGN, ENTER, SPORTS, AND MEDIA
3,650
ARCHITECTURE AND ENGINEERING
3,514
PRODUCTION
3,147
COMMUNITY AND SOCIAL SERVICES
2,256
Source: Illinois Department of Employment Security, Region 4 (10 counties), Illinois Help Wanted On-Line Monthly Snapshot, June 2016
REAL ESTATE REPORT OFFICE VACANCY RATE
OFFICE The office vacancy rate in DuPage County has remained at 16% during both the first and second quarter of 2016. In Q2, 729,608 SF of office space was absorbed. COUNTY
VACANCY RATE
TOTAL ABSORPTION QTD
16%
AVG. RATE
COOK 12.3%
1,063,506
$25.83
DUPAGE 16.0%
729,608
$19.37
KANE 15%
206,861
$17.36
LAKE 14.7%
72,149
$19.72
MCHENRY 21.0%
16,953
$16.64
WILL 10.3%
235,617
$19.57
Source: CoStar
INDUSTRIAL VACANCY RATE
INDUSTRIAL The industrial vacancy rate increased slightly from 4.8% during Q1 to 5% in Q2. During the second quarter, 2,441, 277 SF of industrial space was absorbed.
5.0%
DuPage County continues to have the lowest industrial vacancy rate in the region. COUNTY
VACANCY RATE
TOTAL ABSORPTION QTD
COOK 7.0% DUPAGE 5.0%
2,578,049 2,441,277
AVG. RATE
$5.80 $5.54
KANE 6.3%
535,612
$4.96
LAKE 7.5%
1,328,273
$5.53
MCHENRY 10.6% WILL 7.1%
204,322 9,758,290
$4.46 $4.61
Source: CoStar
TOP REAL ESTATE TRANSACTIONS SENTINEL TECHNOLOGIES 71,607 sf 2500 Warrenville Road
INTEQ INSIGHTS 22,187 sf 1815 S Meyers Road
PAYCHEX NORTH AMERICA 22,218 sf 27545 Diehl Road
MH SUB I 20,765 sf 3010 Highland Parkway
Source: Costar, Data as of June 2016; CBRE 2Q Statistics.
ARMOUR-ECKRICH MEATS 18,755 sf 4225 Naperville Road
INDUSTRY SNAPSHOT: CONSTRUCTION SERVICES The Construction Services Industry makes up 5% of all jobs in DuPage County and has experienced solid growth over the past 5 years, outpacing Illinois and the United States in most of the industry’s sub-sectors. This growth is reflective of the new construction and development taking place in DuPage County.
CONSTRUCTION INDUSTRY SUB-SECTORS EMPLOYMENT AVG. ANNUAL WAGES
AVG. ANNUAL GROWTH (10-YR FORECAST)
RESIDENTIAL BUILDING CONSTRUCTION
3,640
0.3%
NONRESIDENTIAL BUILDING CONSTRUCTION
1,252 $73,692
0.3%
UTILITY SYSTEM CONSTRUCTION
1,170
$94,121
3.8%
LAND SUBDIVISION
279
$84,757
-1.1%
HIGHWAY, STREET AND BRIDGE CONSTRUCTION
722 $83,041
OTHER HEAVY AND CIVIL ENGINEERING CONSTRUCTION
558 $118,323 2.1%
FOUNDATION, STRUCTURE, AND BUILDING EXTERIOR CONTRACTORS
3,712 $61,491
1.1%
BUILDING EQUIPMENT CONTRACTORS
9,723 $74,595
1.1%
BUILDING FINISHING CONTRACTORS
5,765
0.3%
OTHER SPECIALTY TRADE CONTRACTORS
3,479 $65,818
0.4%
CONSTRUCTION
30,300 $68,014
0.9%
TOTAL – ALL SECTORS
636,494
0.3%
$52,225
$59,808
$58,636
0.7%
This report is published on a quarterly basis by Choose DuPage and is intended to provide a snapshot of the current state of County’s local 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. The choice of which indicators to track was determined partly based on relevancy, availability and reliability. If you have any questions about this report, contact Choose DuPage at (630) 955-2092.
CHOOSE THE PEOPLE, THE PLACE, THE PROSPERITY OF DUPAGE COUNTY. CHOOSE THE DUPAGE ADVANTAGE.
SALES TAX RECEIPTS
SALES TAX RECEIPTS
Always reported one quarter in arrears, the DuPage County sales tax receipts for the first quarter of 2016 were $301 million compared to $314 million during the same time last year. This is a decrease of 3.9%.
-3.9%
DuPage County reported the lowest decrease in the region.
COUNTY
2015 – 1ST QUARTER (IN 000’S)
2016 – 1ST QUARTER (IN 000’S)
1ST Q 2015 – 1ST Q 2016 % CHANGE
COOK $1,289,717
$1,155,833
-10.4%
DUPAGE $313,996
$301,873
-3.90%
KANE $102,487
$97,942
-4.43%
LAKE $177,748
$167,131
-5.97%
MCHENRY $57,399
$54,512
-5.03%
WILL $142,374
$136,297
-4.27%
Sales tax receipts are reported quarter to quarter to accommodate seasonal changes. Source: Illinois Department of Revenue
EMPLOYMENT TRENDS
UNEMPLOYMENT RATE
5.1%
UNEMPLOYMENT RATES The unemployment rate in DuPage County fell to 5.1% compared to 5.3% during Q1 2016. DuPage County has one of the lowest unemployment rates in the Chicago metro region. Source: Illinois Department of Employment Security.
5.1%
DUPAGE COUNTY
6.0% ILLINOIS
5.1%
UNITED STATES
UNEMPLOYMENT RATES
JOB OPPORTUNITIES As of June 2016, the top job opportunities include:
OCCUPATIONAL GROUP
# OF ONLINE JOB ADS
COMPUTER/ MATHEMATICAL
18,565
MANAGEMENT
16,299
OFFICE/ADMINISTRATIVE SUPPORT
14,203
SALES AND RELATED
13,860
BUSINESS AND FINANCIAL OPERATIONS
12,567
HEALTHCARE PRACTITIONERS
10,823
TRANSPORTATION
8,678
EDUCATION, TRAINING, AND LIBRARY
6,977
FOOD PREPARATION/SERVING
6,957
INSTALLATION, MAINTENANCE, REPAIR
3,786
ARTS, DESIGN, ENTER, SPORTS, AND MEDIA
3,650
ARCHITECTURE AND ENGINEERING
3,514
PRODUCTION
3,147
COMMUNITY AND SOCIAL SERVICES
2,256
Source: Illinois Department of Employment Security, Region 4 (10 counties), Illinois Help Wanted On-Line Monthly Snapshot, June 2016
REAL ESTATE REPORT OFFICE VACANCY RATE
OFFICE The office vacancy rate in DuPage County has remained at 16% during both the first and second quarter of 2016. In Q2, 729,608 SF of office space was absorbed. COUNTY
VACANCY RATE
TOTAL ABSORPTION QTD
16%
AVG. RATE
COOK 12.3%
1,063,506
$25.83
DUPAGE 16.0%
729,608
$19.37
KANE 15%
206,861
$17.36
LAKE 14.7%
72,149
$19.72
MCHENRY 21.0%
16,953
$16.64
WILL 10.3%
235,617
$19.57
Source: CoStar
INDUSTRIAL VACANCY RATE
INDUSTRIAL The industrial vacancy rate increased slightly from 4.8% during Q1 to 5% in Q2. During the second quarter, 2,441, 277 SF of industrial space was absorbed.
5.0%
DuPage County continues to have the lowest industrial vacancy rate in the region. COUNTY
VACANCY RATE
TOTAL ABSORPTION QTD
COOK 7.0% DUPAGE 5.0%
2,578,049 2,441,277
AVG. RATE
$5.80 $5.54
KANE 6.3%
535,612
$4.96
LAKE 7.5%
1,328,273
$5.53
MCHENRY 10.6% WILL 7.1%
204,322 9,758,290
$4.46 $4.61
Source: CoStar
TOP REAL ESTATE TRANSACTIONS SENTINEL TECHNOLOGIES 71,607 sf 2500 Warrenville Road
INTEQ INSIGHTS 22,187 sf 1815 S Meyers Road
PAYCHEX NORTH AMERICA 22,218 sf 27545 Diehl Road
MH SUB I 20,765 sf 3010 Highland Parkway
Source: Costar, Data as of June 2016; CBRE 2Q Statistics.
ARMOUR-ECKRICH MEATS 18,755 sf 4225 Naperville Road
INDUSTRY SNAPSHOT: CONSTRUCTION SERVICES The Construction Services Industry makes up 5% of all jobs in DuPage County and has experienced solid growth over the past 5 years, outpacing Illinois and the United States in most of the industry’s sub-sectors. This growth is reflective of the new construction and development taking place in DuPage County.
CONSTRUCTION INDUSTRY SUB-SECTORS EMPLOYMENT AVG. ANNUAL WAGES
AVG. ANNUAL GROWTH (10-YR FORECAST)
RESIDENTIAL BUILDING CONSTRUCTION
3,640
0.3%
NONRESIDENTIAL BUILDING CONSTRUCTION
1,252 $73,692
0.3%
UTILITY SYSTEM CONSTRUCTION
1,170
$94,121
3.8%
LAND SUBDIVISION
279
$84,757
-1.1%
HIGHWAY, STREET AND BRIDGE CONSTRUCTION
722 $83,041
OTHER HEAVY AND CIVIL ENGINEERING CONSTRUCTION
558 $118,323 2.1%
FOUNDATION, STRUCTURE, AND BUILDING EXTERIOR CONTRACTORS
3,712 $61,491
1.1%
BUILDING EQUIPMENT CONTRACTORS
9,723 $74,595
1.1%
BUILDING FINISHING CONTRACTORS
5,765
0.3%
OTHER SPECIALTY TRADE CONTRACTORS
3,479 $65,818
0.4%
CONSTRUCTION
30,300 $68,014
0.9%
TOTAL – ALL SECTORS
636,494
0.3%
$52,225
$59,808
$58,636
0.7%
This report is published on a quarterly basis by Choose DuPage and is intended to provide a snapshot of the current state of County’s local 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. The choice of which indicators to track was determined partly based on relevancy, availability and reliability. If you have any questions about this report, contact Choose DuPage at (630) 955-2092.
