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Illinois department of Commerce & Economic Opportunity

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Chicago’s historically tight vacancy and build rates should preserve its rent growth momentum into 2025

With historically low vacancy and less supply-side pressure than its peers across the country, Chicago’s multifamily market should maintain its standing on the asking-rent-growth leaderboard into 2025.

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U.S. producer prices, which often affect consumer prices and entail all costs involved in providing goods and services, increased at an annual rate of 2.4% in October in an overall climate of easing cost pressures.

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Import cargo volumes at U.S. ports could be higher than previously expected for the rest of 2024, with retailers already looking to get merchandise shipped ahead of potential trade tariffs planned by President-elect Donald Trump, according to researchers at the National Retail Federation and consulting firm Hackett Associates.

But there are tenants to fill the space with retail vacancy still low, analysts and brokers say

U.S. store closings have accelerated, surpassing any full-year total since the height of the pandemic in 2020. But there will be demand for that vacant retail space, according to industry analysts.

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The Conference Board’s latest gauge of U.S. hiring momentum showed a slight monthly improvement in what remains a slowed employment climate, with more upward trending expected in the coming months as interest rate cuts by the Federal Reserve kick in for the larger economy.

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Strong consumer spending helped U.S. gross domestic product grow at a better-than-expected annual rate of 2.8% during the third quarter, though growth was below the 3% rate in the second quarter. Analysts said third quarter trends could factor into next week’s rate-setting decision by the Federal Reserve.

New Satellite Office in Elgin, Kane County Expands Reach with New Elgin Facility

Kane County officials have announced the purchase of a new building in Elgin that will serve as a satellite office for the Kane County Health Department and county government services. The new satellite office will support the growing population in the northern part of the county, ensuring that residents have equitable access to county services. This represents an investment in the county's infrastructure, enabling the Health Department, Clerk's Office, and Court Services to operate more efficiently and effectively.

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CEO confidence slips Business confidence among United States CEOs remained generally positive but retreated for a second straight time in the latest survey by the Conference Board. Corporate leaders expressed jitters about cybersecurity threats, global political uncertainties and regulatory shifts among other factors that could create mounting pressures in coming months.

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Workers at Boeing are expected to vote Wednesday on a tentative deal reached over the weekend to end a five-week strike that analysts said has cost the aircraft maker more than $1 billion.

Following a successful launch of the BRIDGES Committee for Black and Brown entrepreneurs and a first Black Expo earlier this year, the Elgin Area Chamber of Commerce group announces it will hold a virtual Black Business Expo from 5:30pm to 7:00pm on Friday, October 25, 2024.

Fox Valley SCORE is pleased to recognize Wendy Medina as one of this year's Client Excellence Award winners.

Wendy Medina began developing her plan for a retail bakery/gourmet cupcake shop in March of 2023. After opening its doors eleven months later, Sunshine’s Cupcakery has grown to four employees. Offering cupcakes, smoothies, ice cream, coffee and espresso drinks, the Elgin-based business has routinely exceeded initial sales goals. Sunshine’s Cupcakery was recently recognized for its early success by the Elgin Chamber of Commerce.

The City of Elgin is proud to announce the groundbreaking ceremony for the expansion of the Elgin Sports Complex.

The Elgin Sports Complex, already a hub for activities such as soccer, softball, volleyball, golf, and BMX racing, will now benefit from improved accessibility with a new roadway connecting Illinois Route 31 to the complex. This second access point has been a longstanding request from users, offering a convenient route to Elgin’s downtown and further supporting tourism and local businesses.

Rebuild Downtowns & Main Streets (RDMS) & Research in Illinois to Spur Economic (RISE) Recovery Implementation Grants – application deadline July 22 The Rebuild Illinois Downtowns and Main Streets Capital program (RDMS) will provide grants for construction, repair and modernization of public infrastructure and amenities to boost jobs, improve quality of life and stimulate economic activity for communities that have experienced disinvestment.

Law Requires Posting No Later Than July 15th

SPRINGFIELD – The Illinois Department of Labor (IDOL) posted updated prevailing wage rates, by construction trade, for each county on Monday this week. By requiring that local prevailing wages are paid on public works construction and infrastructure projects, the Illinois Prevailing Wage Act helps ensure that Illinois’ tax dollars are re-invested back into Illinois’ workforce and spent in Illinois’ economy.

Team RED Monthly Webinar Updates to DCEO Business Development Programs

Northeast Region Weekly Update July 15, 2024 Team RED Monthly Webinar Updates to DCEO Business Development Programs Join Team RED for a high-level overview of HB5005, the new omnibus bill to incentivize corporate development and increase Illinois’ competitive edge for attracting new businesses and capital investments. This legislation was signed on June 26th, 2024.

Exemplary performance

Congratulations to Elgin Community College. We are thrilled Diane Kerruish, senior executive assistant to the president, received the Professional Board Staff Member Award from ICCTA. This award recognizes exemplary performance in supporting an Illinois community college board of trustees. She is an incredible person we get to work with and so glad she received this well-deserved honor!

Rebuild Downtowns & Main Streets (RDMS) & Research in Illinois to Spur Economic (RISE) Recovery Implementation Grants