Chicago has experienced a lag in its economy for the past few years, but now the city’s job market seems to be taking off!
According to studies from the Bureau of Labor Statistics, in the past six months, the metro Chicago area has gained employment faster than the United States as a whole.
In fact, since January of this year, Chicago has gained 164,000 jobs, which is more than any other metro area in the nation, except for New York City.
Typically, Chicago’s economy is more prosperous during the spring as construction, hospitality, and other weather-related industries gain speed, so it’s not certain if this upward trend will stick, but the last 12-month data report has confirmed positive trends.
12-month reports are more telling of the economy because they account for the data of all four seasons. Over the past year, it seems as though metro Chicago’s economy has taken a turn for the better.
From June 2018 to June 2019, metro Chicago has seen a job growth of 1.8% which equals to around 90,000 jobs. This number is higher than the overall national growth of 1.5%.
Although this number lags behind certain cities, like New York City, it’s leagues ahead of others, like Los Angeles.
Chicago’s Positive Effects From Job Growth
Even though it’s hard for economists to predict if these statistics of Chicago’s growing job market will stick, it’s safe to say that the city is finally turning a corner from its slow economy. These positive changes will greatly affect Chicago as a whole in many ways.
Strengthen the Economy and the Real Estate Market
The most obvious change due to this uptick in the job market is the strengthening of metro Chicago’s economy.
From June 2018 to June 2019, Illinois as a whole gained nearly 100,000 jobs, making the past 12 months the most the state has grown in years. Leading the growth in the job market is Chicago, showing that the area’s economy is becoming prosperous once again.
This upward trend in the economy is likely to fuel real estate investment as people become more inclined to purchase big ticket items. Already, the Chicago skyline is filled with cranes, but you can expect to see more arise in the next coming years.
Attract More Big Businesses to the City
Chicago has been rated one of the best places for large companies to locate their headquarters because of the city’s affordability and incredible real estate opportunity.
In the past years, a number of world-renowned brands have relocated their head offices to Chicago and immediate the metro area. Dyson, McDonalds, and Google have all made Fulton Market in Chicago their home, which has ultimately brought young industry workers to the area.
This new influx in the economy is sure to attract many more established names in all industries, including retail, technology, and healthcare.
Already, the state has seen gains in industries such as manufacturing, business services, education.
As more and more companies, large and small, make their presence in Chicago, the job market will continue to boom.
Attracting Young Professionals to Chicago
For the past five years, the metro Chicago area has seen a bit of a decline in its population. In particular, young professionals have left the city due to a lack of career opportunities.
Now, as there has been a gain in employment, Chicago could see a growth in population for the first time in years.
Chicago’s tech industry is expanding as startups grow and large companies relocate to the city. This expansion has the potential to attract young professionals that are highly educated and trained in a variety of areas.
The city of Chicago has energy and spunk. The Windy City has limitless potential, and the rest of the country is starting to see that!
It’s exciting to see this positive trend in Chicago’s job market! If you’re interested in learning more about the city, get in touch with Terri McAuley online today!
By: Terri McAuleyChicago Condos for Sale
“Chicago’s Luxury Condo Specialist”