Kane County Economic Development Initiatives Staff Updates
B.
JEG, LLC., 360 Grueling stated that the Kane County Development Corporation
is in the process of finalizing the feasibility study for private sector employers.
More information on that report will be presented in the coming months. The
next steps will be to determine whether or not to move forward with a funding
campaign. Grueling noted that World Business Chicago Research Center is
currently working with companies interested in expanding in the county. He
stated that the Trump's Administration's trade war is having a significant impact
on global commerce and business. In the short run, tariffs threaten affordability
of consumer and producer goods, leaving an uncertain landscape for
businesses and worldwide markets. In the long run, tariffs are intended to spur a
renaissance of domestic manufacturing, as global outsourced supply chains are
shifted back to the U.S. The Tax Foundation projects that the United States
Gross Domestic Product (USGDP) will be reduced by 1% over the next year.
The economic impacts of tariffs in Chicagoland is estimated to be a $9.2B hit to
the Chicago GDP. Based on the Yale Budget Lab's projections for changes in
output and employment for Chicagoland, it is projected that there will be an
increase in the region's manufacturing output by 2.0%. U.S tariffs have
increased prices by 1.8%, reducing household purchasing power by $2,400 on
average. There was a total of 102 Pro-Chicagoland companies making the
decision to expand in the Chicago market. The GDP for Kane County increased
by 0.5%. The Kane County employment rate increased by 1.6%. Kane County's
unemployment rate had a 1.3% decrease since last year. Lastly, Grueiling stated
that there are currently 10,161 jobs available in Kane County. Further discussion
ensued.
7.
8.
Office of Community Reinvestment - Workforce Development Division
Monthly Report
A.
The monthly report is on file. No additional report was made.
New Business
Dev. Planner Toth announced that he is in the process of working with the Chicago
Metropolitan Agency for Planning Data Hub (CMAP) on the Housing-Ready Checklist
Program. He expects to have the first draft of the key recommendations memo ready
by next week. Toth noted that a slide deck was sent to him two months ago indicating
housing data in Kane County. Once the key recommendations memo is completed, his
goal will be to conduct another Workforce Housing Forum with public and private
sectors for discussion. Further discussion took place.
9.
Comments by Co-Chair
None.
10.
Executive Session (if needed)
None.