World Business Chicago tracks indicators from month to month to gauge the strength of several aspects of Chicago’s economy, including employment in major sectors, residential and office real estate data, price and purchasing indexes, and freight demand. Note: employment data refers to payroll job estimates for the city of Chicago and is not adjusted for seasonality.
Key trends include:
- The Chicago (city) economy has expanded by an estimated 11,317 jobs, a 0.9 percent year-over-year improvement since June 2016. This growth is mostly attributed to the leisure & hospitality (+4,018), professional & business services (+3,779) and retail (+1,913) sectors.
- The industrial vacancy rate for Chicago (region) reached a historic low of 6.3% in Q2-2016. This is the lowest availability rate in more than 20 years.
- The number of patents issued in Chicago (city) increased by 10.3%, from 934 in July 2015 YTD to 1,030 in July 2016 YTD.
- Venture capital investment in the Chicago area increased by 226.8%, from $110.5M in Q2-2015 to $ 361.3M in Q2-2016.
These and other trends are illustrated in this month’s Chicago by the Numbers.