View the Chicagoland Economic Dashboard November 2026 edition here! • November 2026
Chicagoland’s economy: What to know in November 2026
Trending Upwards: Chicagoland's output is projected by Moody's Analytics to reach over $1.0 trillion in Q4 2026, up 0.8% from Q3. Chicago MSA employment increased 1.2% from August to September 2026, to approximately 4.7 million jobs, with increases in every county. Chicagoland’s unemployment rate in August 2026 decreased to 4.4%, with similar patterns seen among all regional counties. There are ~42,000 less unemployed people in September than there were last month, but ~4,600 more unemployed people than this time last year. O’Hare International Airport is the nation’s #1 port by value year to date, handling more than $317 billion in trade through September.
Trending the Same: There have been 167 Pro-Chicagoland Decisions so far in 2026, slightly below this time last year. Chicagoland now ranks 16th among major U.S. metros for new residential permits, up from 17th last month, though year-to-date permits are down 6.8% from 2025.
Trending Downwards: Chicagoland startups raised $2.17B in growth capital – venture capital and growth equity – YTD (Q1–Q3), down 50% from $4.37B at this point last year (deal count is down 7% from last year). Active job postings declined 4% between September and October 2026 to roughly 228,000 after a month of rebound, and every county saw a decrease outside of the Cook County suburbs.
U.S. Macroeconomic Update:
The U.S. economy added +165,000 jobs in October, higher than the average monthly gain of 48,000 over the prior 12 months and well above the Dow Jones consensus of 59,000, while the unemployment rate edged down to 4.1% from 4.2%. The participation rate edged up to 61.9%, the highest since March, as the labor force grew by 421,000. Professional and business services led gains, adding 70,000, well above its average monthly gain of 15,000 over the prior 12 months, while health care added 42,000 jobs, higher than its average monthly gain of 31,000. Transportation and warehousing added 25,000 jobs, reflecting growth in couriers and messengers (+17,000), and manufacturing employment continued to trend up (+19,000). One soft spot: the number of people employed part time for economic reasons increased by 339,000 to 4.8 million.
On October 28, Fed policymakers voted 10-2 to leave the federal funds rate at its target range of 3.75% to 4%, pausing after raising rates by a quarter percentage point in September. On inflation, September CPI ran hot: headline CPI increased 3.7% from year-ago levels after increasing 3.4% in August, while core CPI rose 2.6%, outpacing August’s 2.4%; both topped estimates. The Fed’s preferred gauge also accelerated: headline PCE inflation rose to 3.6% from 3.4% in September.
After Democrats won both the House and Senate, the S&P 500 gained nearly 2% and the Dow rallied more than 3% on November 4. The rally reversed on November 5 on fears that the Democratic sweep could slow the AI data-center buildout: the S&P 500 shed 4.4% and the Nasdaq Composite lost 5.5%.
Chicagoland’s economy: Key macroeconomic metrics
Output: Chicagoland’s output for Q4 2026 was projected by Moody’s Analytics to be $1.045 trillion, up 0.8% from Q3 2026. All four of the comparison metro areas are also projected to experience a modest increase in output over the previous quarter.
Employment: According to data released by the Bureau of Labor Statistics, employment for the Chicago metro area increased by 1.2% to 4.71 million in September 2026. Both LA and Houston saw increases in employment while NYC saw a decrease of 0.4%. Employment also increased in all counties between August and September 2026.
Unemployment: Chicagoland’s unemployment rate in September 2026 decreased to 4.4%, with similar patterns seen among all regional counties. The unemployment rate in the Chicago metro is lower than Houston and NYC. There are ~42000 less unemployed people in September than there were last month, but ~4,600 more unemployed people than this time last year.
Job Postings: Chicagoland saw 4% decrease in active job postings between September and October 2026, to roughly 228,000. Job postings decreased across all counties outside of the Cook County Suburbs. (See more about skills in demand in Chicagoland in the Research Center’s recent research brief)
Pro-Chicagoland Decisions: In 2026 thus far, there have been 167 Pro-Chicagoland decisions which is slightly below where we were this time last year. This includes 121 expansions and 46 relocations/new market entrants. Of these projects, 97 are regional investments and 70 involve projects within city limits – including 11 South/West Side investments. PCDs are confirmed expansions, relocations, or new market entrants with at least 10 jobs or 10K square feet.