Wednesday, October 15, 2014

Kane County Economic Update

Kane County’s economy ended the second quarter of 2014 on a decidedly strong note. Its rate of year-to-year nonfarm employment expansion reached the highest level of the post-recession era. While in small counties, vacillating job growths is normal, Kane County has experienced a full year of employment additions. The only possibly worrisome note in this otherwise robust job picture appears the area’s primary reliance on just two industries for job creation. However, all indicators point to a currently strong employment and economic status for Kane County.

• In the 12 months preceding June 2014, Kane County added nearly 190 net, new jobs for a growth rate of 5.4 percent.

• Tourism seemed to drive the current boost in employment as both retail trade and leisure/hospitality services generated almost all the new employment.

• Most other major industries either lost a few positions or gained a few positions.

• Following the statewide pattern, Kane County’s unemployment rate continued to drop. In August 2014, the county’s jobless rate registered at 4.4 percent, down almost a full percentage point over the past year.

• Kane County’s unemployment rate is wedged between the low statewide rate of 3.6 percent and the much higher U.S. rate of 6.1 percent.

• Gross taxable sales generated a year-over gain of 5.2 percent in the second quarter of 2014, marking a favorable improvement over the county’s first-quarter loss.

• Again,