Thursday, October 22, 2015

Kane County Economic Update

While Kane County’s employment growth rate took a step back in the second quarter of 2015, the county did mark its second straight year of improving job totals. In concert with slower job growth, joblessness ticked up slightly. However, job growth remains moderate and unemployment remains low from an historical perspective. First-time claims for unemployment insurance barely registered in early autumn but will soon show the typical seasonal increase. Total permitted construction values are also up this year. Coupled with strong sales growth, all indicators point to a healthy Kane County economy.

  • Between June of 2014 and June 2015, Kane County created almost 80 new jobs for a growth rate of just over 2 percent.
  • Although slower than in previous months, Kane County’s job growth matched the national average.
  • Other services, professional/business services and healthcare/social services generated the highest number of new jobs.
  • Overall employment gains were hampered by losses in manufacturing and information.
  • Kane County’s jobless rate measured 4.4 percent in September 2015, unchanged from September 2014.
  • Current unemployment rates persist at historically low levels and dropping rates much more would likely put undue pressure on the labor market.
  • First-time claims for unemployment insurance held in their typical low autumn pattern but should increase as the tourist season ends.
  • So far in 2015, leisure and hospitality services have generated the largest number of new unemployment insurance claims.
  • Average monthly wages for nonfarm employment continue to slowly increase.
  • Although the number of permits for new dwelling units is down 27 percent for the first seven months of 2015, the value of those permits increased 76 percent.
  • Overall, permit values are up 49 percent when the first seven months of 2014 and 2015 are compared.
  • Gross taxable sales continued to make strong gains with a 10-percent increase between the second quarters of 2014 and 2015.
  • Sales proved particularly strong in accommodations and food services pointing to a strong tourist season.