Nov
20

Job Creation is Key to Recovery

November 20, 2011

Our state’s jobless rate has gone up again.

The Illinois unemployment rate in October rose from 10 percent to 10.1 percent, marking the sixth straight monthly increase.

Apparently, while 30,000 Illinoisans found jobs last month, even more jobless residents started looking for work.

job ads with carpenter/builder circled in redJob creation is key to improving many sections of the troubled economy, including the metro Chicago real estate industry, and new construction specifically.

According to the Skokie-based Portland Cement Association (PCA), “job creation will reduce, and eventually eliminate, the adverse impacts of foreclosures, tight lending standards, commercial occupancy and leasing rates as well as the severity of state fiscal conditions.”

But it’s going to take time.

“The Great Recession was construction focused. Residential, nonresidential and state discretionary construction levels collapsed,” said Edward Sullivan, PCA chief economist.

“Despite economic growth, the residential sector, for example, will continue to be plagued by a large volume of foreclosures, tight lending standards and weak new home prices. I don’t see a rebound in most of that market until 2014.”

Illinois’ jobless rate of 10.1 percent exceeds the national rate of 9.0 percent.

But our state has added more than 64,800 jobs this year and over 108,100 since January 2010, a month that posted positive job growth after 23 straight months of declines and a peak unemployment rate of 11.2 percent.

The numbers represent a 1.9 percent job growth in Illinois compared to the nation’s 1.8 percent.

“Illinois’ economy adding 30,000 jobs is encouraging during this challenging period of economic recovery,” said Jay Rowell, Illinois Department of Employment Security Director. “Consumer confidence is critical to a growing economy, and a growing economy creates jobs.”

Categories: Economy

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