Greater Chicago Market Forum Was An Informative Success

January 24, 2012

The Greater Chicago Home Builders Association’s 2012 Market Forum was recently held in Oakbrook Terrace. The half-day event was informative to all who participated. Attendees got a great recap of the Chicago real estate market in 2011 and looked into the new year at what may be to come.

In terms of Chicago new homes construction, Kane and Will Counties are leading the way with 459 and 451 starts in 2011, respectively. Cook County had the most new home inventory, with 846 homes, and Kane County was a close second with 633. 2011 showed that existing home sales were very low nationwide, but it remains to be seen whether or not 2012 will follow this trend. Kane and Will Counties also have the most vacant developed lot inventories with nearly 14,000 and approximately 7,400 respectively.

The fact of the matter is, the economy is recovering, but very slowly. Employment is also growing but is still weak. In the fourth quarter of 2011, unemployment was just over 10 percent in Chicago. However, many industries saw an increase in jobs. Chicago’s professional and business services sector was the best to be a part of as jobs increased 2.6 percent, by 18,000 jobs. Mining and construction increased 4.4 percent, or by 6,700 jobs. The state government cut 7,800 of its own jobs, but the cut only scaled back 1.4 percent. Locally, Wal Mart created 1,429 jobs, increasing by 6.7 percent.

While unemployment is high and personal income has been seriously weakened, there is good news for people who stay in school. Those who are college graduates seem to be weathering the economy much better. In terms of unemployment, only approximately 4 percent of college graduates are unemployed. They fare better high school graduates, who have an unemployment rate of nearly 10 percent. In the current economic climate, college graduates earn an average of approximately $75,000 annually, while high school graduates earn almost $40,000.

For more information about the organization and the other events it will host this year, visit the  Greater Chicago Home Builders Association online.

Categories: Economy, Events, HBAGC

About The Author

Read All Stories By Stephanie

Stephanie is an Integrated Account Coordinator at Rountree Group Integrated Communications. She has public relations experience in public affairs, social media, blogging, healthcare, manufacturing, real estate, restauranting and retail.

Leave a Comment