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Jobs Improve, But Chicago Distress Grows

Chicago's economy reached an important turning point in the first quarter of 2010, with job growth resuming after eight consecutive quarters of contraction.…

By Bernard J. Haddigan - Managing Director of the Special Assets Services division of Marcus & Millichap Real Estate Investment Services. He is also an SVP. | Updated on July 01, 2010

Chicago’s economy reached an important turning point in the first quarter of 2010, with job growth resuming after eight consecutive quarters of contraction. While a single quarter of growth does not constitute a trend, the addition of jobs in eight of the 11 primary employment sectors marks a critical first step toward economic recovery.

With job growth forecast to continue at a moderate pace through 2010, the metro area should register a net gain of 58,000 positions this year, the resulting 1.4% increase in non farm payrolls exceeds expectations at the national level. At the same time, Chicago has experienced greater-than-average job cuts in recent years, and it will take several quarters, even years, to recover the 356,000 jobs lost during the recession.

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