Chicago Economy Strengthens In 1Q

CHICAGO- The seemingly endless squabble over the Illinois budget does not seem to have harmed the overall economy in the Chicago area, according to a study recently released by MBRE. Total non-farm employment increased 1.2 percent since last year, the firm finds. And “significant gains in office-using industries comprised much of the increase in employment.” Since January 2010, they note, professional and business services employment in the metropolitan area grew 2.8 percent, adding more than 71,000 jobs. The construction industry continues to stuggle, but in February 46,000 new jobs were added nationally, the largest increase since before the recession.

MBRE attributes some of the office market’s strength to Mayor Rahm Emanuel‘s campaign to bring more companies into the CBD. Specifically, they note Clayco’s recent announcement that it would move its national headquarters and 300 jobs from St. Louis to Chicago, Motorola Solutions announcement that it also would move 300 jobs downtown and Coeur d’Alene Mines Corp. deciding to bring another 100 jobs.