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Tuesday, January 18, 2022Consumers Give 2022 Best Setup to Any Year on Record, but Economists Say Challenges Remain
Consumers gave 2022 the best setup to any year on record for retail spending, a dramatic turnaround for an industry that saw numerous closures and bankruptcies during the pandemic, but economists warn there are challenges for the year ahead. Holiday spending at the end of 2021 jumped 14.1%, a record that beat at least one forecast and overcame headwinds from supply-chain disruptions, the rise of the COVID-19 omicron variant and surging inflation, according to the National Retail Federation. The trade
Tuesday, January 18, 2022Hospitality Investment Sales Close Out Year at Strong Pace
More than $13 billion in U.S. hotel assets traded hands in the fourth quarter of 2021, completing an impressive recovery from 2020 as investors acquired hotels at near record levels. By comparison, hotel sales totaled just $7.2 billion in the first quarter of 2020, the strongest sales quarter that year. However, the fourth quarter of 2021 also saw hotel sales decelerate from the $15.7 billion that sold in the second quarter and $14.8 billion in the third quarter. Overall, 1,330 hotel properties traded
Monday, January 17, 2022US Hotel Performance Dip Indicates Omicron Disruption of Business Travel Demand
With the holiday rush over, U.S. hotel performance declined in the first week of January to a level that suggests continuing weakness in business travel demand because of concerns over the COVID-19 omicron variant. Historically, the first week of January is a slower week for U.S. hotels anyway, but seasonality doesn’t account for the entirety of the loss in demand. U.S. hotel industry occupancy dipped to 45.4% for the week ending Jan. 8, which was eight percentage points lower than what it was in the
Monday, January 17, 2022Hotel Industry Faces Short-Term and Long-Term Disruptions With Events
While leisure travel has buoyed the hotel industry through the early stages of the recovery, many hoteliers are still hoping that 2022 sees a more broad-based return of demand, including a rebound in business transients and groups. But with COVID-19 cases still spiking and companies reticent to make big commitments to travel, the return of large, citywide events that drive a lot of that demand could be slower to return.The Recovery So Far Jan Freitag, CoStar's national director for hospitality market
Monday, January 17, 2022Celebrating Chamber Member Anniversaries
Happy Chamber Anniversary to our members celebrating anniversaries! We are honored to serve you and appreciate your tremendous support!! Over 70 YearsCity of ElginElgin Community CollegeGail Borden Public LibraryJudson UniversityLaw Offices of Douglas J. Scheflow 25 - 50 YEARSBerkshire Hathaway HomeServices Starck Real Estate-ElginCV-TEKFox Valley OphthalmologyHousing Authority of ElginManpowerPR Strategies & Communications, inc.Signarama 10 - 24
Friday, January 14, 2022Delta's Air Cargo Business Booms, Supreme Court Curtails Vaccine Mandate, Wholesale Inflation Slows
Delta's Air Cargo Business Booms Delta Air Lines struggled with maintaining consistent passenger travel because of the coronavirus in 2021 but its air cargo business boomed with products moving between warehouses by plane. Air cargo revenue rose 37% in 2021 to cross $1 billion. In the fourth quarter, which encompassed the holiday season, revenue increased to $308 million from $187 million in 2019. Cargo is a small part of the airline's business compared to passenger travel. But the big rise in business
Friday, January 14, 2022Department of Commerce Updates
Governor Pritzker Announces $9.6M in Grant Funding to Support Pre-Apprenticeship Programs In a strategic move to expand the talent pipeline and boost diversity for the rapid growth of well-paying jobs in the construction industry and building trades, this week Governor JB Pritzker and DCEO announced $9.6 million in grants for 23 organizations across the state under the Illinois Works Pre-Apprenticeship Training Program. A key deliverable of Illinois Works Jobs Program Act initiatives under DCEO’s Illinois
Friday, January 14, 2022COVID -19 TESTING SITE INFORMATION
Illinois e-News ReleaseFOR IMMEDIATE RELEASE January 14, 2022 COVID-19 Testing SitesFrequently Asked QuestionsQ: Does the Illinois Department of Public Health regulate COVID-19 testing sites? A: Illinois law does not assign the Illinois Department of Public Health (Department) or any state agency authority to license or authorize the operations of private specimen collection and testing sites for COVID-19, with a limited exception. The Department regulates laboratories that perform testing for the
Thursday, January 13, 2022Pandemic Sends Office Furniture Packing
Electric sit-stand desks and ergonomic chairs that a tech company bought to attract top talent in Austin, Texas, are being wrapped in brown paper and plastic as a moving crew prepares to load 70 trailers with the once-coveted office furniture. An undisclosed technology company hired furniture liquidator Total Office Solutions to pack up its nearly 900 workstations spanning five floors of offices at The Domain in Austin and place the items on the resale market. There aren't likely to be many takers. The
Thursday, January 13, 2022Another Disappointing Jobs Report Masks the Strong Recovery
Another Disappointing Jobs Report Masks the Strong RecoveryContinuing a persistent theme for 2021, December’s employment report came short of expectations as firms added just 199,000 positions in the month, according to the Bureau of Labor Statistics. But as has been common this year, figures for the prior two months were revised higher and it’s likely that December job numbers will also see upward revisions. Overall, it turns out that 2021 was a solid year for job growth, with nonfarm employment growing by
Thursday, January 13, 2022Hastings Equity Partners Invests in XS Telecom
Hastings Equity Partners (“Hastings”) announced that its portfolio company, MKD Electric, LLC (“MKD”), a full-service industrial automation and electrical service platform, is pleased to announce its investment in XSTele.com, LLC (“XS Telecom”). This is the third investment MKD has completed since Hastings Equity Partners, a private equity firm focused on investing in lower middle market businesses, acquired MKD in January 2021. Based in Warrenton, VA and founded in 2014, XS Telecom is a national provider
Thursday, January 13, 2022Meet our new doctors!
AMITA Health has primary care doctors and specialists who provide whole-person care in the Fox River Valley Area – treating mind, body and spirit. It’s more than healthcare. It’s Wholecare.
Wednesday, January 12, 2022New Laws in Illinois for 2022
Wednesday, January 12, 2022Sen. Don DeWitte Launches Second Annual ‘Valentines for Seniors’ Card Drive
WEST DUNDEE—As the new year begins in Illinois, State Sen. Donald DeWitte (R-St. Charles) is launching his second annual “Valentines for Seniors” card drive. To ensure seniors know they are an important and valued part of the community, Sen. DeWitte is asking students from public and private schools, church groups, Scouting organizations and other groups to create homemade cards that will be delivered to assisted living centers, nursing homes, and long-term care facilities across the 33rd Senate
Wednesday, January 12, 2022This Elgin-based business is hitting a milestone that most small businesses dream of accomplishing
Meet brothers Kurt (right) and Keith (left) Claussner of Modern Business Computing (MBC). This Elgin-based business is hitting a milestone that most small businesses dream of accomplishing! Owner Kurt Claussner founded Modern Business Computing (MBC) in 1992 with the concept when you consistently proving clients with quality products and dedicated service, they will come back time and time again. He was right. Not only did clients come back but MBC retained customers long-term AND obtained valuable
Wednesday, January 12, 2022Amazon Union Vote Set, Southern Ports Post Record Year, Air Freight Growth Slowed
Amazon Union Vote Set Online retail giant Amazon faces a new union vote at an Alabama fulfillment center in a few weeks, nearly a year after winning. The National Labor Relations Board set Feb. 4 for the vote it ordered late last year after ruling that the Seattle-based company’s tactics used to fight the unionization effort at the Bessemer facility outside Birmingham prevented a fair election in April. In late December, the board reached a settlement with Amazon over how it handles unionization efforts,
Wednesday, January 12, 2022The Places Where Apartment Rents Are Rising the Most — and Who’s Paying Them — May Surprise You
Multifamily asking rents in the United States have expanded by an average of 11% year over year in 2021, the single highest increase ever recorded. However, the impact from that record growth varies a great deal by market and price point, a CoStar analysis has found. A handful of metropolitan areas are experiencing year-over-year rent growth upwards of 20%, including Phoenix, where asking rents rose 22.4%; Tampa, Florida, with rent growth of 24.8%; and Austin, Texas, which is up 20.4%. It’s important to
Tuesday, January 11, 2022Property Investors Spent More Than $1 in Every $3 on Apartments in Fourth Quarter
By Mark Heschmeyer and Rohit Diwadkar CoStar NewsMultifamily property sales surged in the second half of 2021 and accounted for more than $1 out of every $3 spent in the fourth quarter, according to preliminary CoStar data. The multifamily sector made up 34% of all property sales in the last three months of 2021, the highest percentage in five years. The surge comes at the expense of industrial assets, which, following a brief second-quarter spike in retail property sales, remain second choice among
Tuesday, January 11, 2022Crocs Sales Keep Rising, Office Use Recovers from Holidays, Consumer Expectations Hold Steady
Crocs Sales Keep Rising Crocs, the maker of foam footwear that plans to expand its distribution real estate this year, showed stronger sales for 2021 than the previous year despite supply-chain challenges. The Broomfield, Connecticut-based company reported ahead of an investor presentation Tuesday that 2021 revenue could rise 67% higher than 2020 and reach a record level for Crocs. Crocs announced in December that it would pay $2.5 billion for casual footwear brand Hey Dude. Crocs reported that it
Tuesday, January 11, 2022NEW YEAR HIRING BOOM: U.S. EMPLOYERS REPORT OPTIMISTIC INTENTIONS FOR Q1 2022 HIRING
NEW YEAR HIRING BOOM: U.S. EMPLOYERS REPORT OPTIMISTIC INTENTIONS FOR Q1 2022 HIRING - Employers in the U.S. report a Net Employment Outlook of 41% - the 8th strongest globally - Most optimistic Q1 expectations since the survey began in 1962 - IT employers anticipate the most optimistic hiring pace, followed by Financial Services and Construction - Outlooks look bright for job seekers across all four U.S. regions, most notably in the West with an Outlook of 47% MILWAUKEE, Dec. 14, 2021 /PRNewswire/
Tuesday, January 11, 2022OrthoIllinios to build $17.7M elective surgery center in Elgin
OrthoIllinois has received unanimous approval from the Illinois Health Facilities and Services Review Board to build a $17.7 million surgery center in Elgin. “We are excited to continue our investment in this community,” said Tom Stanley, a partner and a spokesman with OrthoIllinois. “We are committed to this community and increasing access to care. This approval is a huge win for this community.” The new surgery center will be on Alft Lane, a block away from OrthoIllinois’ 50,000-square-foot office,
Monday, January 10, 2022Job Growth Hits Record, Cargo Moved by Ships to Trucks, Trains Has Strong 2021
Job Growth Hits Record U.S. job growth finished 2021 on a mixed note in December but the full year set a record for hiring. The Labor Department reported that payrolls expanded by 199,000, a number that was far blew expectations and the 807,000 reported payroll company reported on Wednesday. ADP includes any active company employee while the government report includes only employees paid during the month. Still, the recovering economy brought nearly 6.5 million jobs back, the most ever in U.S. The Labor
Friday, January 07, 2022Upcoming Illinois Trade Events
Here is a list of terrific upcoming events to give you the information, tools, and resources you need to meet your top international expansion goals! Click on the event to get details below. Trade Winds Middle East and AfricaCentral America Trade Mission and Business ConferenceVirtual Events & ResourcesReady to Find Opportunities? Learn how and where to research markets.Contact UsTrade Winds Middle East and Africa Join us in Dubai, UAE for the largest U.S. government-led trade mission and business
Friday, January 07, 2022A Look at US and Hotel Employment Data in 2021
Throughout 2021, employers in the U.S. struggled to hire and retain employees as the economy recovered from the COVID-19 pandemic. Countless companies, including those in the hotel industry, laid off or furloughed employees at the start of the pandemic in 2020. Over time, though, the economy started to recover, and consumers felt comfortable spending after building up some savings. But as demand returned, businesses faced supply-chain constraints caused by the pandemic and a labor shortage after letting
Friday, January 07, 20222022 Historic Architectural Rehabilitation Grant Applications Available
Deadline for submission of applications and supporting documentation is Friday, April 1.Elgin, IL - Applications for the 2022 Historic Architectural Rehabilitation Grant Program are now available to be downloaded from the City’s website at cityofelgin.org/historicgrants. The deadline for submission of applications and supporting documentation is Friday, April 1. The Historic Architectural Rehabilitation Grant Program provides residential property owners of structures in
Thursday, January 06, 2022No End in Sight Yet for Higher Home Prices
After a blistering year, the housing market shows no sign of retreat entering 2022. Demand continues apace, especially in cities in the Mountain West and Southeast where population growth has been particularly strong, while the number of homes available for purchase has not kept up. Consequently, price growth has been meteoric during the pandemic, and while that may slow, it’s not happening yet. The median price for existing homes grew by 13.9% year over year in November, according to the National
Thursday, January 06, 2022Ford Closes Challenging Year With Strong Sales, GM Announces Electric Silverado, Job Growth Beats Ex
Ford Closes Year With Strong Sales Ford Motor Co. sold fewer cars last year than in 2020 but finished 2021 with a strong quarter of sales. The Dearborn, Michigan-based automaker reported Wednesday that it sold 508,451 vehicles in the United States in the fourth quarter, marking a 26.8% increase from the third quarter. Ford’s sales topped all other automakers during the fourth quarter. For the year, however, the company sold 1.9 million vehicles, a 6.8% decline from 2020. Ford, like most automakers,
Wednesday, January 05, 2022Biotech Construction Not Keeping Pace With Rapidly Rising Nationwide Demand
Escalating demand for new life science laboratory space is outpacing speculative construction in one of the nation’s fastest-growing types of commercial real estate. A new report from brokerage CBRE points to several cities where the amount of speculative lab space under construction trails demand from companies scouting those regions for life science space. While about 21 million square feet of biotech space is under construction in the nation’s 12 largest life sciences markets, tenants are in the
Wednesday, January 05, 2022Small Business Hiring Rises, Ford To Increase Electric F-150 Production, Factory Activity Slows
Small Business Hiring Rises Small business hiring in December hit the highest level since 2014. Paychex reported that its index with data analytics firm IHS Markit rose to 100.94 from 100.72 in November, marking the seventh consecutive month of increases. It’s the highest reading since August 2014. The payroll company pulls data from some 350,000 clients employing fewer than 50 workers. A reading above 100 means that hiring is at or better than the benchmark year of 2004 when economic growth was deemed
Wednesday, January 05, 2022Local Girl Scouts Launch Initial Cookie Orders January 5–29, 2022!
Northern Illinois – Local Girl Scouts have set-up their cookie websites and been busy marketing their products and selling Girl Scout Cookies online since December 13, 2021, for the Early Bird Online Only part of the annual Girl Scout Cookie Program! Now that 2022 is here, Girl Scouts may choose to take cookie orders safely in-person from January 5–29, as they create new ways to connect with customers and offer contactless ordering and delivery door-to-door! This year’s delicious cookie lineup features
Tuesday, January 04, 2022Goldman Sachs Shifts to Work From Home, Holidays Empty Offices, Apple's Value Sets Record
Goldman Sachs Shifts to Work From Home Investment banking firm Goldman Sachs, which had been among companies to mandate that employees return to the office full-time last year, reportedly has asked its staff to work from home amid a record rise in coronavirus cases. A memo went out to employees asking them to work from home until Jan. 18, the New York Post reported. Goldman Sachs joins Citi and JPMorgan in sending employees home to work for the first part of the new year. Concerns about rising cases
Tuesday, January 04, 20222022-Department of Commerce News
Northeast Region Weekly Update As we close on 2021, all of us at DCEO wish you a happy new year. We appreciate all that you do to serve your communities and the State of Illinois. Remember, we’re all in Illinois! Research in Illinois to Spur Economic Recovery (RISE) Local and Regional Planning Grant NOFO As part of the State’s efforts to boost economic recovery, $25 M has been appropriated to the IL Department of Commerce and Economic Opportunity (DCEO) for the Research in Illinois to Spur Economic
Monday, January 03, 2022Rebounding Group Travel Means One Hotel Metric Could Suffer
By Jack Witthaus CoStar News A commonly used hotel metric will edge lower next year despite the hospitality sector improving, according to projections for 2022 by CoStar analysts. Convention hotels are expected to see falling average daily rates, a measure of how much revenue is generated per room, as group travel increases. That's because convention hotels mostly relied on transient travelers, who pay higher room rates, in 2021 as the pandemic limited the amount of large gatherings. The projected rise
Monday, January 03, 2022Announced Store Closings in 2021 Approach an All-Time Low
Despite rising cases of breakthrough coronavirus infections and the resulting uncertainty over the efficacy of current vaccines against variants, the retail property market shows impressive signs of recovery at year-end. Retail sales have moved well above pre-pandemic levels for months, retailer profitability has been improving and consumption is setting all-time highs even as foot traffic at stores has improved significantly from last year's levels. However, perhaps the most compelling sign of recovery
Monday, January 03, 2022IDFPR Renewal License Assistance
Representative Ness wanted to share that the Illinois Department of Financial and Professional Regulation is providing renewal assistance for individuals and businesses that are having difficulty with the online renewal process. According to IFPR, these steps will help licensees better navigate the account matching process on our updated online portal.Assistance for Individuals: https://bit.ly/3mb8C7UAssistance for Businesses: https://bit.ly/3E5Fll8For those requiring additional assistance with the
Wednesday, December 22, 2021Flight to Suburbs Could Weigh on Big-City Apartment Rents
Tier 1 markets include major cities such as Boston, Los Angeles, New York, San Francisco, Seattle and Washington, D.C. By Lou Hirsh CoStar News The past year has seen smaller suburban cities surpass some of the nation’s largest metropolitan areas for apartment rent growth and overall demand in part because of the pandemic, and CoStar predicts the trend could extend well into 2022. Favorable costs of living and doing business, coupled with strong employment growth, have driven people to move to smaller
Wednesday, December 22, 2021Boeing Lands More Freighter Orders, Foot Traffic Rises at Nike Stores, US Current Account Deficit Wi
Boeing Lands More Freighter Orders Boeing scored another win for its Washington state factory with delivery company UPS ordering extra air freighters as e-commerce sales drive demand for these aircraft. The Chicago-based company announced Tuesday that UPS bought 19 Boeing 767-300 extended range planes for delivery between 2023 and 2025. Boeing has factories in Everett and Renton, Washington, and a third in Charleston, South Carolina. The 767 is assembled in Everett. In its announcement, Boeing noted
Tuesday, December 21, 2021CoStar Predicts: Return to Office Accelerates
By Ryan Ori CoStar News The long-anticipated return to the office will accelerate in the coming year, according to a CoStar analysis, as companies begin making real estate decisions and calling people back from remote work. Nearly two years into the health crisis, office owners have seen sluggish demand because of several factors, including concerns about new variants of COVID-19. The rate of return to the office was less than 37% of pre-pandemic levels as of November, according to Kastle Systems,
Tuesday, December 21, 2021Goldman Sachs Lowers GDP Forecast, Office Use Mostly Flat, Oracle To Buy Medical Records Firm
By Richard Lawson CoStar News Goldman Sachs Lowers GDP Forecast Goldman Sachs lowered its forecast for U.S. economic growth next year after Democratic West Virginia Sen. Joe Manchin said he couldn’t vote in favor of President Biden’s proposed Build Back Better legislation. The roughly $2 trillion spending bill would provide a slew of money for social and climate programs. Manchin, a swing vote in an evenly split Senate, has been negotiating with the White House for months, succeeding in scaling back
Monday, December 20, 2021Inflation To Improve, but Not as Much as the Fed Might Want
Inflation is expected to be elevated throughout next year. (CoStar) By Marissa Luck CoStar News Walk into any restaurant, store or gas station and you will probably find higher prices posted on menus, stickers and reader boards. Most consumers didn’t need the official announcement in early December about a 6.8% inflation rate to know that everything from an avocado to a semiconductor is pricier this year — and probably costs more than they can remember going back years. The question on the minds
Monday, December 20, 2021Toys R Us Attempts a Comeback With New US Flagship
By Linda Moss CoStar News Yehuda Shmidman gleefully recalls visiting Toys R Us when he was growing up in New Jersey. Now his company owns the brand and is trying to resurrect the chain, and reinvent the American toy store, with an updated format that includes a cafe, an ice cream parlor, a two-story slide, a performing magician and a selfie station with a giant statue of Geoffrey, the giraffe mascot. That’s what customers will find this weekend when Shmidman’s company, WHP Global of Manhattan, is slated
Monday, December 20, 2021Elgin Symphony Orchestra features Lidiya Yankovskaya and Schaghajegh Nosrati in January concerts
Performance also features pianist Schaghajegh Nosrati (Dec. 20, 2021 -- Elgin, Ill.) Two accomplished women will highlight the January Elgin Symphony Orchestra Brahms Symphony No. 2 concerts. Although only in their 30s, Russian-American conductor Lidiya Yankovskaya and German-born pianist Schaghajegh Nosrati each have individually won numerous awards and accolades. They will come together with the prestigious Elgin Symphony Orchestra on Jan. 8 at 7:30 p.m. and Jan. 9 at 3 p.m. where Nosrati will be
Monday, December 20, 2021Increase Coming for Illinois Minimum Wage
Minimum Wage Up to $12 an hour on New Year’s Day SPRINGFIELD – The minimum wage in Illinois is set to increase another dollar on Saturday, January 1, 2022. The new wage will be $12 an hour. Minimum wage workers are being encouraged to keep a close eye on their paychecks in the new year. Any time worked in 2022 must reflect the new $12 an hour minimum wage. Governor JB Pritzker signed legislation in 2019 putting the state on the path to a $15 an hour minimum wage by 2025. There have been three increases
Monday, November 08, 2021second round of the Illinois Rental Payment Program
ILLINOIS RENTAL PAYMENT PROGRAM (ILRPP)Apply For Up To $25,000 In Rental Assistance The Illinois Rental Payment Program (ILRPP) provides financial assistance for rent to income-eligible Illinois renters and their landlords who have been impacted by the COVID-19 pandemic. If you are a renter in Illinois and are behind on rent due to COVID-19, you may be eligible for up to $25,000 and 18 months of emergency rental payments.VISIT ILLINOIS HOUSING HELP Both renters and landlords can apply for
