News

Suburbs Lead US Population Growth, Lawsuit Targets Residential Brokerages, Jobless Claims Rise

Suburbs Lead US Population Growth Suburbs of major cities, including those in counties with large colleges and universities, led annual population gains in the latest 2022 data released Thursday by the U.S. Census Bureau. The most notable growth from 2021 was seen in counties surrounding cities such as Phoenix, Houston, Dallas and Miami. “The migration and growth patterns for counties edged closer to pre-pandemic levels this year,” Christine Hartley, assistant division chief for population estimates and

Bed Bath & Beyond Sales Plummet, Pushing Chain To Extend Bankruptcy Warning

Bed Bath & Beyond's attempt to mount a financial turnaround appears to be unraveling, with the retailer once again warning that it may be forced to file for bankruptcy protection. The Union, New Jersey-based company — parent of its namesake chain as well as Buy Buy Baby — on Thursday said it would be looking to sell $300 million in stock and that B. Riley Principal Capital would be providing it with additional capital as the company continues to struggle. Bed Bath & Beyond also announced it had

Illinois Chamber News from Springfield

    ILLINOIS CHAMBER Rail Report     March 29, 2023  Highlights from Today:     The House and Senate were both in Springfield for this week's second day of session. There was floor action in the Senate highlighted below with 89 bills passing out. Committee hearings were once again held in the morning and afternoon with action consisting of adoption of amendments.  The House and Senate will both return to the

Trade Group Predicts Retail Sales Growth, CEO Departures Surge, Pending Home Sales Rise

Trade Group Predicts Retail Sales Growth A prominent trade group is forecasting annual U.S. retail sales growth between 4% and 6% for 2023. The Washington, D.C.-based National Retail Federation said Wednesday it expects retail sales this year to reach between $5.13 trillion and $5.23 trillion, as the economy continues to rebound from supply chain and other disruptions caused by the pandemic. “In just the last three years, the retail industry has experienced growth that would normally take almost a decade

Chicago Picks Three Finalists for Office-to-Residential Conversions in Longtime Financial Corridor

Chicago officials have picked three finalists for office-to-residential conversions on LaSalle Street, the onetime financial center now struggling with high vacancy and unwanted, older corporate space. Mayor Lori Lightfoot’s administration on Tuesday announced the three projects under consideration for a combined $188 million in city dollars to offset the cost of creating more than 1,000 new apartments, 30% of which would have affordable rents in an area of the city where many residents are priced

Greater Family Health - Important Update on Medicaid Redeterminations

The State of Illinois is preparing for the end of the nation’s COVID-19 Public Health Emergency. If you had Medicaid insurance, you were automatically re-enrolled in Medicaid as part of the emergency response. When the Public Health Emergency ends, the Centers for Medicare and Medicaid Services will stop automatically re-enrolling people for Medicaid. This means Medicaid members will lose their insurance if they do not re-enroll.Follow these steps to make sure you do not lose your Medicaid health

Office-to-Industrial Conversion Trend Spreads With New Project in Chicago Suburb

Construction of a warehouse is set to start on the suburban Chicago site where developers recently demolished an outdated office building, adding to the growing list of office-to-industrial conversions throughout the country. PCCP and Stotan Industrial plan to build a 100,400-square-foot industrial building on an 8-acre site at 350 N. Wolf Road in Mount Prospect, Illinois, the venture said in a statement Monday. They plan to build it on speculation, or without tenants signed, after demolishing a

Movie Theater Attendance Still Lags, Home Prices Drop, Office Attendance Ticks Up

Movie Theater Attendance Still Lags Entertainment-related foot traffic at U.S. commercial centers continues to rebound from levels seen in the early days of the pandemic, though movie theater attendance remains down 34% from pre-pandemic levels. A new report from traffic analytics firm Placer.ai also noted that casinos, including hotel casinos, saw foot traffic decline 18.8% in 2022 compared with 2019. In contrast, “eatertainment” venues combining sports and games with on-site dining — such as Dave &

City of Elgin's Fourth of July Parade registration now open

City of Elgin's Fourth of July Parade registration is now openElgin, IL - Registration is now open for the City of Elgin's Fourth of July Parade. Participants can register and view parade guidelines at cityofelgin.org/july4. Registration closes on June 12.  The City of Elgin's Fourth of July Parade steps off Tuesday, July 4 at 9:00 a.m. at the intersection n of Douglas and Slade Avenues and continues to its conclusion at the intersection of Douglas and Highland Avenues, near City Hall. This year’s theme

First Citizens Takes Over Silicon Valley Bank, Disney Begins Layoffs, World Bank Predicts Deeper Slo

First Citizens Takes Over Silicon Valley Bank All 17 branches of the failed Silicon Valley Bank reopened Monday under a new name after the company’s loans and deposits were taken over by First Citizens Bank & Trust Co., based in Raleigh, North Carolina. It is the latest action spurred by the March 10 collapse of Santa Clara, California-based Silicon Valley Bank as regulators worldwide look to stem economic fallout from banking industry struggles. Regulators said branches of SVB began operating Monday as

Fox Valley Orthopedics Announces Two New Partners

Fox Valley Orthopedics is pleased to announce Spine Surgeon Lauren E. Matteini, MD, and Hand and Upper Extremity Surgeon Shobhit V. Minhas, MD, are now key partners in the practice. Ownership is only offered to surgeons who demonstrate leadership, inspire collaboration, and dedicate themselves to exceeding patient expectations. “They each have tremendous clinical skills as well as a true dedication to compassionate care that will allow us to continue to deliver the best orthopedic care to our patients

YWCA Elgin Leader Luncheon announces 2023 nominees

YWCA Elgin Leader Luncheon announces 2023 nominees  The YWCA Elgin is pleased to announce its nominees for the 39th  Annual Leader Luncheon supported by Title Sponsor, The Schrieber Group of Elgin, to be held on Thursday, May 11, 2023, 11:00am-reception and lunch at noon, at The Seville in Streamwood. Reservations are $60.00 per YWCA member and $65.00 per non-member.   Hundreds of community leaders, business representatives and volunteers attend this time-honored tradition of celebrating Elgin area

Elgin Partnership for Early Learning Joins Community Partners to Celebrate Week of the Young Child

Elgin Partnership for Early Learning Joins Community Partners to Celebrate Week of the Young Child  Join the annual celebration to spotlight early learning, young children, their teachers, families, and communities  ELGIN, IL - The Elgin Partnership for Early Learning (EPEL) will celebrate the Week of the Young Child, April 1-7, 2023, with free early learning activities, open gyms, story times, a diaper distribution event, an Easter egg hunt, and more. The activities are being planned with the community

First Mid Bancshares, Inc. Announces Acquisition of Blackhawk Bancorp, Inc.

Company Release – March 21, 2023  MATTOON, IL and BELOIT, WI -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (“First Mid”) and Blackhawk Bancorp, Inc. (OTCQX: BHWB) (“Blackhawk”) announced today the execution of a definitive agreement under which Blackhawk will merge with First Mid in a 100% stock transaction.  Blackhawk is the parent company of Blackhawk Bank and is headquartered in Beloit, Wisconsin, operating 10 branches in Wisconsin and Illinois.  As of December 31, 2022, Blackhawk had approximately

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Monetary Policy Weighs on Global Growth, US Business Activity Declines, Mortgage Rates Drop

Monetary Policy Weighs on Global Growth Monetary policymakers in the U.S. and elsewhere face a difficult balancing act in getting inflation under control while not creating additional turmoil in the recently unsettled banking industry. Analysts at Oxford Economics said this will weigh on global economic growth prospects for the rest of 2023. One reason is the long delay between monetary actions and their effect on economic conditions, with banking volatility now complicating global recovery. “If

Illinois Chamber Rail Report from Springfield

Rail Report    ILLINOIS CHAMBER Rail Report     March 24, 2023  Highlights from Today:     The House and Senate were both in Springfield for this week's fourth and final day of session. There was significant floor action in the House and Senate throughout the day but once again especially in the House as today is third reading deadline in the lower chamber. Action continued well into

Northeast Region Weekly Update March 27, 2023

Northeast Region Weekly Update March 27, 2023DCEO Grants & ProgramsB2B Grants for Restaurants, Hotels and Creative Arts BusinessesApplications open April 5 - May 10 at: Illinois.gov/B2B; community navigators available to conduct outreach and provide technical assistance to hardest hit communities  Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) announced this week $175 million in available grant funding through the Back to Business (B2B) program. Following state

Walmart Plans Layoffs, New Home Sales Rise, Jobless Claims Decline

Walmart Plans Layoffs Walmart is reportedly laying off hundreds of workers at five U.S. e-commerce fulfillment centers, as the world’s largest retailer responds to declining consumer demand and overall jitters about the U.S. economy and a potential recession. Citing a comment from spokesperson for the retailer, Reuters reported that about 200 workers in Pedricktown, New Jersey, were let go due to staff reductions or eliminations in evening and weekend shifts. The news agency said similar changes also

Leasing Dip Could Portend Recession

Sharp Decline in Commercial Leasing Activity at the End of 2022 Suggests a Broader Economic Slowdown The close of 2022 brought with it fears of an economic slowdown in the year ahead. One way that companies prepared for this was to delay or even cancel commitments for taking additional commercial space. In the office and retail sectors, new leasing activity had been within about 10% of pre-pandemic norms from the second half of 2021 through the middle of 2022. In the fourth quarter, though, it fell well

Fed Raises Rates Despite Banking Sector Turmoil, Suggests One More Increase To Come

Despite the recent collapse of three U.S. regional banks, sending financial markets into a tailspin, the Federal Reserve’s policy-making committee voted unanimously to boost its target rate another 25 basis points higher on Wednesday. The hike represented the ninth consecutive rate increase since the Fed embarked on its most aggressive monetary tightening program in 40 years in an effort to tame inflation. The rate is now set between 4.75% and 5.00%, its highest level since October 2007. In

Magnitude of Recent Bank Failures Not Seen Since Great Recession

Collapse of Silicon Valley Bank, Signature Bank Larger Than 523 Others Since 2008 The takeover by banking regulators this month of Silicon Valley Bank and Signature Bank has conjured up the ghost of the Great Recession. Of the 523 bank failures since 2008, Federal Deposit Insurance Corp. figures show, only one was larger than either Silicon Valley Bank or Signature Bank. That would be Washington Mutual Bank, which had $307 billion in assets, while Silicon Valley Bank had $209 billion and Signature Bank

Pritzker Administration and Flender Corporation Announce Manufacturing Expansion in Elgin

 Flender Corporation to expand manufacturing facility for wind and industrial drivetrains – creating 50 new jobs and retaining 140  ELGIN – Governor JB Pritzker, Flender Corporation and the Illinois Department of Commerce and Economic Opportunity (DCEO) today announced that Flender will expand its current manufacturing facility in Elgin – creating 50 new full-time jobs and retaining 140 existing full-time jobs. New investments will enable the company to expand its manufacturing operations – including gear

Elgin Parks and Recreation Master Plan Community Input

Elgin seeking Parks and Recreation Master Plan Community Input Elgin, IL - The City of Elgin Parks and Recreation Department is seeking resident feedback on the Master Plan recommendations that were presented by SmithGroup, Inc. at the second community input meeting held on February 15. The recommendations can be viewed on the boards that will remain up at the Edward Schock Centre until March 31. The recommendation boards are currently located at the Edward Schock Centre of Elgin, 100 Symphony Way, in

Existing Home Sales Surge as Prices Fall, Office Attendance Drops, Retailer Profits Rise

Existing Home Sales Surge as Prices Fall Existing U.S. home sales ended a year-long slide by rising 14.5% in February over the prior month. But the median price fell from a year earlier for the first time in 11 years as some prospective buyers remained on the sidelines, according to the latest data from the National Association of Realtors. The trade group reported Tuesday that the approximately 4.6 million existing homes sold in February marked the first time in the past 12 months that deals beat the

In Meta Layoff Memo, Zuckerberg Says In-Person Work ‘Gets More Done’

Mark Zuckerberg was one of the earliest proponents of remote work, but similar to other policies adopted throughout the pandemic, the Meta CEO admits he may have "misjudged" its value. In a memo announcing another round of mass layoffs and cost-cutting measures, the Silicon Valley tech founder said engineers who work in person more frequently are more productive than those who work outside the office and encouraged them and other employees to "find more opportunities to work with your colleagues in

‘Shock’ Coming for Real Estate Regarding Return-to-Office, IWG CEO Says

The commercial real estate industry is in for a rude awakening if it expects workers to flock back to downtown workplaces, according to Mark Dixon, CEO of flexible office giant IWG. Employees became accustomed to working from home during the pandemic, Dixon said on CNBC's “Squawk Box Europe” last week. That represents a “massive change” and a “fundamental seismic shift” that’s “a shock coming” to the real estate business once the implications sink in, Dixon said. “There’s sort of this assumption that

Amazon Extends Downsizing Streak With Plan To Lay Off Another 9,000 Employees

Amazon is planning another round of cuts to its global workforce in a sign that its already aggressive cost-cutting measures are far from over. The Seattle retailer plans to lay off 9,000 more employees within the next few weeks, Amazon CEO Andy Jassy wrote Monday in a memo to workers. The layoffs, announced just a few weeks after the company indefinitely halted construction on the second phase of its headquarters in Arlington, Virginia, were attributed to what Jassy said was "uncertainty that exists in

UBS To Buy Credit Suisse, Consumer Confidence Drops, Industrial Production Stands Put, Mortgage Rate

UBS To Acquire Credit Suisse UBS announced plans to buy troubled rival Credit Suisse on Sunday as part of a deal engineered by Swiss regulators hoping to calm jitters over the health of the banking system. UBS said the $3 billon transaction would create a behemoth that would be one of the largest asset managers in Europe, with holdings totaling more that $1.5 trillion. “This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency

These Cities Log Strongest US Technology Job Growth

San Francisco Bay Area, Coastal Regions Dominate Even As Industry Expands in Other Cities  The nation's biggest coastal tech hubs logged job growth stronger than the national average at the end of 2022, after years of expansion across the U.S. and globally by such giants as Amazon, Microsoft and Google. Even with headline-grabbing tech layoffs, year-over-year job growth in Seattle, Silicon Valley's San Jose, San Francisco, Boston and Portland, Oregon, registered as high as 5% in December — well above the

What's Happening in Springfield: Illinois Chamber News Update

Rail Report    ILLINOIS CHAMBER Rail Report     March 16, 2023  Highlights from Today:     The House was in Springfield for this week's third and final day of session. Floor action occurred throughout the afternoon with 21 bills passing out of the House and even more were moved to 3rd reading. There were a limited number of committee hearings held in the

US Office Market Imbalance Could Mean 330 Million Square Feet of Opportunity

The U.S. office market could be saddled with 330 million square feet of obsolete space by the end of the decade that would need to be repositioned lest vacancy rates rise to undesirable levels, according to a new analysis by Cushman & Wakefield. The real estate services giant projects much of that property — the equivalent of all the office space in Atlanta, the nation's eighth-largest office market — is ill-suited to meet the demands of hybrid working and environmental priorities. "We want to sound the

Retail Sales Decline, Builder Confidence Improves, Mortgage Applications Edge Higher

Retail Sales Decline February’s U.S. retail sales declined 0.4% from the prior month but showed a 5.4% improvement from year-earlier levels as consumers got some relief from high gas prices, according to preliminary figures released Wednesday by the Commerce Department. Reported as advance estimates subject to revision, government numbers showed consumers spent $697.9 billion in February at retail and food service establishments. Naveen Jaggi, president of retail advisory services at brokerage JLL, said

Meta Plans 10,000 More Layoffs, Inflation Rate Drops, Office Attendance Holds Steady

Meta Plans 10,000 More Layoffs Plans from Facebook parent Meta to lay off 10,000 workers globally, after the 11,000 cuts made in November, adds to job reductions hitting the technology industry so far in 2023. In a letter to employees published on the company website, CEO Mark Zuckerberg said the Menlo Park, California-based company plans restructurings and layoffs in its tech groups in late April, to be followed by similar actions in its business groups in late May. The company is looking to boost

Chicago’s Apartment Rent Growth Surpasses National Average for the First Time in Over a Decade

For the first time in over 10 years, Chicago passed the national average for year-over-year apartment rental growth as relatively mild construction has kept demand high, while a national pullback in rents caused by overbuilding has allowed it to leapfrog once-surging markets. Over the past few years, growing tertiary and gateway multifamily markets in the Southern and Western regions of the United States were crushing the stalwarts of the Midwest and the Northeast with their double-digit rent growth

Biotech Layoffs Mount, Consumers Lower Inflation Expectations, Business Startups Grow

Biotech Layoffs Mount Life science remains a strong U.S. generator of new real estate projects and leasings, but the industry is not immune to a wave of layoffs hitting multiple industries this year, especially technology. Various sources including a March 10 tracking report by industry news and jobs site BioSpace point to announced nationwide biotech layoffs so far in 2023 that are expected to chop more than 4,000 jobs, as the industry responds to reduced venture funding and drop-offs in activity geared

Hotels Ramp Up Recruitment, Retention Efforts Ahead of Busy Summer Travel Season

Even though the labor market is slowly loosening up, hotels are still in fierce competition for top talent. Hoteliers have learned that they need to be extra employee-friendly to bring in and keep staff members. This is especially true as the busy summer travel season is approaching. Offering extra benefits, streamlining the interview process and settling new staffers more quickly into their jobs with mentors and others who can assist them are all ways that hoteliers can best attract these employees and

U-46 Board of Education to Conduct Internal Search for Next Superintendent

Details on process to be outlined on March 20  ELGIN - The U-46 Board of Education on Monday evening announced that it will hire an executive search firm to conduct an internal search for its next Superintendent. The District’s previous leader, Dr. Tony Sanders, was appointed the Illinois State Superintendent of Education in February.  Hazard, Young, Attea and Associates (HYA) will assist the Board of Education with processing applications and conducting community surveys, forums, and focus groups to

Illinois Earns Credit Upgrade from Moody’s Investor Service

Illinois’ Eighth Credit Upgrade and Second Major Rating Agency to Return Illinois to ‘A’ Category Under Gov. Pritzker SPRINGFIELD -- Governor JB Pritzker today hailed Moody’s Investor Service upgrade of Illinois bonds to A3, the second major rating agency to return Illinois’ credit to the ‘A’ category. The action also represents the eighth upgrade in less than two years under Governor Pritzker following eight downgrades under the previous administration.  The continued fiscal progress by the state of

Happy Chamber Anniversary to our Members!

  Over 70 YearsBazos, Freeman, Schuster & Pope LLC30 - 40 YEARSFox Valley Fire & Safety Co.Groot Inc.20 - 29 YEARSAscension Saint Alexius Corbella ClinicFamily Service Association of Greater Elgin AreaGrand Victoria FoundationHARTING, Inc. of North AmericaRayner Covering Systems, Inc.SCORE Fox Valley10 - 19 YEARSCongregation Kneseth IsraelCountryside Funeral Homes and CrematoryGoodwillJohn B. Sanfilippo & Son, Inc.Pace Suburban BusTLC Pregnancy Services5 - 9 YEARSBeckatt SolutionsCrown Tree Care,

Fast-Moving $209 Billion Bank Collapse Rattles Tech, Finance Communities

Banking regulators stepped in late last week to take over Silicon Valley Bank, the 17th largest bank in the country by asset size with $209 billion, after depositors withdrew more $42 billion from their accounts in one day. The California Department of Financial Protection and Innovation said Friday it had taken possession of the Santa Clara-headquartered bank and appointed the Federal Deposit Insurance Corp. as receiver. A precipitous drop in deposits had left the bank incapable of paying its

Hospitality Tops Job Gains, Mortgage Rates Keep Rising

Leisure and Hospitality Tops Job Gains Leisure and hospitality was the leading employment-creating industry in February as the U.S. added 311,000 jobs from the prior month, the Labor Department reported Friday. The month’s unemployment rate was 3.6%, up slightly from January’s 3.4% but still close to a 50-year low in what remains a generally strong employment market despite high inflation and other lingering headwinds. Job gains reflect consumer and business demand and have ramifications for future real

Elgin receives 2022 Tree City USA ''Growth Award''

Elgin receives 2022 Tree City USA "Growth Award"   Elgin has received the 2022 Tree City USA “Growth Award” from the Arbor Day Foundation for its continued efforts in maintaining and improving its urban forest. This is the 12th year Elgin has received such an honor. The Growth Award recognizes Tree City USA communities that have demonstrated progress in their community forestry program over the past year. This includes efforts to engage the community in tree planting and care, increased funding for urban

Voter Registration Information for the April 4, 2023 Consolidated Election

VOTER REGISTRATION INFORMATIONApril 4, 2023 Consolidated Election Click here to find your polling place. Polls are open until 7:00 p.m. Same day registration (grace period registration) is available at the polls.  For Kane County Voting dates, deadlines, and details, click here. For Cook County Voting dates, deadlines, and details click here.Early Voting For the April 4, 2023 Consolidated Election, early voting in Kane County will take place from March 10 to April 3 and from March 20 to April 3 in Cook

Gov. Pritzker Signs Historic Legislation Guaranteeing 40 Hours of Paid Leave

Gov. Pritzker Signs Historic Legislation Guaranteeing 40 Hours of Paid LeaveIllinois Becomes Third State in the Nation to Guarantee Paid LeaveCHICAGO — Governor JB Pritzker today signed SB208 into law, making Illinois the third state in the nation, and the first in the Midwest, to mandate paid time off to be used for any reason. The historic legislation provides employees with up to 40 hours of paid leave during a 12-month period, meaning approximately 1.5 million workers will begin earning paid time off

GM Cuts Salaried Staff, Port Cargo Volume Expected to Rebound, Jobless Claims Rise

GM Cuts Salaried Staff Auto giant General Motors has joined other U.S. companies ramping up layoffs at a time of rising costs and economic uncertainty, offering voluntary buyouts to most of its U.S. salaried staff. Announced job cuts at U.S.-based firms total more than 180,000 just in the early weeks of 2023. In a letter sent Thursday to workers and published by several media outlets, GM CEO Mary Barra said the company would offer buyouts to most of its 58,000 U.S. white-collar employees, including all

Hoteliers Adapt Tech, Design To Reverse Downward Trend in Guest Satisfaction

Decreasing guest satisfaction in the hospitality industry is one of the symptoms of hotels not having the staff to keep up with consumers’ shifting demands. To alleviate both, hoteliers are leaning on new technology and unique designs to appeal to guests. In a roundtable of U.S. hotel industry executives hosted by Hotel News Now in partnership with Pinkowski & Company, Jerry Cataldo, president and CEO of Hostmark Hospitality Group, said hoteliers will need to evaluate the spaces in their hotels and find

SBA New HUBZone Map Update Expands Small Business Program Participation and Federal Contract Eligibi

 SBA New HUBZone Map Update Expands Small Business Program Participation and Federal Contract Eligibility  Hundreds of Small Firms in Economically Disadvantaged Areas May Now Qualify for HUBZone Certification    WASHINGTON- Today, the U.S. Small Business Administration (SBA) announced the launch of a new Historically Underutilized Business Zone (HUBZone) preview map, which shows that hundreds of firms in newly released designated underserved areas will become eligible to apply for

Illinois Chamber Rail Report from Springfield

    ILLINOIS CHAMBER Rail Report     March 9, 2023  Highlights from Today:     The House and Senate were both in Springfield for this week's third day of session which was once again full of committee action. As this is committee deadline week, no action of note occurred on the floor.  The Senate and House will both return to the floor tomorrow, March 10th.  Committee Action of Note:

ESO Tchaikovsky concerts April 1 & 2, other March events

 Elgin Symphony Orchestra presents Tchaikovsky’s Symphony No. 4Violinist Blake Pouliot featured in April 1 and 2 concerts  (March 9, 2023 – Elgin, Illinois)   The Elgin Symphony Orchestra will present Tchaikovsky’s Symphony No. 4 on Saturday, April 1, at 7:30 p.m., and Sunday, April 2, at 2:30 p.m. Guest conductor Alex Amsel, who is a finalist in the ESO’s music director search, will lead the concerts at the Hemmens Cultural Center in Elgin. The program will include Saint-Saëns’ Violin Concerto No. 3,

Most US Households Can't Afford a Median-Priced Home

Builder Group Says Housing Affordability Crunch Leaves More Property Out of Reach The National Association of Home Builders said nearly 30% of all U.S. households, or 39 million, cannot afford a home priced over $150,000 without exceeding one-third of their total household income. Another 25.8 million households are unable to afford more than $250,000. So combined, 64.8 million — or nearly 50% — of the 132.5 million U.S. households can only pay up to $250,000 for a home. But the median U.S. home actually

Private Payrolls Grow, Used Car Prices Rise, Mortgage Applications Edge Higher

Private Payrolls Grow More signs of a resilient U.S. job market arrived this week in the form of reports showing private sector employment growing in February from the prior month, including a rise in hiring by small businesses. Private employers increased hiring by 242,000 jobs and raised annual pay on average by 7.2%, according to a Wednesday report from payroll services provider ADP and Stanford University’s Digital Economy Lab. Analysts noted pay growth is positive for households but may also signal

Illinois Chamber Rail Report from Springfield

    ILLINOIS CHAMBER Rail Report     March 8, 2023  Highlights from Today:     The House and Senate were both in Springfield for this week's second day of session which was once again full of committee action. As this is committee deadline week, no action of note occurred on the floor while there was major action occurring in committees held throughout the day.  The Senate and House will both return to the

Create a Path To Success With These Tips For A Professional Development Plan

Professional development is essential for anyone looking to take their career to the next level. Creating and executing a professional development plan can help you hone your skills and show employers that you are invested in becoming an expert in your field. The Elgin Area Chamber of Commerce understands how challenging it can be to get started; in this blog post, we will explore how to create and implement a professional development plan that will help you stay ahead of the game.Learn How to Set

Fed Chair Warns Rates Could Go Higher Than Expected, Mall Visits Decline, Office Attendance Holds St

Fed Warns of Unexpectedly High Rates In a trend of the past several months, stock markets fell Tuesday on the prospect of interest rate hikes that might go higher and continue longer than some analysts expected after comments from Federal Reserve Chairman Jerome Powell. Powell told the Senate Banking Committee the ultimate level of the Fed’s key lending rate “is likely to be higher than previously anticipated,” as the Fed looks to bring down inflation in the face of recent economic data that was “stronger

Tenants in These States Made the Most On-Time Rent Payments To Small Landlords

Colorado tenants living in units owned by landlords with small portfolios were the nation's timeliest rent payers last month, helping to lift the U.S. average on-time payment rate to its highest since the pandemic started and signaling strength in the labor market and wages. About 91.4% of Colorado renters paid their rent on time in February as Washington state came in at No. 2 with a rate of 91.1%, according to economic advisory and data science firm Chandan Economics' independent landlord rental

Off-Price Retailer Ross Looks To Open 100 New Stores This Year

Off-price retailer Ross Stores aims to open about 100 locations this year, having already debuted 19 new stores in February and March, as retailers who appeal to financially pinched shoppers grab an opportunity to grow. The Dublin, California-based chain said on Monday it had opened 11 Ross Dress for Less stores and eight dd's Discounts stores in 13 states during last month and this month. Both chains expanded into existing markets, including locations in California, Texas, and Florida, according to

Train Derailments Spur Congressional Hearings, Recession Remains Tough To Avoid, SiriusXM Joins Firms Announcing Layoffs

Train Derailments Spur Congressional Hearings Just days after the second Ohio train derailment of the past month, the U.S. Senate has hearings scheduled for Thursday on what caused last month’s catastrophic crash in East Palestine. A derailment in the Cincinnati suburb of Springfield, Ohio, over the past weekend followed at least five other similar mishaps nationwide since 2021, and there are implications for the larger U.S. cargo logistics system. Atlanta-based Norfolk Southern, the railroad involved in

Surgeon First To Perform Anterior to Psoas Surgery in an Ambulatory Surgery Center

Fox Valley Orthopedics (FVO) announced Spine Surgeon Lauren E. Matteini, MD, is the first to perform an Anterior to Psoas (ATP) fusion of the lumbar spine in an ambulatory surgery center in the state of Illinois. This minimally invasive procedure stabilizes the spine to help correct abnormal movement. The Anterior to Psoas approach is the latest surgical technique used to help patients with spondylolisthesis, or degenerative disc disease. While not uncommon, it is a complicated procedure where a surgeon

Despite Headquarters Defections, Chicago Keeps Title As Top Spot for Investment

Chicago broke its record for luring corporate relocations and expansions last year, according to a ranking from a relocation industry journal, making it the nation’s top metropolitan area for investment for the 10th year in a row despite some high-profile headquarters defections. The award from Site Selection magazine, announced Wednesday by the Georgia-based publication, comes after some headline-grabbing setbacks in 2022. The honor happened to be announced the day after Chicago Mayor Lori Lightfoot

Theme Parks Extend Pandemic Rebound, Housing Affordability Worsens, Builders Oppose Union Rights Bil

Theme Parks Extend Pandemic Rebound Most major U.S. theme park operators reported sustained recovery from early pandemic shutdowns in their latest quarterly earnings calls, with SeaWorld Entertainment looking to revive long-stalled plans to add hotels to capitalize on growing crowds. Location and other details are yet to be revealed, but SeaWorld CEO Marc Swanson told analysts Feb. 28 that the Orlando, Florida-based operator of 13 U.S. parks now expects to have its first hotel open in 2025 and a second in

Mortgage Rates Keep Escalating, CEO Departures Increase, Jobless Claims Edge Lower

Mortgage Rates Keep Escalating Mortgage rates have kept rising over the past month, with one outlet reporting 30-year loans averaging more than 7% this week for the first time since October. Mortgage News Daily Thursday reported 30-year, fixed-rate mortgages averaging 7.1%, though a weekly lender survey by government-backed loan agency Freddie Mac put the 30-year loan average at 6.65% for the week ended March 2. Most mortgage rate reports are averages based on national lender surveys, and Freddie Mac has

Headquarters Move Within Chicago’s Northern Suburbs Is Largest New Area Office Lease in 2023

The world’s largest nitrogen fertilizer company is moving its global headquarters within Chicago’s northern suburbs after signing the largest new office lease in the market in the early going of 2023. CF Industries signed for 77,863 square feet at 1 Astellas Way in Northbrook, Illinois. The deal is the largest new office lease in the market so far this year, according to CoStar data, though a pair of renewals represent the largest office leases year to date. The CF Industries lease was announced this

Illinois Chamber Rail Report

    ILLINOIS CHAMBER Rail Report     March 2, 2023  Highlights from Today:     The House was in Springfield for this week's final day of session. No action of note occurred on the floor while committee hearings were held throughout the morning. HR 110 elects Nicole Hill as the new Doorkeeper of the House.  The House and Senate will both return next Tuesday, March 7th at 12 pm.  Committee Action

Train Derailments Spur Federal Safety Advisory, Office Attendance Edges Higher, Mortgage Application

Train Derailments Spur Safety Advisory A series of train derailments since 2021, capped by a major accident in East Palestine, Ohio, have implications for the entire U.S. cargo logistics system. They also sparked a government advisory this week, calling on railroads to update their policies regarding the use of heat-sensing detectors that might have averted problems linked to crashes. The Federal Railroad Administration said at least five derailments since 2021 have been linked to what are known as burnt

Little Relief in Sight for the Beleaguered Housing Market

A reprieve in mortgage rates from November to January brought hope that the housing market was starting to loosen up, but recent data show that there’s still a long way to go to get the market into better balance. Sellers and buyers remain at odds over pricing, existing homeowners are staying put, and homebuyers are still facing steep financing costs that are out of reach for many. In the market for newly constructed homes, developers are flush with inventory and seeking buyers who might take advantage of

March News Updat from Hopp Accounting

Hopp Accounting & TaxMarch 2023 News Update from www.hoppcpa.comMarch 2023 Update - Protect Your Business With Meticulous Records & Can You Deduct The Costs Of A Spouse On A Business Trip?Protect Your Business With Meticulous RecordsIf you run a business, you know that you need to support expenses with detailed records. To be deductible, every expense on your tax return might have to be defended if your company is subject to an audit. Plus, failing to operate in a businesslike manner, complete with good

Greater Family Health Community Connecet

To view in browser click here.            In today's fast-paced world, where the pursuit of success and financial stability often takes precedent over one's well-being, the adage "Health is Wealth" holds true. Individuals and families must prioritize their health and take proactive steps to maintain optimal physical and mental health.Take the initiative this March to schedule routine medical check-ups, as early detection of any health issues can greatly improve the chances of successful

Elgin Symphony Orchestra announces 2023-24 classics concerts

Elgin Symphony Orchestra announces 2023-24 classics concertsSeason subscription packages now on sale(March 2, 2023, Elgin, Ill.) – The Elgin Symphony Orchestra today announced details of its 74th season featuring six classic concerts. Season subscription packages for the 2023-24 programs are now on sale at www.elginsymphony.org or by calling the ESO box office at (847) 888-4000 Tuesday through Friday between 10 a.m. and 3 p.m. “Our 74th season will be an exciting one for our community and our patrons.

Music that will Move You

Music Programs at Gail Borden Library Enrich your musical knowledge and enjoyment at these discussions and performances at the Main Library, 270 N. Grove Ave. in Elgin. Please register at gailborden.info/register, by calling 847-429-4597 or in person at any library branch. For more information, please visit gailborden.info/music.  Sunday Afternoon Concerts                                                                                                                                    Meadows Community

Restaurant Group Expects Sales Boost, Subsidized Chip Plants To Offer Child Care, Florida Takes Over

Restaurant Group Sees Sales Boost A prominent trade group’s forecast calls for U.S. restaurant sales in 2023 to climb 6.4% over 2022 to nearly $1 trillion, as pandemic fixtures like outdoor dining and cocktails-to-go become permanent even as emergency measures subside. “The temporary ‘pivots’ developed during the pandemic — expanded delivery services, outdoor dining options, to-go alcohol offerings and investments in technology — are the foundation of the industry’s ‘new normal,” the Washington,

Walgreens Plans To Sell Chunk of Headquarters Campus in Chicago’s Northern Suburbs

Walgreens Boots Alliance plans to sell a large portion of its headquarters campus in Deerfield, Illinois, becoming the latest corporate giant to put a huge site in Chicago’s northern suburbs on the redevelopment market. Nationally, it’s one of many examples of companies shedding large chunks of office space as remote work persists nearly three years into COVID-19. Walgreens plans to sell office buildings at 200 and 300 Wilmot Road, consolidating workers into a cluster of smaller buildings in the 100

Hanover Township News

        March eNewsletter    12th Annual Township Job FairHanover Township, along with State Representative Fred Crespo, Cook County Commissioner Kevin Morrison and Illinois WorkNet will co-host the 12th annual Job Fair on Wednesday, March 29 at the Hanover Township Senior Center (240 S. IL Route 59) in Bartlett. Doors will open for veterans from 11-11:30AM, and to the general public from 11:30AM - 2PM.

Illinois Ranks #2 State in the Nation for Corporate Investment

Illinois Ranks #2 State in the Nation for Corporate InvestmentChicago takes the title as ‘Top Metro’ in the nation for 10th straight year  CHICAGO — Site Selection Magazine – an international industry-leading business publication -- released its annual corporate expansion and relocation rankings, naming Illinois 2nd in the nation for corporate projects and Chicago the Top Metro for the 10th year in a row. The publication noted 487 Illinois projects in 2022, moving the state up from the number three spot in

2023-2024 Season Announcement!

Potential Tax Legislation

Reading the tea leaves: Potential tax legislation in the new Congress  The 2022 mid-term election has shifted the scales in Washington, D.C., with the Democrats no longer controlling both houses of Congress. While it remains to be seen if — and when — any tax-related legislation can muster the requisite bipartisan support, a review of certain provisions in existing laws may provide an indication of the many areas ripe for action in the next two years.  Retirement catch-ups at risk   The SECURE 2.0 Act,

U-46 Board of Education Appoints Dr. Suzanne Johnson Interim Superintendent

U-46 Board of Education Appoints  Dr. Suzanne Johnson Interim Superintendent  ELGIN - The U-46 Board of Education has appointed Dr. Suzanne Johnson as the interim superintendent for the state's second-largest school district. For the past five years, Johnson has served as the deputy superintendent of instruction for the district.    "Dr. Johnson has demonstrated her unwavering commitment to students and staff during a nearly 26-year career devoted to public service in U-46," said Board President Susan

IR-2023-23 “IRS issues guidance on state tax payments to help taxpayers.

ESO presents The Music of Star Wars

Tickets now on sale for Elgin Symphony Orchestra’s “The Music of Star Wars”  concert on March 31Audience encouraged to dress as their favorite Star Wars character   (January 26, 2023 – Elgin, Illinois) It will be an otherworldly musical experience when the Elgin Symphony Orchestra presents “The Music of Star Wars” at 7:30 p.m. on Friday, March 31, at the Hemmens Cultural Center in Elgin, Ill.  Audience members are encouraged to come dressed as their favorite Star Wars character for this one-night-only

Northern Illinois Families and Businesses Experienced Record Electric Reliability in 2022

Northern Illinois Families and Businesses Experienced Record Electric Reliability in 2022ComEd investments are preparing the grid for climate change impacts and the clean energy transition  CHICAGO (Jan. 26, 2023) – Investments in the power grid continued to pay reliability dividends for ComEd customers as the electric company delivered record reliability in 2022. Since grid improvements began in 2011, overall reliability has improved more than 80 percent. In that time, ComEd has avoided more than 19

Pritzker Administration Relaunches ''Opening Doors'' Homebuyer Assistance Program With Additional $8 M

Pritzker Administration Relaunches “Opening Doors” Homebuyer Assistance Program With Additional $8 MillionDown Payment Assistance Program Helping Break Down Key Barriers to HomeownershipCHICAGO – Governor JB Pritzker today announced the reopening of a homeownership program designed to help working-class families and underrepresented communities of color throughout the state of Illinois. Offered through the Illinois Housing Development Authority (IHDA), the Opening Doors or Abriendo Puertas program is

Emergency Update: Illinois Department of Revenue

In recent alerts from the Illinois CPA Society, it has come to our attention that the United States Post Office (USPO) has refused to pick up or deliver IDOR 1040-ES (Estimated Individual Payments) to the address specified on the IDOR tax forms (Illinois Department of Revenue--Springfield IL 62736-0001).  REMEDY: When mailing items to the Illinois Department of Revenue (IDOR) using the USPO address, include IDOR’s street address to ensure delivery. The correct address is:   ILLINOIS DEPARTMENT OF

News Release | 2023 Historic Architectural Rehabilitation Grant Applications Available

2023 Historic Architectural Rehabilitation Grant Applications Available   Deadline for submission of applications and supporting documentation is Friday, March 31.Elgin, IL - Applications for the 2023 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, March 31.   The Historic Architectural Rehabilitation Grant Program

$2,391,407 Earmark for Gail Borden Library's South Elgin Branch Expansion - Thank you Congressman Kr

The Gail Borden Public Library South Elgin Branch will almost triple in space to serve the growing South Elgin community thanks to the advocacy of United States Representative Raja Krishnamoorthi. His support led to the Gail Borden expansion receiving $2,391,407 in Community Project Funding in the federal omnibus package signed by President Biden on December 29.   In 2015, Gail Borden Public Library District purchased a 12,466-square-foot building and opened its South Elgin Branch in 2016 to meet

Funds Available for Smoke Free Workplaces

Smoke Free Workplaces Project Request for Applications Reducing smoking and vaping among staff and promoting a smoke free workplace helps protect the entire workforce from the harms of tobacco smoke and improves health, morale and team performance. A workplace can create a smoke free environment with clear policies, signage and resources to help employees quit. The Kane County Tobacco Control and Prevention program aims to collaborate with area businesses and nonprofit organizations to promote quitting

Governor Pritzker Releases Five-Year Forecast Showing Projected Long-term Budgetary Deficits Nearly

Governor Pritzker Releases Five-Year Forecast Showing Projected Long-term Budgetary Deficits Nearly EliminatedIllinois in best fiscal shape in decades  SPRINGFIELD -- The Governor’s Office of Management and Budget (GOMB) released the annual Illinois Economic and Fiscal Policy Report showing under Governor Pritzker’s leadership Illinois is in its best fiscal shape in decades.   “Illinois’ bills are being paid on time, we have over $1 billion in our rainy-day fund, our credit ratings are up and we are

Smart Business Branding in 2022

You've just embarked on one of the most intimidating yet rewarding ventures imaginable — you've started your own small business. While challenging, owning a business can be lucrative and fulfilling. Now that the groundwork for your business has been laid, it's time to consider your company's brand. Creating a strong brand for your company is integral to your success, so where do you start?What Is Branding? Many people believe a logo is the majority of a company's brand. While logos are important,

Santas Village 2023 Season Pass ONLY $79.99

2023 Season Pass  $79.99Begin your new memories with a Season Pass! Purchase a season pass and receive admission for the remainder of 2022 as well as May - Sept 2023! Season pass holders receive a host of benefits and valuable discounts on dining, merchandise and more. Passes are valid for unlimited fun on all rides, shows, animal encounters and Santa Springs! Each pass is issued to a specific person and is non-transferable.BENEFITS: - Admission every operating day of the season to both the amusement and

Clean Vehicle Credit comes with caveats

Clean Vehicle Credit comes with caveats  The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC Section 30D), now known as the Clean Vehicle Credit.   While the expanded credit seems promising, questions have arisen about just how immediate its impact will be. Here’s what you need

ESO news: musicians' contract agreement, new concerts, fiscal stability, enhanced community engagem

ESO, Musicians agree to two-year contract, helping secure fiscal sustainability while enhancing community engagement  (August 17, 2022 -- Elgin, Ill.) The Elgin Symphony Orchestra (ESO) and its musicians have agreed on a mutually beneficial two-year contract that lays the groundwork for sustainability and growth for the award-winning Symphony, now in its 73rd year. The agreement comes as the ESO enters its second season of new management, is actively auditioning music director candidates, and plans for

Gov. Pritzker Announces $34.6 Billion Investment in Transportation Over Six Years

Gov. Pritzker Announces $34.6 Billion Investment in Transportation Over Six YearsNew program creates economic opportunity and jobs, promotes quality of life, and improves safety on transportation systems throughout Illinois  SPRINGFIELD — Governor JB Pritzker joined the Illinois Department of Transportation (IDOT) today to announce a $34.6 billion program to improve roads, bridges, transit, rail, airports, and ports over the next six years. This funding represents a robust commitment to invest in people

Gov. Pritzker Announces Program of All-Inclusive Care for the Elderly to Expand Choices in Care for

Gov. Pritzker Announces Program of All-Inclusive Care for the Elderly to Expand Choices in Care for Illinois SeniorsServices for qualifying adults 55+ include holistic care planning, long term supports, therapies, medications, mental health care, and hospital care SPRINGFIELD — Governor JB Pritzker along with the Department of Healthcare and Family Services (HFS) today announced the launch of the Program of All-Inclusive Care for the Elderly (PACE) to better meet the needs of older adults across Illinois.

CHIPS Act poised to boost U.S. businesses

CHIPS Act poised to boost U.S. businesses  The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022. President Biden is expected to sign it into law shortly. Among other things, the $52 billion package provides generous tax incentives to increase domestic production of semiconductors, also known as chips. While the incentives themselves are narrowly targeted, the expansion of semiconductor production

Illinois expands health care coverage for immigrant adults to include those aged 42 and up

Illinois expands health care coverage for immigrant adults to include those aged 42 and upSPRINGFIELD – The Illinois Department of Healthcare and Family Services is expanding the Health Benefits for Immigrant Adults program to now provide health care coverage to undocumented immigrant adults and certain legal permanent residents aged 42 and over.   Building on the first-in-the-nation Health Benefits for Immigrant Seniors program, Illinois in March launched the Health Benefits for Immigrant Adults program

988 Suicide and Crisis Lifeline Coming to Illinois

Pritzker Administration Announces Opening of Electric Vehicle Rebate Program for Illinois Residents

Pritzker Administration Announces Opening of Electric Vehicle Rebate Program for Illinois ResidentsProgram offers $4,000 rebate for purchase of an electric passenger vehicle or $1,500 rebate for purchase of an electric motorcycle  SPRINGFIELD — Illinois Environmental Protection Agency (IEPA) Director John J. Kim today announced the opening of Illinois’ Electric Vehicle (EV) Rebate Program. The program was created under the Climate and Equitable Jobs Act (CEJA) passed by the General Assembly and signed by

Illinois Family Relief Plan to Begin July 1

Illinois Family Relief Plan to Begin July 1   Residents will save on gas, groceries, property taxes, and school supplies with tax holidays. Nearly $2 billion in relief was provided to residents through tax cuts and direct payments. Comptroller plans to roll out tax rebates in September CHICAGO — Beginning tomorrow, the Illinois Family Relief Plan will go into effect, making good on the promise by Governor Pritzker and the General Assembly to provide relief on the grocery tax, gas tax, and property

Gov. Pritzker Announces Nation-Leading Investments in Early Childhood

Gov. Pritzker Announces Nation-Leading Investments in Early ChildhoodOver $175 million in funding to support child care providers & families   CHICAGO — Governor JB Pritzker and the Illinois Department of Human Services (IDHS) today announced new investments that strengthen and grow Illinois’ early childhood education and care field. These investments continue advancing Illinois as a leading state in the nation for children, families, and the early childhood workforce that support them.   The changes

Governor Pritzker Signs Family Bereavement Leave Act Into Law

Governor Pritzker Signs Family Bereavement Leave Act Into LawSB3120 requires paid leave for pregnancy loss or other situations impacting fertility, adoption, or pregnancy Chicago—Governor JB Pritzker today signed the Family Bereavement Act, an amendment to the Child Bereavement Leave Act that expands leave time requirements to cover pregnancy loss, failed adoptions, unsuccessful reproductive procedures, and other diagnoses or events impacting pregnancy and fertility. SB3120 also mandates leave after the

Gov. Pritzker Signs Legislation to Expand Access to Higher Education

Gov. Pritzker Signs Legislation to Expand Access to Higher EducationBills aimed at increasing education equity across Illinois CHICAGO — Governor JB Pritzker today signed legislation designed to increase access to Illinois’ higher education system, close equity gaps, and improve student protections and operational effectiveness. The bills expand resources available to students and build on the administration’s efforts to expand equitable access to public universities and community colleges.  House Bill

City of Elgin to Participate in National ‘Arts & Economic Prosperity 6’ Study

  City of Elgin to participate in the national ‘Arts & Economic Prosperity 6’ study       Ishti is performing in the Going Dutch Festival presented by Side Street Studio Arts at the Elgin Art Showcase. Photo by Roberto Martinez, 2017.       Data collection for a most comprehensive study of the economic impact of nonprofit arts and culture industry underwayElgin, IL - The City of Elgin is pleased to announce its

Elgin Symphony Orchestra announces finalists in music director search

Elgin Symphony Orchestra announces finalists in music director search  (March 25, 2022 -- Elgin, Ill.) Eight notable music conductors have been named finalists in the music director search by the Elgin Symphony Orchestra. The two-year search process kicked off last year when Andrew Grams announced he would depart at the end of the 2020-21 season. The new music director will be announced at the conclusion of the 2022-23 season. One of the finalists was a guest conductor in the ESO’s 2021-22 season.