The Elgin, Illinois economy has seen substantial growth compared to surrounding cities. Much of this growth is in the improving housing market. In housing, Elgin ranked third behind Chicago and Naperville. The number is impressive to say the least, and things are only looking to improve further with over 50% of the city’s total population working locally. That’s a total of over 60,000 people working within the city each and every day.
“Elgin’s 350 housing starts are even more impressive when compared to other communities: Joliet 131, Aurora 107, St. Charles 21, Algoquin 16, Libertyville 12 and Rockford 1,” former president Rick Jakle said. The city increased commercial and industrial space by 395,000 square feet, up from 2011 and 2012. In 2013 the city increased space by 459,000 square feet. Much thanks is owed to Elgin Development Group (EDG).
EDG is paid by the city government to persuade new businesses to move to Elgin. In 2015, the group will work with nonprofit program Hope Fair Housing. By working with companies to encourage employees to buy homes (via incentives), Elgin hopes to see new residents. The annual awards luncheon in honor of businesses will be held at Elgin Community College on March 18th at 11:30 am.