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Friday, May 27, 2022Productivity and Output Rise, Weekly Jobless Claims Fall
Productivity and Output Rise Labor productivity, which can influence company decisions about hiring and taking more real estate, rose in 2021 from the prior year in 39 states and the District of Columbia, according to a new Labor Department report tracking economic output per hours worked. Numbers released Thursday showed total output — the value of produced goods and services — rose in all 50 states and D.C., following a year of decline for all regions. Hours worked increased in all 50 states but
Friday, May 27, 2022Macy’s, Seen as Gauge of US Retail Property Performance, Draws Higher Sales Despite Record Inflation
Macy’s, using varied retail properties that appeal to both the price-conscious and the luxury shopper, racked up a strong fiscal first quarter despite inflation and other headwinds facing consumers. The New York-based retailer — parent of Macy’s, Macy’s Backstage, Bloomingdale’s and Bluemercury — on Thursday said its overall comparable sales for owned-and-licensed stores were up 12.4% for the quarter ending April 30. Net income increased to $286 million from $102 million in the same quarter a year
Thursday, May 26, 2022Will Consumers Keep a Recession at Bay?
By increasing interest rates and, eventually, allowing assets to roll off its balance sheet, the Federal Reserve hopes that aggregate demand for goods and services will slow, easing the fierce competition for purchases that has driven the recent acceleration of inflation, without bringing the economy to a complete standstill or causing a severe recession. However, the Fed’s suggested timetable for rate hikes is very gradual, and households are apparently in no hurry to slim down spending. Indeed, last
Thursday, May 26, 2022Fed Leans Toward More Rate Hikes, Kohl’s Adding Small-Format Stores, Mortgage Applications Decline
Fed Leans Toward More Rate Hikes Minutes released Wednesday by the Federal Reserve Board indicate the agency has more rate hikes planned in its bid to rein in inflation, following on the half-percent increase approved earlier this month that was also the biggest in more than 20 years. Records of the May 3-4 meeting indicate the Fed is leaning toward approving similar half-point hikes in the benchmark rate at its June and July meetings, though what happens to rates after those gatherings was not
Thursday, May 26, 2022City 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
Wednesday, May 25, 2022US Retail Winners, Losers Start To Emerge Under High Inflation
Last week offered a startling look, which set off a plummet on Wall Street, at how the highest inflation in more than 40 years is dragging down some of the nation’s biggest retail chains. In a series of first-quarter earnings releases, companies and major users of retail property such as Walmart and Target reported their profits were down, missing analyst projections and sending their stock prices tumbling. TJX Cos., parent of off-price chains T.J. Maxx and Marshalls, experienced flat same-store
Wednesday, May 25, 2022New Home Sales Fall to Two-Year Low, Office Use Drops, Texas Tops Country in Fortune 500 Companies
New Home Sales Fall to Two-Year Low Rising mortgage rates sent new home sales down sharply in April, marking the fourth consecutive monthly decline to reach the lowest level in two years. The Commerce Department reported Tuesday that sales fell 16.6% from March and nearly 27% from a year earlier. Slowing new home sales tracks with April sales of existing homes falling to the lowest level since the beginning of the pandemic. “The April drop for new home sales is a clear recession warning,” said Robert
Wednesday, May 25, 2022Fox Valley Orthopedics Announces New CEO
Fox Valley Orthopedics is pleased to welcome John Brady, DHA, FACHE as their new chief executive officer. Brady is a senior healthcare leader with experience in change-management, service line leadership, strategic planning, operations, community and legislative advocacy, post-acute care, and a variety of other skills which have served to improve financial, operational, and market performance of the organizations where he has served. Most recently, Brady was the inaugural program director of the Master of
Tuesday, May 24, 2022Starbucks Leaves Russia, DC’s NFL Team Reportedly Buys Land for Stadium, Economic Activity Rises
Starbucks Leaves Russia Starbucks joined McDonald’s and other major corporations in leaving Russia over its invasion of Ukraine. The Seattle-based coffee chain announced the move on Monday, telling employees the company is ending its relationship with a licensed partner in Russia, 15 years after having entered the country. Starbucks suspended operations at its 130 licensed locations in early March after condemning Russia’s invasion of Ukraine. Employees there will be paid for the next six months and
Tuesday, May 24, 2022Apartment and Condo Developers Sour on Future Construction Prospects, New Index Shows
Apartment and condominium developers have soured on future prospects as construction costs have climbed through this year. The National Home Builders Association’s quarterly index measuring developer sentiment fell six points from the fourth quarter to 48 in the first quarter. Below 50 means that more of those in the survey report worsening conditions than those seeing positive conditions. “Strong demand is still keeping multifamily developers fairly optimistic in many parts of the country, but high
Monday, May 23, 2022Census Survey Finds Economic Anxiety, Unemployment Down in All States
Census Survey Finds Economic Anxiety Property owners will watch for signs of lingering fallout as the latest monthly survey data from the Census Bureau shows more than a third of American households feel nervous or face difficulties meeting basic monthly expenses as they confront inflation. The bureau’s latest Household Pulse Survey results, issued May 18 and based on online surveys taken between April 27 and May 9, showed about 34% of respondents are having at least some difficulty paying regular
Friday, May 20, 2022US Economy's Growth Could Slow More Than Previously Thought, Fannie Mae Says
One of the largest lending sources for single-family homes and apartments is forecasting that inflation, rising mortgage interest rates and a slowing global economy could knock nearly a percentage point off U.S. economic growth this year. Fannie Mae lowered its projection Thursday for gross domestic product this year to 1.3% from 2.1%. That would be far lower than the 6.9% in GDP growth last year. “We are maintaining our call for a recession to occur in the second half of 2023, as we continue to believe
Friday, May 20, 2022CEOs Less Confident as More Top Executives Leave, Kohl’s Awaits Bids As Sales Drop, Weekly Jobless C
CEOs Less Confident Volatility across the globe has CEO confidence in the U.S. economy reaching lows not seen since the earliest days of the pandemic, and a rising number of those chief executives are heading for the exits — though not so much at real estate companies. The Conference Board’s latest Measure of CEO Confidence index, compiled from surveys by the New York-based research organization and The Business Council, showed executives’ confidence declining for the fourth straight quarter. The measure
Thursday, May 19, 2022Economy Slams Some Big-Box Chains, More Megaprojects Coming, Office Use Edges Higher
Economy Slams Some Big-Box Stores Economic factors are hitting first-quarter returns hard for some major retail chains, as escalating costs cut into sales and profits at Target and Lowe’s, while the parent of T.J. Maxx and Marshalls cut its same-store growth outlook for the year with sales missing analyst estimates even though its profit rose. Like its rival Walmart earlier this week, Minneapolis-based Target on Wednesday cited heightened supply and labor costs hitting profit. Target's net income fell
Thursday, May 19, 2022Inflation May Have Peaked, but It Won’t Fall Quickly
Inflation May Have Peaked, but It Won’t Fall Quickly For more than a year, consumers have seen inflationary pressures drive up the prices of goods and services, eroding their purchasing power. There are hints in recent inflation reports that price growth has peaked, but one month of data is hardly a trend. The Bureau of Labor Statistics' estimate for the headline consumer price index grew by just 0.3% in April, compared to 1.2% the previous month and the slowest pace since August
Wednesday, May 18, 2022Apple Delays Return to Office, Retail Sales Rise, Commercial Construction Ramps Up
Apple Delays Return to Office Apple delayed a plan to call for employees to be back in the office three days a week, as the tech giant joins other companies rethinking their strategy as coronavirus cases rise and workers demand more flexibility. After workers at Cupertino, California-based Apple called on executives to allow for a more hybrid and flexible work schedule, executives delayed starting the three-day, in-office requirement that would have taken effect May 23, according to media
Wednesday, May 18, 2022Walmart Wrings More Sales From Its Stores Despite Rocky First Quarter
Retail giant Walmart, despite supply chain disruptions and inflation slicing into its first-quarter profits, posted a 3% rise in comparable sales at its U.S. stores and boosted revenue estimates for the rest of the year. The Bentonville, Arkansas-based company outlined for analysts on Tuesday issues it struggled with in the first three months of the year, which included absorbing inflation-spurred price increases it didn't want to pass on to shoppers. On the distribution side, its woes included
Tuesday, May 17, 2022McDonald’s Becomes Latest Company to Exit Russia, Truck Trailer Sales Drop, Import and Export Prices
McDonald's Becomes Latest Company to Exit Russia McDonald’s is leaving Russia and plans to sell its property and other business holdings in that country, joining nearly 1,000 other companies that have now halted or suspended operations in response to the war in Ukraine. “The humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald’s to conclude that continued ownership of the business in Russia is no longer tenable, nor is it consistent
Tuesday, May 17, 2022Population Gains Tend To Drive Hotel Room Growth, but Leisure Destinations Outshine Other Areas
Hotel developers look at changes in population by market as an indicator of potential demand and development opportunities, and CoStar data suggests there's a positive relationship between population increases and hotel supply growth. Between 2015 and 2020, the supply of hotel rooms in the U.S. grew by 2.7%. At the same time, the U.S. population increased by 3.4%. The increase in room supply over the five years ended in 2020 was overshadowed by a sharp 3.6% decline in available rooms between 2019 and
Monday, May 16, 2022Disney, Six Flags Ride Revenue Boost, Store Openings Outpace Closings, Economists Scale Back Growth
Disney, Six Flags Ride Revenue Boost Disney and Six Flags Entertainment joined other big theme park operators in reporting attendance jumps from pandemic lows in the latest quarter, a positive development for hotels, restaurants and other nearby commercial property owners heading into the peak summer season. Walt Disney Co. cited rising park attendance and visitor spending as feeding its 23% rise in total revenue from a year earlier to $19.2 billion for its second fiscal quarter. Disney’s net income of
Monday, May 16, 2022Commercial and Multifamily Lending Rises, Office Occupancy Holds Gains, Weekly Jobless Claims Tick U
Commercial and Multifamily Lending Rise Commercial and multifamily mortgage loan originations rose 72% in the first quarter over the year-earlier period, a prominent bankers trade group reported, as investors and their lenders hadn't been dissuaded by higher interest rates and stubborn inflation. “The strong momentum in commercial and multifamily borrowing and lending at the end of 2021 carried into the first quarter,” said Jamie Woodwell, vice president of commercial real estate research for the Mortgage
Monday, May 16, 2022Advanced Technology Designed For Digital Precision, Accuracy In Total Knee Replacement Is Available Now
To help keep pace with demand, Fox Valley Orthopedics (FVO) is now offering robotic-assisted knee replacement in their Ambulatory Surgery Center (ASC) by using a technology designed by VELYS™; The Robotic-Assisted Solution. FVO’s Joint Replacement Surgeon Kenneth Chakour, MD, is the first physician in the Illinois western suburbs to bring this technology to an ASC as an outpatient procedure.“Every knee is different, as is every patient requiring a knee replacement procedure,” said Dr. Chakour. “This robotic
Monday, May 16, 2022Girl Scouts of Northern Illinois Announce 2022 Gold Award Girl Scouts and Scholarship Recipients at
Girl Scouts of Northern Illinois Announce 2022 Gold Award Girl Scouts and Scholarship Recipients at Annual Meeting Northern Illinois - Girl Scouts of Northern Illinois (GSNI) announced the 2022 class of Gold Award Girl Scouts and scholarship recipients at its Annual Meeting on Saturday, April 30, at the NIU Barsema Alumni Visitors Center in DeKalb. Earning the Gold Award is the highest achievement in Girl Scouting. Gold Award Girl Scouts are recognized leaders in their communities. As they partner
Friday, May 13, 2022Elgin YWCA recognizes 2022 Leader Luncheon recipients
Elgin YWCA recognizes 2022 Leader Luncheon recipients Over 350 community members attended the 38th annual YWCA Elgin Leader Luncheon Awards at The Seville in Streamwood on Thursday, May 12, 2022. As the luncheon began, Leader Luncheon general chair Jennifer Rakow expressed appreciation to the event’s major sponsors for their support with congratulations to past recipients and all 2022 nominees. Following an invocation by Captain Linnea Forney of the Salvation Army in Elgin, keynote speaker Sharon
Thursday, May 12, 2022Annual Inflation Drops As Monthly Costs Rise, Casinos Win Record Revenue, Plans for Business Park in
Annual Inflation Drops As Monthly Costs Rise The annual inflation rate slid to 8.3%, though still near a 40-year high, as consumer prices rose 0.3% in April, according to the Labor Department. The data could affect property demand in industries including retail, restaurants, auto sales and air travel. The biggest contributors to the consumer price gain included housing, food, airline fares and new vehicle sales. The food index was up 0.9% from March, reflecting a trend of restaurants raising menu prices
Thursday, May 12, 2022It’s Time To Revisit Job Growth Expectations
More than two years after the severe job losses that occurred at the onset of the pandemic, the labor market continues its recovery with the number of jobs growing at a healthy and steady pace. Firms added 428,000 positions in April, according to the Bureau of Labor Statistics, marking an annual gain of 6.6 million jobs. The unemployment rate remained 3.6% for the second consecutive month, just a tick higher than its pre-pandemic rate.April’s jobs report resembled the previous month in terms of scale, but
Thursday, May 12, 2022Business Recruitment-Economic Development Week
Business Recruitment The Elgin Development Group (EDG), a division of the Elgin Chamber of Commerce, is celebrating Economic Development Week from May 9 through May 13 to raise awareness of the work being done between the City of Elgin and the Elgin Chamber of Commerce to raise awareness of the local economic development program. The partnership with the City of Elgin consists of core services and deliverables that include Business Recruitment. This aspect focuses on showcasing Elgin as a preferred
Thursday, May 12, 2022Enhancing Elgin-Economic Development Week
Enhancing Elgin The Elgin Development Group (EDG), a division of the Elgin Chamber of Commerce, is celebrating Economic Development Week from May 9 through May 13 to raise awareness of the work being done between the City of Elgin and the Elgin Chamber of Commerce to raise awareness of the local economic development program. The partnership with the City of Elgin consists of core services and deliverables that include marketing Elgin’s economic development assets through its Enhancing Elgin campaign.
Thursday, May 12, 2022Discover Global Markets
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. World Trade Month Global Market Forecast: Asia-Pacific, Europe, Africa, Middle East, AmericasMeet with International Leaders to Discover Opportunities in Emerging Blue Tech IndustriesMeet Virtually with Major Mexican LGBTQ Travel & Tourism Organizations – June 22-23, 2022Events & ResourcesExport Tariff Lookup
Wednesday, May 11, 2022Prologis Offers To Buy Warehouse Developer Duke Realty in $24 Billion Deal
Prologis, the nation’s largest industrial real estate investment trust, is offering to buy Duke Realty in an almost $24 billion deal that’s just the latest in a flurry of acquisitions among REITs since last year, particularly those that own warehouse and logistics property. San Francisco-based Prologis sent a letter Tuesday to James Connor, chairman and CEO of Duke, with the all-stock offer after months of pursuing the Indianapolis-based company. The 20% premium on Duke shares that Prologis offered back
Wednesday, May 11, 2022Commercial Property Prices Jump, Cannabis Sales Rise As Losses Grow, More Summer Port Shipments Expe
Commercial Property Prices Jump The Federal Reserve's latest analysis of potential risks to the U.S. financial system found the value of the nation's commercial real estate grew 12.7% to $48.8 trillion at the end of 2021, surpassing the average 7.2% increase between 1997 and 2021. But the Fed said it doesn't see the trend as a significant sign of pending economic instability. Monday's 86-page Financial Stability Report, issued issued in May and November, said banks are still reporting strong demand for
Wednesday, May 11, 2022Transportation and Development-Economic Development Week
Transportation and Development The Elgin Development Group (EDG), a division of the Elgin Chamber of Commerce, is celebrating Economic Development Week from May 9 through May 13 to raise awareness of the work being done between the City of Elgin and the Elgin Chamber of Commerce to raise awareness of the local economic development program. The partnership with the City of Elgin consists of core services and deliverables that include Transportation and Development. This aspect focuses on critical land use
Wednesday, May 11, 2022Elgin Area Leadership Academy hosts class of 2022 graduation ceremony
Eighteen members of the Elgin Area Leadership Academy (EALA) completed their classes with a final graduation ceremony held at Elgin Community College on Saturday, May 7, 2022. The graduation ceremony included a keynote address by Jennifer Rakow of IHC Construction Companies LLC in Elgin, who is an Elgin Community College District 509 Trustee and an EALA graduate alum, class of 2011. Graduates of this year’s, 2021-22, EALA program are: Sergio Anaya, Prairie Community Bank; Laura Bedolla, City of Elgin;
Tuesday, May 10, 2022Consumers See Price Hikes Easing and Credit Tightening, Homebuyer Sentiment Hits Two-Year Low, Job G
Consumers See Price Hikes Easing and Credit Tightening Consumers expect the rate of inflation to slow in the coming year, and they’re concerned tighter access to credit will make it harder to pay for big-ticket items later on. The Federal Reserve Bank of New York’s April consumer expectations survey shows respondents expect inflation to reach 6.3% within the next year, down three-tenths of a percent from the median response in March. Inflation hit a 40-year high of 8.5% in March, according to the Commerce
Tuesday, May 10, 2022Simon Property Downplays Interest in Acquisitions Following Reported Kohl’s Bid
Simon Property Group, the largest U.S. mall owner, says it isn’t shopping around. The company’s CEO denied the retail landlord is interested in making any acquisitions, despite reports that it's looking to bid on the embattled Kohl's chain and a huge mall portfolio up for sale. “I would suggest that please don’t believe any rumors or media reports concerning our [mergers and acquisition] activity. Don’t believe what you read or any rumors out there,” David Simon, who also serves as chairman of the
Tuesday, May 10, 2022Business Retention & Expansion
The Elgin Development Group (EDG), a division of the Elgin Chamber of Commerce, is celebrating Economic Development Week from May 9 through May 13 to raise awareness of the work being done between the City of Elgin and the Elgin Chamber of Commerce to raise awareness of the local economic development program. The partnership with the City of Elgin consists of core services and deliverables that include Business Retention and Expansion. This may be the single most important aspect of the economic
Tuesday, May 10, 2022ComEd/Exelon Racial Equity Capital Fund Update
Exelon-FUNDED $36 Million Racial equity Capital fund, administered by rockcreek, ACCEPTING applications from minority-Owned Businesses in SERVICE AREAS RockCreek-managed fund, in partnership with minority banks and community-based lending institutions, will provide needed capital to help minority-owned businesses grow, create jobs, and expand in underserved and under-resourced communities served by Exelon. Chicago, Ill. (May 4, 2022) – Exelon announced today that RockCreek, one of the world’s largest
Monday, May 09, 2022Returning Office Workers Anchor Sweetgreen Expansion, Boosting Retail Property Use
To get a sense of the importance of employees returning to the workplace on property types beyond office buildings, look at the effects on salad chain Sweetgreen. The pandemic left Sweetgreen's Outpost program to wilt, but the company is quickly reassembling the corporate delivery service as workers head back to their desks and return-to-office plans revive the company's urban markets. The fast-casual company based in Los Angeles is planning to leverage its rebounding Outpost business to support growth
Monday, May 09, 2022Tourism Taxes Jump in Disney World’s Home County, Remote Work Declines, Strong Industrial Returns Ex
Tourism Taxes Jump in Disney World’s Home County Returning theme park visitors are demonstrating their economic clout in Orange County, Florida, as Disney World, Universal Orlando and SeaWorld, among other attractions, posted record collections of a tourism development tax tied to hotel stays. The county collected more than $38.5 million in March, a 118.2% increase from the year earlier, County Comptroller Phil Diamond reported. A statement from Diamond’s office noted that collections reached a record,
Monday, May 09, 2022Economic Development Week: May 9 through May 13
The Elgin Development Group (EDG), a division of the Elgin Chamber of Commerce, is celebrating Economic Development Week from May 9 through May 13 to raise awareness of the work being done between the City of Elgin and the Elgin Chamber of Commerce to raise awareness of the local economic development program. Created in 2016 by International Economic Development Council, the largest international professional trade association for economic developers, Economic Development Week also aims to increase the
Monday, May 09, 2022Girl Scouts of Northern Illinois Announce Top 10 Girl Scout Cookie Entrepreneurs for 2022
Girl Scouts of Northern Illinois Announce Top 10 Girl Scout Cookie Entrepreneurs for 2022 Northern Illinois – From December 13, 2021–March 27, 2022, local Girl Scouts sold Girl Scout Cookies in innovative ways while dealing with unprecedented cookie inventory challenges. Girl Scouts sold cookies virtually on their cookie business websites, hosted pop-up cookie booths in their neighborhoods, worked with DoorDash through a new national partnership, and sold cookies safely in-person door-to-door or at
Monday, May 09, 2022Judson University Celebrates 188 Graduates During Spring Commencement 2022
Judson University Celebrates 188 Graduates During Spring Commencement 2022 (ELGIN, IL – May 7, 2022) Judson University celebrated188 graduates during the 87th commencement ceremonies on Saturday, May 7. Three-time Olympian Tracy Evans Land gave the keynote address to graduates in ceremonies at 10 a.m. and 2 p.m. in Herrick Chapel (1151 N. State St., Elgin). National Champion and Olympian Tracy Evans Land invited Judson’s graduates to create a masterpiece of their lives by focusing
Friday, May 06, 2022Commercial Real Estate Seen Withstanding Economic Headwinds, Job Cuts Rise, Unemployment Claims Incr
Commercial Real Estate Seen Holding Up The chief economist of a prominent real estate trade group predicts commercial property demand should hold up well, despite the onslaught of interest rate hikes, inflation and other challenges that threaten to slow the overall U.S. economy. “Outside of the office sector, which is lagging behind as employers allow increased remote work flexibility to keep and attract talent, commercial real estate continues to strengthen,” Lawrence Yun of the National Association of
Friday, May 06, 2022National Small Business Week
Gov. Pritzker Announces $250 Million in Back to Business Grant Awards for Small Businesses During National Small Business Week, DCEO announced the final awards for its Back to Business (B2B) grant program. Through the program, a total of $250 million was distributed to nearly 6,500 businesses in 475 cities and towns across Illinois. The B2B program focused on hard-hit industries and communities, and more than half of the awards went to businesses owned by people of color. A list of
Friday, May 06, 2022Illinois’ Earns Credit Upgrade from S&P: Illinois’ Sixth Credit Upgrade Under Gov. Pritzker
Illinois’ Earns Credit Upgrade from S&P: Illinois’ Sixth Credit Upgrade Under Gov. PritzkerTwo-Notch Upgrades from All Three Rating Agencies in Less than a Year SPRINGFIELD -- Governor JB Pritzker today applauded S&P Global Ratings’ upgrade of Illinois bonds. This latest action means that Illinois has now received two-notch bond rating upgrades from the three major credit rating agencies in the last year – a total of six upgrades in less than a year. This fiscal progress was attained due to strong fiscal
Thursday, May 05, 2022Fed Follows Through With Biggest Rate Increase Since May 2000
In a unanimous decision, the Federal Reserve’s policy-setting committee boosted interest rates by 50 basis points, or half a percentage point, for the largest increase since May 2000 as it seeks to tackle inflation. The decision sets the overnight lending target rate for banks to between 0.75% and 1% and follows the Fed’s initial hike of 25 basis points at its meeting in March. The central bank also said it will begin to trim its balance sheet of Treasurys and mortgage-backed securities on June 1. Taken
Thursday, May 05, 2022Restaurant Spending Tops Pre-Pandemic Level, Office Use Ticks Up After Spring Holiday, Trade Deficit
Restaurant Spending Tops Pre-Pandemic Level Hungry customers are heading back to restaurants after more than two years of avoiding indoor spaces, with customer spending nationally now surpassing February 2020 levels by nearly 10%, according to a new report from brokerage JLL. Researchers noted overall March spending on dining out, adjusted for inflation, was 9.7% ahead of the figure for March 2020 at the start of the pandemic in the United States. While the numbers may encourage more developers and
Thursday, May 05, 2022Gov. Pritzker Hails Two-Notch Bond Rating Upgrade From Fitch Ratings Illinois’ Fifth Ratings Upgrade in Less Than A Year
Fitch Cites “Fundamental Improvements in Illinois' Fiscal Resilience” in Upgrading State’s General Obligation Bonds and Build Illinois Bonds SPRINGFIELD -- Governor JB Pritzker hailed a two-notch bond rating upgrade from Fitch Ratings, Illinois’ fifth notch upwards in less than a year, saying it validated the strong and responsible fiscal management he’s implemented since taking office. The Fitch upgrade is the first for Illinois’ GO bonds since June 2000 and follows an upgrade by Moody’s Investor
Thursday, May 05, 2022U-46 to Recognize Top Two Percent of Graduating Seniors; ‘Accent on Achievement’ to be Awarded to St
U-46 to Recognize Top Two Percent of Graduating Seniors‘Accent on Achievement’ to be Awarded to Staff Nominated for Kane County Educator of the Year SOUTH ELGIN - The School District U-46 Board of Education Monday will host the Top Two Percent ceremony at South Elgin High School to honor the academic success and accomplishments of graduating seniors. The students are the top-achieving graduates from the District’s five comprehensive high schools and are featured on the U-46 website in the District’s
Wednesday, May 04, 2022Governor Pritzker Announces $250 Million in Grant Awards for Small Businesses
Back to Business program has awarded nearly 6,500 COVID-19 recovery grants to businesses in hard-hit sectors CHICAGO —During National Small Business Week, Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) announced that the full $250 million in relief funds have been granted through the Back to Business (B2B) program. This concludes the program, providing nearly 6,500 grants to small businesses in over 475 cities and more than 90 counties across the state, with
Wednesday, May 04, 2022Are a Promissory Note and a Loan Agreement a Security under the IL Securities Law?
Banking and Business Monthly – April 2022 Steven A. Migala • Apr 25, 2022 Are a Promissory Note and a Loan Agreement a Security under the IL Securities Law? On April 15, 2022, the Illinois Appellate Court’s First District decided Dvorkin v. Soderquist, 2022 Ill. App. 201368 (Ill. App. Ct. 2022). The plaintiff in Dvorkin made several claims, but this article will focus on the appellate court’s decision that the trial court was correct in ruling that the promissory note and loan agreement at issue were not
Tuesday, May 03, 2022Construction Spending Rises, Manufacturing Growth Slows
Construction Spending Rises U.S. construction spending topped $1.7 trillion in March on a trailing-year basis, up 0.1% from the February figure and 11.7% from March 2021, the Commerce Department reported Monday. Spending on private construction rose 0.2% from February to reach $1.4 trillion, led by a 1% rise in residential construction, which reached $882 billion. Nonresidential private construction totaled $497.6 billion as of March, down 1.2% from February. Public construction as of March was at $350.8
Tuesday, May 03, 2022Hoteliers Prioritize Cross-Training, Retention Efforts To Keep Service Levels High
As hotels have persisted through the pandemic and now a tight labor market, full-service properties, in particular, are trying to keep up consistent service levels, which can be very challenging. Operators are doing whatever they can to keep up their quality of full-service hotels, or hotels with full restaurants. That means having the right amount of staff and the best employees they can possibly hire and retain to maintain that level of service. These recruitment and retention efforts include better
Tuesday, May 03, 2022Registration is open for Elgin's Fourth of July Parade
Registration is open for Elgin's Fourth of July Parade Elgin, IL— The City of Elgin will host the 2022 Fourth of July Parade on Monday July 4. Parade registration is now open and will close on Friday, June 10 at 5:00 p.m. Groups interested in participating should register at cityofelgin.org/july4registration. Complimenting the Gail Borden Public Library's Wizard of Oz summer exhibit, this year's parade theme is “There’s no place like home." The parade will
Tuesday, May 03, 2022Alignment hosts Senior Job Fair for School District U-46 graduating students
Alignment hosts Senior Job Fair for School District U-46 graduating students As the school year comes to a close, students in the graduating classes have been working to solidify their post-secondary plans. Over 750 graduating students enrolled in career and technical education (CTE) courses from School District U-46 attended a job fair hosted by Alignment Collaborative for Education on April 27 at South Elgin High School and on April 28 at Elgin High School. Career clusters highlighted at the job fair
Tuesday, May 03, 2022Hotel Room Rates Show Sharper Increase Than Government Data Suggests
Hotel room rates are rising quickly, so quickly in fact that the increased pace is being understated in official government data, most notably in the monthly year-over-year price change series for “accommodations away from home” issued by the Bureau of Labor Statistics. In March, the average monthly increase according to the BLS data was 25%. But hotel average daily rates, or ADR, grew by 37% according to STR, CoStar’s hotel analytics firm. One reason for the difference is that the BLS sample of
Tuesday, May 03, 2022Despite Lower Preleasing, New Office Buildings Still Offer the Most Upside
Although the amount of office space underway nationally has moderated from a cyclical peak just before the pandemic, an increasing share of that new construction is being built on a speculative basis, with no preleasing, which may present increased risk given higher remote-working rates. However, despite some challenges in the near term for new unleased office supply, the larger secular shift of tenant demand toward modern, high-quality buildings and the dearth of availability of that type of space in
Monday, May 02, 2022Personal Spending Rises, Worker Pay Increases
Personal Spending Rises Consumer spending, a significant economic generator that takes on even more importance during volatile periods, rose 1.1% from the prior month in March, the Commerce Department reported Friday. The spending increase came as disposable income rose by $89.7 billion, or 0.5% more than February’s tally, the department said. The income measure includes wages and government assistance. Personal expenditures rose by $185 billion during March, as consumers spent more on dining and travel,
Monday, May 02, 2022Apartments Get Hit Hardest by Drop in Deal Volume in the First Quarter
After soaring prices and record-high transaction totals in the fourth quarter, real estate investors cut back on spending in the first few months of this year. The shift hit apartments hardest, the only sector in which property values slipped, new CoStar data shows. The CoStar Commercial Repeat Sale Indices, which monitor price differences in sales of the same property to spot trends, show that the volume of those transactions tumbled 44.8% in the first quarter to $43.8 billion after an extraordinary
Monday, May 02, 2022Hiring Your Minor Children For Summer Jobs
Hopp Accounting & Tax May 2022 News Update from www.hoppcpa.comMay 2022 Update - Hiring Your Minor Children For Summer Jobs & After Filing Your Taxes, What Records Can You Toss?Hiring Your Minor Children For Summer JobsIf you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to:Shift some of your high-taxed income into tax-free or
Friday, April 29, 2022Exporting
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. U.S. Commercial Service Export Week 2022 Meet with International Leaders to Discover Opportunities in Emerging Blue Tech IndustriesMeet Virtually with Major Mexican LGBTQ Travel & Tourism Organizations – June 22-23, 2022Events & ResourcesConfused by foreign import regulations?Contact Us U.S.
Friday, April 29, 2022National GDP Declines, Jobless Claims Drop, Manufacturing Growth Slows
National GDP Declines National gross domestic product, a key measure of the U.S. economy’s overall health, declined 0.4% in the first quarter and was down 1.4% from a year earlier, the Commerce Department reported. Though GDP posted its first quarterly decline on an annualized basis since the early days of the pandemic two years ago, personal spending remains a saving grace. Consumer spending for the first quarter was up 1.8% from a year earlier, despite signs that lingering supply chain disruptions are
Thursday, April 28, 2022ECKER CENTER SPRING FUNDRAISER “SELF CARE FOR MENTAL HEALTH”
ECKER CENTER SPRING FUNDRAISER “SELF CARE FOR MENTAL HEALTH” ELGIN, IL, April 2022 – Ecker Center for Behavioral Health will be offering the community a new means of supporting their cause this spring by kicking off Mental Health Awareness Month with a virtual event themed “Self-Care for Mental Health.” There are a variety of ways in which supporters may participate in this event, as follows: Order a May Day Basket filled with fresh flowers and other goodies just in time for May Day.Join a Self-Care
Thursday, April 21, 2022The Wizard of Oz Educational Exhibit Opens April 29 at Gail Borden Public Library, 270 N Grove,
FOLLOW THE YELLOW BRICK ROAD TO GAIL BORDEN LIBRARY THE WIZARD OF OZ CHILDREN’S EDUCATIONAL EXHIBITION IS Open April 29 – August 29! We’re off to see The Wizard of Oz, as Miami Children’s Museum and Warner Bros. Themed Entertainment launches a fun-filled educational exhibit based on the beloved movie classic at Gail Borden Library. Featuring an interactive fantasy-adventure that takes families and children somewhere over the rainbow, the Wizard of Oz Children’s Educational Exhibit will open April 29
Thursday, April 21, 2022Elgin Community College launching grant-funded recovery support specialist programs this fall
Elgin Community College launching grant-funded recovery support specialist programs this fall Elgin Community College is among a select few Illinois colleges to be awarded a state grant by the Illinois Department of Human Services to support a new program for Certified Recovery Support Specialists and Certified Peer Recovery Specialists, according to a news release from the college. The program will begin accepting applications this spring, with classes launching in the fall. ECC is one of only
Monday, April 18, 2022TraducciónNow Language Service Provider EARNS BETTER BUSINESS BUREAU ACCREDITATION
TraducciónNow Language Service Provider EARNS BETTER BUSINESS BUREAU ACCREDITATION Elgin, IL – April 9, 2022 - Becoming an Accredited Business with the Better Business Bureau is an honor not accorded to all businesses; because not all businesses meet eligibility standards. TraducciónNow Language Service Provider is pleased to announce today that it has met all BBB standards and is now an Accredited Business. “Accreditation in the BBB is by invitation only” says Steve J. Bernas, president & CEO of the
Monday, April 18, 2022Elissa Kojzarek named national council’s Rising Star
Elissa Kojzarek named national council’s Rising Star ALBUQUERQUE, N.M.—Elissa Kojzarek, the communications and social media manager at Elgin Community College in Illinois, has been named the 2022 Rising Star by the National Council for Marketing & Public Relations (NCMPR). The award recognizes an up-and-coming communication professional at a two-year college who has demonstrated creativity and ability in college marketing and public relations and shown evidence of a promising future in the
Monday, April 18, 2022Congress Eyes Further Retirement Savings Enhancements
Congress Eyes Further Retirement Savings Enhancements In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation related to retirement savings since 2006 — became law. Now Congress appears ready to build on that law to further increase Americans’ retirement security. The U.S. House of Representatives passed the Securing a Strong Retirement Act by a 414-5 vote. Also known as SECURE 2.0, the bill contains numerous provisions that —
Thursday, April 07, 2022School District U-46 Honors Five Healthcare Organizations for Work During Pandemic
School District U-46 Honors Five Healthcare Organizations for Work During Pandemic U-46 recognizes organizations as ‘Partners of the Year’ at Elgin Area Chamber of Commerce Event ELGIN - School District U-46 celebrated its valued relationships with five healthcare organizations — Greater Family Health, VNA Health Care, Advocate Health Care, Jewel-Osco, and Med-Call Healthcare — by recognizing them as U-46’s Business Partners of the Year at the Elgin Area Chamber of Commerce’s annual meeting. “These
Thursday, April 07, 2022Kane County Health Department Celebrates One Year Anniversary of IRIS
Kane County Health Department Celebrates One Year Anniversary of IRISApril 7, 2022- The Kane County Health Department’s (KCHD) Integrated Referral & Intake System (IRIS) celebrated its first year of providing Kane County individuals and families access to services they need. This free, web-based communication tool created by the University of Kansas helps organizations connect the families they serve to the right resources in the community, providing transparency to the organizations and a closed loop for
Wednesday, April 06, 2022Ukraine Relief Fund
Join KCT Credit Union, Selfreliance Foundation and Illinois Credit Union Foundation in support of the people of Ukraine. Donations will be collected in support of Selfreliance Foundation’s Ukraine Relief Fund. Donations can be made via PayPal, by mail or at any KCT branch location. KCT will also match total donations up to $10,000! Visit ukraine.kctcu.org to learn more and donate. Thank you for your support!
Wednesday, April 06, 2022Marklund looks to Expand in Elgin
The plan would involve demolishing the existing building and constructing a 15,800-square-foot facility. That would be about three times larger than the building already on the property. The new building would host a community day services program to provide vocational, daily living, social and technology skills training for up to 36 adults. It would also house a day school for up to 30 children with disabilities. The school would focus on helping the children gain independence and improve
Friday, April 01, 2022HIGHWAY 20 DESIGNATED AS MEDAL OF HONOR HIGHWAY
HIGHWAY 20 DESIGNATED AS MEDAL OF HONOR HIGHWAYIllinois passes SJR 28 to honor Illinois’ Medal of Honor recipients Senate Joint Resolution 28 designating U.S. Highway 20 as Medal of Honor Highway unanimously passed today as Illinois joins the effort to rename the 3,365 miles of Highway 20 spanning the nation from the Pacific to Atlantic Oceans. “This partnership of states honoring their Medal of Honor recipients amplifies our deep appreciation and recognition of their heroism,” said IDVA Director Terry
Friday, April 01, 2022Following ICC Request, Largest Regulated Electric and Gas Utilities Offer Consumer Protections to Pr
Following ICC Request, Largest Regulated Electric and Gas Utilities Offer Consumer Protections to Prevent DisconnectionsChicago, IL - At the request of the ICC and consumer advocate groups, Illinois’ largest investor-owned electric and gas companies have agreed to make available more flexible, and generous deferred payment arrangements for low-income customers unable to pay utility bills fully or on time due to COVID 19 and inflation. Partners in this effort include the Office of the Illinois Attorney
Friday, March 25, 2022Elgin Symphony Orchestra announces 2022-23 season schedule
Elgin Symphony Orchestra announces 2022-23 season schedule New family-friendly pricing allows a family of 4 to attend for $40 (March 25, 2022 -- Elgin, Ill.) The award-winning Elgin Symphony Orchestra (ESO) announced its 2022-23 season schedule at its Prelude Reception Thursday, March 24, at Highland Lofts in Elgin, Illinois. The ESO’s 73rd season is filled with masterpieces by both contemporary and historic composers, as well as holiday concerts. Tickets are now on sale at www.ElginSymphony.org, or
Friday, March 25, 2022Elgin 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.
Tuesday, March 22, 2022Illinois Department of Human Services Awards $4 Million in Grants to Support Students Preparing to B
Illinois Department of Human Services Awards $4 Million in Grants to Support Students Preparing to Become Behavioral Health WorkersCHICAGO - The Illinois Department of Human Services (IDHS) announced today that it has awarded $4 million in grant funding to support the Certified Recovery Support Specialist (CRSS) Success program. The CRSS Success program prepares students for entry-level positions as behavioral health workers, specifically in the areas of mental health and substance use recovery. The program
Wednesday, March 02, 2022Judson Seeks Nominations for the 2022 Volunteer Service Award and Youth Award at Annual Community Pr
Judson Seeks Nominations for the 2022 Volunteer Service Award and Youth Award at Annual Community Prayer Breakfast (ELGIN, IL – March 2, 2022) Judson University is seeking nominations for the D. Ray Wilson Volunteer Service Award and the Bea Wilson Youth Service Award, which are presented each year at Judson University’s Community Prayer Breakfast. Both awards recognize candidates who have contributed to the greater good in the Fox Valley community by voluntarily serving others' physical,
Tuesday, March 01, 2022Governor Pritzker Issues Updated Executive Order with New Mask Guidelines
CHICAGO – With COVID-19 positivity rates continuing to decline and the majority of eligible Illinoisans vaccinated, today Governor Pritzker released an updated executive order lifting the mask requirement in most indoor settings. In accordance with CDC guidance, the executive order also lifts the mask requirement in K-12 schools and daycares. School districts and private businesses can continue to require masks at their discretion. “Across the state, Illinoisans are taking their masks off today knowing
Tuesday, March 01, 2022Coalition to Stop CPKC submits filing to block $31B rail merger as proposed
ITASCA, IL—A coalition of eight communities filed its Opening Comments and Request for Conditions to the Federal Surface Transportation Board (STB) in a continued quest to block, as proposed, a merger between the Canadian Pacific and Kansas City Southern, (CPKC) freight railroads today. Back in October of 2021, CPKC filed a merger application with the STB to create the only single-line rail network linking the U.S.—from Canada to Mexico. The $31B merger would go through the heart of the eight
Thursday, February 24, 2022City of Elgin launches community solar program
Community solar subscriptions now available to Elgin residents and small businessesElgin, IL - Elgin residents and small businesses can save money on electric bills and help develop the solar industry in Illinois thanks to a new City-sponsored community solar program. Community solar program subscribers receive credits on their ComEd accounts, reducing the energy supply charges on their monthly bills by $100 per year on average. There are no credit checks, enrollment fees or termination
Wednesday, January 26, 2022COMCAST RISE APPLICATIONS NOW OPEN TO ALL WOMEN-OWNED SMALL BUSINESSES
In its first year alone, Comcast RISE has provided over $60 million in grants, marketing and technology services to support more than 6,700 small businesses owned by people of color in Comcast’s national footprint – including nearly 550 in the company’s Greater Chicago Region With the expansion to all women-owned small businesses, the program is on track to support 13,000 businesses by the end of 2022. CHICAGO (January 19, 2022) – Comcast announced today that its Comcast RISE program is open to all
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
