DeKalb County economy remains table, despite market uncertainty
October 28, 2008
Despite economic difficulties nationwide and statewide, the economy in DeKalb County has remained stable.
All metropolitan areas in Illinois have seen an increase in unemployment according to an Oct. 23 press release from the Illinois Department of Employment Security (IDES).
Despite a 1.5 percent increase in DeKalb County’s unemployment, DeKalb County, when compared to other Illinois counties, is actually seeing a little bit of an improvement, said IDES spokesman Greg Rivara.
In September 2008, DeKalb County had an unemployment rate of 5.8 percent, Rivara said. Eight other metropolitan areas included in the press release had unemployment rates higher than 6 percent in September 2008.
Paul Borek, executive director of DeKalb County Economic Development Corporation, said DeKalb County’s economy is different because it’s diversified among a mix of business sectors and education.
“This diversification helps insulate DeKalb County from the most severe impacts of economic downturns,” he said.
Since 2002, KishHealth System has added 234 jobs, bringing total employment at all facilities to 1,295, Borek said.
Despite an increase in job losses for manufacturing companies, DeKalb County manufacturers in several industry sectors are benefiting from growth in exports, Borek said.
NIU’s stable, university-based economy is another factor Borek attributed to DeKalb County’s overall economic stability. The DeKalb Commons Project by Sho-Deen Development and the NB&T Square Project are factors Borek said will improve DeKalb County’s future economy.
The prosperous agriculture industry is another significant component to the DeKalb County economy.
The DeKalb County Farm Bureau estimated the total value of the county’s agricultural products to be $319 million, Borek said. By applying a multiplier of three, the total impact on the county would be $957 million, the bureau found.
The new instrument landing system and other improvements at the DeKalb Taylor Municipal Airport, 3232 Pleasant St., will attract corporate air fleets to DeKalb.
“These improvements will also contribute to corporate business recruiting,” he said. “Target and 3M are regular users of the airport.”
One problem DeKalb County faces, similar to the rest of the country, is credit availability tightening. To help, the DeKalb County Economic Development Corporation has linked firms to small business administration (SBA) counselors to compliment private financing with available SBA loan programs.
SCORE, which is made up of former company executives who counsel small businesses nationwide, is bringing a new chapter to DeKalb County soon. Many SCORE offices are offering specific workshops to help businesses handle an economic downturn or recession and are adding new content to their Web sites about the downturn as well, said SCORE communications director Michael Keaton. But SCORE is not adding any new offices specifically due to the economic downturn, he said.