Lake County

Q. What signs of economic turnaround do you see in the communities your chamber serves?A. We are monitoring the unemployment rate very closely as the economic indicator for Lake County. The unemployment rate for Lake County has never been higher than it has been for the last 21/2 years. We were briefed recently by the chief economist of the Federal Reserve Bank -Chicago, and in his estimate, the economy has started an upward trend that will continue through Fall 2010.Q. Please identify one project that is an example of that turnaround.A. Companies have started hiring part-time and contract workers in preparation for the economy's recovery. New construction is starting to show some signs of recovery as well.Q. What type of new development will be most prevalent? Retail, residential, industrial, office or something else?A. There is a glut of commercial real estate, especially in office, warehouse and retail, followed closely by existing homes.Q. How optimistic are you that vacant storefronts and office buildings will be filled during this turnaround? Why or why not?A. This recession has been so deep for so long that it will take a much longer period of time to recover. Keep in mind that this recession was longer and deeper than the Great Depression.Q. What do you think local, state and/or national government leaders could do to enhance the recovery?A. What they shouldn't do is to increase taxes on businesses as this only serves to drive businesses out of Illinois to nearby states that are more business friendly. This erodes our tax base and places more hardships on taxpayers. Illinois must get its act together and formulate ways to reduce the deficit without the inevitable tax increase on everything, thereby creating an inflationary situation for the end user - you, the taxpayer.Q. Is there any pending legislation at those levels you particularly support? Any you oppose?A. As I said before, anything to do with increasing taxes to businesses or private individuals is high on my list of things I don't want to see happen.Q. Do you agree that this will be a jobless recovery or are the suburbs more or less immune to that?A. Lake County has traditionally been immune to high unemployment rates because of the kinds of business to be found here, i.e. pharmaceuticals, service industries and federal government. But in this recession the job recovery is going to take longer because business has learned how to become more productive with fewer employees.Q. What is your chamber doing to best position its membership for the economic rebound? A. Using several information sources we have been keeping our members informed as to what is happening with the economy on a regular basis. Also, we have been providing programs that educate businesses on how to get the most from their existing resources, human and otherwise.Q. What is your town's biggest economic development wish? (i.e.: to fill a certain empty big box; to find a developer for a large vacant parcel; to create a town center, etc.)A. In looking at the bigger picture - all of Lake County - I would like to see the state become more business friendly by keeping taxes low and freeing up some of the restrictions placed on them that hampers business growth.Q. What is your community's single greatest asset or selling point to potential developers?A. Lake County, Illinois, has the best of everything - great companies to work for, excellent education systems, open spaces, shopping, doing and dining. It is a great American county!Q. Have the challenges presented by the current downturn forced you and your community to approach economic development differently? What are the changes and how well are they working?A. A little different take of your question: I think everyone is making do with less, no matter if it is at home or the workplace. Discount coupons are being redeemed like never before and people spend a lot of time networking both socially and for business. This recession may have brought the family unit back to the dinner table and that is a great thing - restoring the family unit.