When economy rebounds, Elgin will be ready

The economy and housing market are faltering, but when they rebound, Elgin officials believe, the city will be in position to really take off.

In the past four years, the city has seen a net increase of 4,200 new jobs and topped all suburbs and even Chicago for the past 12 months in new housing starts, according to Mayor Ed Schock and a researcher, both of whom addressed the Elgin Area Chamber of Commerce Friday at Elgin Community College.

"If you're losing jobs, you're not going to have new homebuyers," Schock said. "It begins and ends with jobs."

Chris Huecksteadt, director of Metrostudy's Chicago region, noted the soured housing market has resulted in a huge amount of homes on the market and improved - but vacant - lots ready to be built upon.

"If you're trying to sell a home, there's a lot of competition out there," he said.

However, Huecksteadt said, the loss of jobs and economic uncertainty is keeping some potential buyers on the sidelines.

Still, Huecksteadt said, Elgin was ahead of all the suburbs and even Chicago with 569 new home construction starts in the last 12 months.

Chicago, not including condominiums buildings, had 592 home starts; Joliet had 444.

Closer to home, Aurora had 195 new home starts.

For Schock, job opportunities and new homes go hand in hand.

Schock also noted the city's solid infrastructure, Fox River water supply, transportation network and revamped development review process as keys to help Elgin move forward when the economy rebounds.

"Now is the time to continue preparations. (The economy) is going to come back. I'm not a gloom-and-doom (person). I'm always an optimist," he said. "The economy is going to take off.

" It's going to correct, and the key is to be one of those communities that's ready so you can take advantage of it."