Officials: Schaumburg economy on the rebound

Partnering with business leaders, higher education institutions, and job placement groups to fight record unemployment levels, the village of Schaumburg hopes to serve as a barometer for other local communities that the height of the recession has passed.

Though Schaumburg maintains an 8 percent unemployment rate higher than neighboring towns such as Arlington Heights and Palatine, according to state records officials say the village has seen the figure drop over the first eight months of 2010.

Unemployment reached its highest levels in the town's history in June 2009 as businesses either left the village or laid off workers.

“We are so dependent on retail sales that (the unemployment rate) had a tremendous impact on the village of Schaumburg, said village Mayor Al Larson. “People slowed down on their spending habits.

Hoping to revitalize business development, the Schaumburg Business Development Commission – a group of 25 local business leaders appointed by Larson – has become more focused over the last year on offering benefits to businesses interested in coming to the village.

Among the benefits the village has actively promoted is a tax exemption to businesses that move into property that had been vacant for more than six months.

This year, the village has seen a decline in the vacancy rates of industrial, office and retail spaces, according to Matt Frank, the Economic Development Coordinator.

“We serve as an indicator that things are looking up, he said.

The village hopes its economy gets another boost from the Career Education Corporation, which earlier this year announced plans to relocate its headquarters to Woodfield Pointe Office Center. The move will bring 1,100 employees to Schaumburg.

“I'm hopeful a number of them will be from Schaumburg, Larson said. “But if they aren't from Schaumburg, they will still shop in our shops and eat in our restaurants and stay in our hotels, which will benefit Schaumburg. The Businesses Development Commission is scheduled Monday to discuss job placement opportunities for village residents and businesses interesting in hiring local residents. The group will meet with Illinois WorkNet, an organization that focuses on job placement and training.

Frank said the village also is working closely with local businesses to offer scholarships allowing Schaumburg residents to attend one of its eight higher education institutions.