Lake County economy slowly improving local leaders say
Some signs are encouraging but the economic thaw experienced in Lake County and various communities hasn't translated into a flood of new investment and jobs.
Still, sales tax revenue is up and some communities reported progress on several ongoing and proposed projects that would represent substantial investments, local leaders said Tuesday.
The observations from officials in Green Oaks, Libertyville, Mundelein, Vernon Hills and Lake County were more optimistic compared with past years of white knuckle belt tightening and general economic malaise. However, there was concern among some panelists that potential state action regarding income tax and other matters could pose setbacks.
The overviews were offered during the annual economic update luncheon hosted by the GLMV Chamber of Commerce, held this year at White Deer Run in Vernon Hills.
Unemployment has eased but positive signs also have been fragile, according to Michael Stevens, president and CEO of Lake County Partners, the county's economic development agency.
“There's still some frustration in that,” said Stevens, who left a similar position in Columbus, Ohio, less than two months ago for the Lake County post.
“As companies experience success, they've been somewhat reluctant to add staff,” he added.
Retail sales were up 5 percent last year compared to 2008, showing people are spending again and demand for hotel rooms so far this year is up nearly 7 percent.
But the office vacancy rate, sustained high gas prices and the struggles of the economies in Europe, are still of concern, he said. Overall, he expected Lake County to benefit from a continued recovery.
Libertyville Mayor Terry Weppler said three new restaurants have opened and the downtown commercial area is flourishing.
“Real estate is rebounding, our car sales are up, things are looking great in Libertyville,” he said.
The downside, he said, is while Libertyville and other communities have struggled to balance their budgets, the state is considering measures, such as freezing the local share of income taxes, that would hurt communities.
“Everyone has to stay on top of what's happening in Springfield,” he said.
In Mundelein, Mayor Ken Kessler said the village finally is proceeding with a “very unique” public/private partnership that will lay the foundation for downtown redevelopment.
The focus is a more than 10-acre parcel on the south side of Hawley Street near the Metra commuter station, which initially will include a $10 million village hall and a large public plaza.
In Vernon Hills, Village Manager Mike Allison said sales tax receipts in the commercial-rich village are up but still trail the heyday of five years ago.
Village officials are pushing for a proposed major improvement at the Westfield Hawthorn mall.
He added that three potential projects under discussion could add 1,000 rental units to the village's housing mix.
Green Oaks Mayor Bernard Wysocki said the village is finishing the last phase of Atkinson Road improvements and an experimental project to deaden sound on a stretch of the I-94 in the village is nearing completion.