Schaumburg's Economic Snapshot
Business Retention and Expansion Update - December 20th, 2017
One of the Schaumburg Business Association’s five (5) pillars guiding the organizations efforts to expand economic vitality is economic development. At the center of the SBA’s economic development efforts is a proactive Business Retention & Expansion (BRE) effort aimed at tracking the changes in the Schaumburg economy.
In 2017 the SBA had one of its most successful years engaging in a BRE effort because of the quantity and diversity of surveys collected from Schaumburg’s many industries.
With over 60 surveys completed the SBA collected the most data from there BRE effort then in any other proceeding year. The diversity of the data collected came from a variety of industries based in Schaumburg.
36% of the collected feedback coming from the “advanced manufacturing” sector with the other prominent sectors represented were “information technology” and “corporate headquarters”. By engaging in numerous surveys with a diverse collection of industries the SBA is able to track changes in the economy based on industry and periods of time.
One of the key takeaways cited by Schaumburg businesses was 2017 was a strong year for business growth with 71% of all businesses experiencing increasing company sales. This data corresponds with many of the anecdotal comments that referenced record-sales during the first half of 2017 and a steady stream of business during the second half of this year.
With a strong year of business growth and the anticipation of more growth in 2018 the primary concern is the identifying of workforce and supply chain partners to handle the expected growth. The SBA works collaboratively with numerous partners and businesses across the Chicagoland area to be a resource for relationship building for your businesses needs. If your business is in need of a supply chain or workforce assistance please contact the Schaumburg Business Association.
For a more detailed insight into Schaumburg’s economy in 2017 and a projection of the changes in 2018 please keep a look-out for the Schaumburg Business Association’s Business Activity Report scheduled to be released in early 2018.
Posted on Dec, 20
by Kyle Schulz filed under