White House Council of Economic Advisers
On October 29th the Schaumburg Business Association participated in a conference call with the White House Council of Economic Advisers to discuss the Illinois economy. The call was led by Council of Economic Advisers Chairman Kevin Hassett to highlight the economic growth that Illinois has experienced in the past year including Illinois unemployment rate to 4.1% - its lowest rate on record.
Touting Illinois’ growth as part of President Trump’s economic policies, Chairman Hassett noted many indicators including manufacturing employment increasing 3.7% since November of 2016 resulting in a total of 592,000 Illinoisan being employed by manufacturing. This growth is consistent with the trends occurring in Schaumburg with 15% of local manufacturers reporting challenges in hiring to fill positions.
While manufacturing has reached its fastest year-over-year job growth and unemployment rate has fallen to its lowest rate on record factor contributing to these economic factors is the significant increase in the total loans and leases issued by community banks in Illinois. The Council of Economic Advisers view the activity of the community banking sector as positive indicator for the noticeable economic growth occurring in Illinois. The current rate of loans issued by community banks is at fastest rate of growth since 2006.
The primary takeaway from the White House conference call on the Economic Accomplishments of the Trump Administration in Illinois is that Illinois is demonstrating strong economic growth supported by positive indicators including income growth which is decreasing the population living below the poverty line, overall manufacturing employment continuing to rise, and the community banking sector continuing to support economic growth through lending programs. The Schaumburg Business Association continues to track the trends impacting Schaumburg businesses and share the perspective of leaders at a local, state, and national level and how their policy pursuits are affecting the overall business climate of our region.
Posted on Oct, 30
by Kyle Schulz filed under