Doug Pryor Delivers Economic Report to Joliet Region Chamber of Commerce

Doug Pryor shared some of the highlights and successes of Will County over the past year.

Additional highlights of the presentation:

• Illinois gets beaten up, but we are a HUGE economic engine for the Midwest. The state of Illinois remains a powerhouse in the areas of expanding companies, business creation, sustainable development and ranks as the 18th largest economy in the world! We have the opportunity to build an EV and new energy ecosystem here where we will be competitive for years to come.
• Will County remains the top job creating County in the state.
• Will County Job Recovery – In April of 2020 we lost 30,000 jobs or 12%; since then we have fully recovered to 2019 jobs at 273,000
• 2021 was an all-time record for industrial leasing at 28 million sf. Why? E-commerce and supply chain bolstering.
• Will County continues to be #1 in the state building the most single-family homes in each of the last three years!
• Transportation News: $2.032 billion in total Will County investment in the Illinois Department of Transportation’s 2022-2027 Plan includes:
  • 119 Will County projects over the next six years
  • 41 Will County projects slated for Fiscal Year 2022
• The Lion Electric project is underway and currently hiring for a startup later this year. This $130 million investment is just the beginning.
  • The financial opportunities for Lion and other EV makers are strong and will continue to grow. Lion should have full order books and be able to grow in Joliet as more funding continues to be made available at state and federal levels. This will help Lion, Rivian, and the Governor’s Office attract other EV supply chain partners to the area and bring more good-paying jobs to Joliet and Will County.

Doug wrapped up with his Outlook for 2022

• Omicron, inflation, rate increases, and reduction of fiscal support stall growth
  • Q1 GDP estimates are falling, consensus now well below 2%
• Industrial stays strong, and starts to explore new areas as the familiar communities get closer to being built-out; rents rise
• Retail stays steady, sales growth moderates, new projects may wait for certainty
• Office space in downtowns continue to be under pressure
• Housing continues to grow; multifamily will be a significant growth sector
• New energy drives development projects – EV, solar, hydrogen, batteries
• Labor force continues to grow slowly, higher wages persist
• Will County continues to lead in residential and job growth!