Lake County’s unemployment rate continued to fall in 2014, dropping more than 2 percent from what was reported in 2013 and coming in 4.4 percent below what was seen at the height of the recession, according to figures released by the Illinois Department of Employment Security.
The state department reported the county’s jobless rate was 6.0 percent in November, down from 6.1 percent in October and 8.3 percent in November 2013. The statewide jobless rate for November was 6.4 percent, above the U.S. average of 5.8 percent.
The economic-development group Lake County Partners reported that the local rate stood at 6.7 percent in June 2014, and Lake County Board Member Charles Bartels said this week that the figure came in just under 6 percent by the end of summer.
“Between August 2013 and August 2014, we grew by 9,640 jobs, reducing our unemployment rate to 5.9 percent, which is 2 percent lower than it was the year prior,” Bartels reported to the County Board on Tuesday, Jan. 13.
According to IDES statistics, a 2 percent job gain in the Lake-Kenosha metro area marked the largest hike measured by the agency, ahead of a .9 percent improvement in Champaign-Urbana.
The November 2014 unemployment rate in Waukegan was reported at 8 percent, down from 11.4 percent in November 2013, while Round Lake Beach was down to 8.2 percent from 10.7 percent. The highest November 2014 unemployment rate in Lake County was reported in North Chicago at 9 percent, down from 12.3 in November 2013.
Bartels told the board that Lake County Partners is optimistic about job-growth prospects for 2015.
“There were significant projects reported in the county in recent months, including Bridge Point in Libertyville [and] McGaw Park in Waukegan,” Bartels said. “In addition, several existing businesses are talking about expansions within the county.
“In 2015, Partners will continue to build on momentum to improve existing services to business retention and growth. Major projects will include enhanced business outreach, workforce development services, [and] expanded marketing efforts under the Lake County Promise umbrella.”
The positive economic forecast stands in contrast to what was seen between May 2008 and May 2009, when Lake County unemployment rose 2.6 percent. By July 2009, the local unemployment rate reached 9.5 percent, and it topped out at 10.4 percent in November 2009.