2016 Major Projects Yield More Than $120M in Capital Investment
KANKAKEE, IL – January 10, 2017 – In a State of the Economy presentation to the Kankakee County Board today, the Economic Alliance of Kankakee County released figures for 2016 capital investment and new jobs. This data is based on 31 announced expansion and new development projects throughout the county.
· In terms of growth in the local industrial, institutional, military, utility, multifamily residential, infrastructure and commercial markets, 2016 projects announcements were more modest than 2014 and 2015. According to data collected from Kankakee County Enterprise Zone applications, local news reports and primary research conducted by the Economic Alliance office, major announcements* in Kankakee County in 2016 are projected to yield $120,700,000 in capital investment.
· These 31 major projects are expected to yield 699,290 square feet of new space and 904 new jobs.
· These growth figures are balanced against mass layoffs** totaling 349 employees for 2016.
· The eight largest projects announced in 2016 include: Riverside Medical Center’s 42-room, East Tower buildout; Aqua Illinois’ $15 million infrastructure investment, including upgrades to Joseph Donovan Regional Water Treatment Plant; the addition of a Hampton Inn at Exit 315; Village of Bourbonnais’ sewer line extension to serve the new Bourbonnais Parkway Development Area; Namdar’s purchase of Northfield Square Mall; expansion of Edmund Allen Lumber in Momence; Fountain Square Apartments Downtown Kankakee; and ABC Coating’s relocation and new facility construction at Diversatech Business Park outside of Manteno.
· Total capital investment for the years 2014 to 2016 exceeded $1.2 billion.
“All economic indicators, including local capital investment, continue to point to Kankakee County’s upward momentum,” remarked Alliance President/CEO Tim Nugent. “That being said, the increasing influence of technology in all sectors is dramatically changing the makeup, types and number of manufacturing, logistics and other jobs available.
“We continue to see the connection of our regional population with the wealth of training and employment options in Kankakee County as the great challenge and opportunity of our organization in this dynamic digital economy.”
The Economic Alliance of Kankakee County is a public-private partnership that works to create jobs and expand the economic base by improving the local business climate. Working under Kankakee County’s 2014-19 Comprehensive Economic Development Strategy (CEDS), the Alliance is challenged to help spur $500 million in new business investment and 500 new jobs, along with assisting 150 prospective new businesses. For more information, visit kankakeecountyed.org or phone 815.935.1177.
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*For purposes of this report, major project announcements are those with capital investment greater than $250,000.
**Mass layoffs are those reported through the Illinois Department of Commerce & Economic Opportunity under the Worker Adjustment and Retraining Notification (WARN) Act.