State rank jumps 19 places, according to U.S. Department of Commerce Bureau of Economic Analysis
KANKAKEE, IL – November 21, 2014 – Figures released November 20 by the U.S. Department of Commerce Bureau of Economic Analysis (BEA) show Kankakee County leading most metropolitan statistical areas nationwide in personal income growth. According to the report, per capita personal income grew 4.7% here from 2012 to 2013, exceeding the U.S. growth rate of 2% and positioning Kankakee County sixth nationally for this indicator.
Per capita income rose here from $35,243 to $36,892 from 2012 to 2013, a factor causing a jump from #82 to #63 in Illinois county ranking. Per capita personal income was $33,945 in 2011.
“This personal income indicator is particularly meaningful to us,” remarks Alliance President/CEO Mike Van Mill. “While our industries are thriving across the board, a central goal of the Alliance is increasing the number of middle wage jobs.”
“These wage figures, along with recent unemployment and jobs reports,” adds Alliance Board Chair Pat Martin, “tell us that, while we still have work to do, we’re on the right track in terms of providing satisfactory – often excellent – work opportunities to our residents.”
The wage news caps a year of steady growth for Kankakee County. The Kankakee-Bradley MSA experienced a 3% drop in unemployment – 10.7% to 7.7% – from September 2013 to September 2014. Over that same time period, the Kankakee-Bradley MSA added 600 jobs, which represents the third greatest increase in the state of Illinois.
In the last 24 months, the Economic Alliance has tracked and facilitated $690 million in announced and completed capital investment in Kankakee County. The county is currently ranked ninth nationally for cost of doing business by Forbes, second in the state of Illinois for real gross domestic product (GDP) growth, and first among Illinois “small cities” for job growth, economic vitality and technology growth by Milken Institute’s Best-Performing Cities Index.
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. For more information, visit kankakeecountyed.org or phone 815.935.1177.