City Issues 2018 Economic Development Report
The City of Evanston’s Economic Development Division has released its 2018 Annual Report, which details new business openings, sales tax revenues, commercial and retail vacancy rates, and more.
Highlights of the 2018 report include:
- More than 40 new businesses opened in Evanston in 2018, including 14 new food establishments.
- The City received $23 million in revenues from sales, hotel, liquor, and amusement taxes, an 8 percent increase from 2017.
- Evanston’s unemployment rate averaged 3.3 percent in 2018, the lowest in a decade and lower than the U.S., the state of Illinois, and the Chicago region.
- According to CoStar, Evanston’s office vacancy rate ended the year at less than 5 percent, the lowest of suburban communities and competitive with Chicago’s most in-demand neighborhoods. At approximately 4 percent, Evanston’s retail vacancy rate is at a 10-year low.
The complete report can be viewed at cityofevanston.org/annualreports.
The mission of the Economic Development Division is to redevelop distressed property, revitalize neighborhoods, provide job opportunities, generate sustainable tax revenue, and bring amenities to neighborhoods in the city through local investment. As part of these goals, the division compiles and releases an economic report on a quarterly and annual basis.
For more information, please call/text 847-448-4311. For convenience, residents in Evanston may simply dial 3-1-1.