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Joliet economic development staff report rising construction valuation, industrial pipeline
Summary
City economic development staff told the council the city has 30 active internal projects, lowered unemployment, and a spike in construction valuation driven by industrial development; the River's Edge redevelopment application is expected to be brought to council within a month.
Paulina Martinez, economic development director, told the City of Joliet council that the city currently has "30 active internal projects in our pipeline," including downtown property redevelopments and work to lease space at Union Station.
The presentation on Oct. 6 summarized internal and external indicators the department uses to track local economic activity. Martinez said the department has conducted 129 business visits so far this year to assess needs and to build relationships with local businesses. She said the city is working with the Will County Center for Economic Development on 20 additional projects.
Martinez highlighted sector concentration and vacancy trends. "Of those, 15 are focused on ag tech or trucking distribution and logistics," she said. She told the council the city's overall vacancy rate is about 12 percent,…
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