A great location is a key indicator of potential success for any development project. Therefore, it is important to carefully consider what a possible location can offer in terms of benefits to your company. Of course, you want to locate in a city that has a clear vision for its future and a plan to accomplish its goals. Additionally, you should look for a city that invests in local improvements, provides quality and affordable infrastructure, supports a large local population with a skilled available workforce and provides access to finance and incentive opportunities.
Aurora is a thriving community that is well-positioned to expand its opportunities for both residents and businesses alike. When you recognize the progress the City of Aurora has achieved in just the first quarter of this year, it is clear that new development is a priority.
Invest Aurora Q1 Economic Development
The first quarter of 2022 was quite eventful for the City of Aurora!
In terms of development, we saw:
8 Projects – A project meets 2 of 3 criteria from the following:
- $1 million capital investment
- Creates 25 full-time jobs
- Occupies 25,000 sq ft space
$22.8 million in private investment
380 jobs created or retained
440,000 sq ft leased or purchased
393,000 sq ft of industrial space currently under construction
As a city, we experienced a decrease in the citywide vacancy rate over this same time last year, which is a great indicator for future growth! And the unemployment rate in Aurora dropped by over 2% over last year, indicating that our residents are willing and able to get back to work.
Looking toward the near future, we currently have planned for 2022:
- 4 million sq ft of industrial space
- 800,000 sq ft new retail / mixed use
- 2,194 residential units
Invest Aurora Will Help Your Development Project Succeed
Invest Aurora is committed to expanding economic opportunities in Aurora and helping new businesses find success. Our complimentary business resources are offered to businesses looking to open or expand in Aurora, for current businesses and for new development projects. Our services include site selection, assistance in finding and applying for loans, grants and other financial incentives, obtaining city approvals, business consulting, workforce development and more! In Q1 of 2022, our economic development specialists helped to facilitate:
- 54 business consults with current business owners
- $3.7 million State of Illinois Back to Business Program
- 15 ribbon cuttings for new businesses
We look forward to speaking with you about development opportunities in Aurora and the many resources we have available to ensure your future success. Reach out to our team for more information at firstname.lastname@example.org or 630-256-3160.