As one of the most diverse economies in the U.S., Chicago’s economic climate remained stable throughout much of 2023. Emphasizing this resiliency, the Chicago metro area retained its number one spot for the 10th year in a row as the Top Metro in the U.S. for Corporate Relocation and Site Selection based on an annual study conducted by Site Selection Magazine.
Total non-farm employment increased by 13,300 jobs between January and October 2023, up 0.3%. Over the same period, office-using employment lagged, down 0.7%. The business/professional services and information sectors lost jobs through October 2023, down 11,900 and 6,600 year-over-year (YOY), respectively. While these sectors recorded a decrease in job growth over 2023, they are collectively up 5.2% over the pre-pandemic high. The financial services industry added 4,400 jobs over the last 12 months, up 1.4%. Education and health services employment grew by 4.6% during the same period, increasing by 35,400 jobs.2
The unemployment rate fell an additional 30 basis points (bps) from January 2023 to 4.4% in October, well below the April 2020 peak of 18.4%. Consumer spending reached its highest recorded level at year-end 2022, up 34.4% from Q2 2020 to $564 billion.