EDWARDSVILLE, IL – The City of Edwardsville, IL is celebrating a sizable reduction in its local unemployment rate as it sees nearly $300 million in new construction breaking ground within the next few months.
Mayor Hal Patton said that according to statistics from the Illinois Dept. of Employment Security, the city’s unemployment rate now stands at 3.2 percent as of January 2018, a decrease of 120 basis points compared year over year with January 2017. Combined with an array of development projects already occurring as well as more in the pipeline, Patton says this news bodes well for the future of the city’s employment opportunities and its continuing economic strength.
“Edwardsville’s continued success is attributable to our ability to attract investors and job creators,” said Patton. “Construction activity has created thousands of construction jobs here with the potential for permanent jobs for our residents as well as for those beyond our immediate area who are seeking steady employment.”
Arguably the biggest construction job preparing to break ground within days are World Wide Technology’s twin buildings in Gateway Commerce Center, each spanning a million square feet. The buildings will enable World Wide Technology to increase its Edwardsville workforce from 1,200 to 1,700 and invest more than $100 million over the 10-year term of the lease.
Multifamily development in Edwardsville continues, with Cleveland-based Richland Residential building a $30 million, nine-building community close to Southern Illinois University Edwardsville on New Poag Road.
Gori Properties LLC will pump $16 million into the local economy by building a five-story office headquarters on the site of the former public safety facility on North Main Street. The ground floor is expected to include 10,000 square feet of leasable retail space.
Edwardsville-based Fireside Financial is breaking ground on two six-story, mixed-use structures along Illinois Route 157. The $28 million development, which will break ground in mid-2018, totals 18,190 square feet of commercial retail space plus 152 residential units, a fitness center and dedicated parking.
“It’s gratifying to see Edwardsville attracting a substantial amount of investment not only from existing businesses here, but also from outside developers and Fortune 100 companies such as World Wide Technology,” Patton said. “The new growth we’re attracting is providing additional revenue to keep our city operating efficiently, and for us to expand and upgrade critical infrastructure and services to meet the needs of our residents and workforce far into the future.”
Additional new construction breaking ground in 2018 includes:
- 22,000 square feet of retail space on Plum Street
- 8,000 square feet of retail space at 1501 Weber Drive including Kyoto Steakhouse of Japan
- 5,000 square feet of office space at 201 South Main Street
Renovation of existing structures taking place in 2018 includes:
- $2 million facelift of Montclaire Shopping Center
- $2 million renovation of Target