Client: Aurora (IL) Economic Development Commission
The Aurora Economic Development Commission (AEDC) retained GGG+A to conduct market and economic research and analysis in order to assess the economic base of Aurora and to identify the market potential for industrial and office businesses and potential target industries that would derive advantages from an Aurora location. GG+A also forecast the amount of building space and land needed to accommodate potential economic growth. In order to accomplish the study objectives, GG+A performed the following principal tasks:
1. Analyzed data on relevant demographic, labor force and housing characteristics;
2. Analyzed historical employment in (a) Aurora as a whole and (b) the portion of Aurora in Kane County and the portion of Aurora in DuPage County and (c) the larger market area of which Aurora is a part;
3. Based on the analysis of employment trends and shifts, prepared a base or control case estimate of future employment for Aurora and converted the estimates of employment into estimates of the demand for office and industrial space;
4. Conducted interviews with members of the staff of the Aurora Economic Development Commission, the City of Aurora Community Development Department and members of the business and real estate communities in order to obtain insights and information on the comparative advantages of Aurora and constraints on business attraction and retention as well as prevailing building space rents and land prices;
5. Prepared and analyzed the results of a survey directed toward obtaining information on the advantages and disadvantages of Aurora as a place for business, the origins of Aurora businesses and competing locations as well as the factors important to firms deciding to move to or stay in Aurora; and
6. Synthesized the results and conclusions drawn from the primary and secondary research and analysis to identify: (1) the factors that make Aurora an attractive location for differing types of businesses; (2) potential target industries; and (3) potential strategies to employ to improve Aurora’s economic base.