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Comparative Demographic Analysis
In an effort to better understand the Champaign County Area and how it may be compared during site selection procedure, the Champaign County Economic Development Corporation contracted the Champaign County Regional Planning Commission to research different demographics in comparable regions across the Midwest. In collaboration with the Economic Development Corporation, the Regional Planning Commission developed a document that compares the demographic traits of Champaign-Urbana Metropolitan Statistical Area (MSA) to peers that may directly compete with us in a site selection process. The outcome shows that Champaign-Urbana MSA has socio-economic characteristics that give it a bright outlook when compared to similar MSAs in the Midwest:
- A high-quality and positive place to locate, Champaign-Urbana MSA has employment growth potential over the next 30 years based on its demographics, current economic capabilities and diverse industry strength.
- Champaign-Urbana Provides a deep pipeline of talent for business growth as well as a creative class for industry looking at new and innovative ways to do business. The report shows a relatively large demographic of youth in the population.
- Champaign-Urbana is an attractive place to start or locate business due to its relatively low “cost of doing business”.
- Champaign-Urbana has a plentiful, strong and diverse labor force which allows multiple segments of industry to prosper. This is evidenced by the various industries currently located here.
- Champaign-Urbana supports a high quality of life profile as marked by key factors such as wage levels, cost of doing business, population density, cost of living and available amenities.
- Champaign-Urbana provides a balanced environment that is good for employees and employers. The balanced and competitive compensation levels and quality of life lead to stronger employee retention and low cost of business, which provides employers with stability and predictability.
Above all, the report indicates that our region and specifically Champaign County is both prospering and growing. It shows that we have comparative strengths among the peer group in industries including Health Care and Social Assistance, Professional, Scientific and Technical Services, Wholesale Trade and Information Technologies. It reveals the obvious influence of the University of Illinois on administrative and technical fields and contributes to the story of a workforce that is anchored in a diverse set of occupations that are greatly influenced by location as well as transportation and educational infrastructure.