Thriving in Today's Economy
Des Plaines-based Feldco saw the changes in the crumbling
housing market early and began to plan, said Michael Cox, Feldco
director of corporate development.
While other home-improvement companies were laying off workers,
Feldco kept its 170-strong staff busy with two major expansions
into Indianapolis and Madison, Wis. It allowed the company to move
ahead.
"If people weren't buying or selling their homes, they still needed
windows or they still needed to upgrade to take advantage of energy
savings," Cox said.
Cox said Feldco needed to find a way to meet the needs of customers
and still balance economic conditions, just like many other
companies around Cook and Lake Counties.
Another company, Schaumburg-based Links Technology Solutions, has
weathered the dot-com bust and now the current recession. But as
technology evolves and expands for businesses, Links has continued
to evolve as well, said founder and Chairman Brian Burke. "People
know they have to do stuff online and have to make it better and
better," said Burke. "It's a business that just doesn't go away."
Links also is starting a new business line with new software called
Tariff Shark that targets gas and oil pipeline companies, including
utilities that need to report tariffs to the government. "I'm an
optimist and I don't think things are nearly as bad as they've been
portrayed," Burke said. "Technology, overall, has been good."
Around the region, many companies are managing to survive - and
even thrive - in a tough economy. In Lake County, the Holiday Inn
Express opened in March in Lake Zurich, and has been booked ever
since. "We're getting into the busy season now with weddings and
family reunions," said general manager Jessica Neville. While
leisure travel has taken a back seat during the recession, many in
the hospitality industry suffered. Still the Holiday Inn group saw
a need in the Lake County area, filled it and offered promotions
and quality as well, she said. "We've already exceeded our
expectations and are doing even better," Neville said.
Also, Hawkeye Automotive in Lake Zurich has seen a boost, most
likely because people are keeping their cars longer. "Because
people have been in unfortunate situations, they aren't buying new
cars. And they choose to repair what they have," said owner Vic
Pfammatter. Since most people depend on their cars as their main
source of transportation, it's vital for job interviews and family
needs, he said. "I feel good knowing that friends and family trust
me enough to keep their old cars running until things do turn
around," Pfammatter said.
These and other businesses that continue to thrive make Frank
Brisbois an eternal optimist. "I can feel the end of the recession
coming, but it's just not gone entirely yet," said the interim
president of Lake County Partners, Lake County's economic developer
with offices in Libertyville. Several major corporations have been
scouting sites for new headquarters around the area, he said. He's
also worked with several smaller businesses, including laundromats,
hotels and manufacturers, interested in opening. Brisbois declined
to name those companies due to confidentiality issues. Current
projects include Trifinity Partners, a maker of air fresheners that
is leasing a site in Waukegan and ZF Industries, breaking ground to
make auto transmissions and car parts in Vernon Hills. "There's no
question, and I don't want to overstate this, but I can feel things
are turning around in Lake County," Brisbois said.
A gradual economic recovery is expected and could lead to a
so-called jobless recovery, when work-force levels are among the
last to return, said Rick Mattoon, economic researcher for the
Federal Reserve Bank in Chicago. "There's not much pressure to
bring back people to work," Mattoon said. He also said people are
conserving their savings more aggressively now. Some could go back
to their old ways of buying, or they may change their behavior in
order to make up for what they lost in their investments.
But the Chicago and suburban region has a diversified economy,
which can show strength and some sectors will perform better, he
said. A mix of industries also helps, so the area isn't reliant on
just one type of business. Area housing could start to return more
quickly, unlike more harder hit areas in Florida or Arizona, where
they need to burn off more inventory of homes sitting on the
market. Education levels here are also high and that makes our work
force more attractive in the long term, Mattoon said. Health-care
services will increase, especially as the population ages, and
business and professional services offer a wealth of knowledge and
experience. Professions such as bookkeeping, accounting, consulting
and others could help boost the ranks. And while Chicago tends to
be the economic leader, the suburbs often follow that lead.
