How the Decatur EDC Helps the Local Business Economy

I recently sat down with Ryan McCrady, president of the Decatur Macon Economic Development Corporation, to talk about everything they do for business and economic growth in our community.

 Looking to sell your Central Illinois Home? Get a FREE home value report

Looking to buy a Central Illinois Home? Search all homes for sale

I recently sat down with Ryan McCrady, president of the Economic Development Corporation (EDC), to talk about everything they do for our local business economy.

As Ryan says, the EDC focuses on non-residential, non-retail economic development. They help businesses here in Decatur/Macon County expand their footprint and help the community retain businesses in the event of things like zoning, workforce, or regulatory issues. They also work on attracting new business to the area to expand the job base and bring new people to the community as well as provide opportunities to the workers here.

The EDC also administers two big initiatives, starting with the Enterprise Zone of Decatur/Macon County. If you operate a business and you're looking to expand or locate a business in the area, there may be incentives they can offer you to do so. As Ryan says, they are administered locally and easy to get your hands. They also oversee the Midwest Inland Port LLC, as well as the community marketing and branding campaign called Limitless Decatur & Macon County.

Ryan added that the staff consists of five people with most tasks coming with an 'all hands on deck' approach so they can do everything possible to get involved and promote the community, grow jobs, and grow the economy overall.

Decatur has a very skilled and loyal workforce.

Just like in our business of real estate, Ryan says that referrals are gold for the EDC. If you or someone you know owns a business and is having some issues, send them Ryan's way and he may be able to help them out.

Economic development can be a mystery to a lot of people, Ryan says. While many people think of it as attracting a business like Chik-fil-A, that's not the whole of it; the whole basis for economic development is job growth and retention. When CEOs want to locate or expand a business, they look at a number of factors.

They start looking at the available workforce, and Decatur scores very high in this category due to a highly skilled and loyal workforce. It's a workforce of more than 500,000 people located within a 45-minute drive. The next factor they focus on is transportation logistics, where Decatur also ranks high. Then, they look at the quality of life, which companies value a lot since they want to attract and retain top talent regardless of the location, which requires a great community. The EDC shows businesses all these great things about our community.

Check out the video above for my full interview with Ryan and all the details about the EDC. If you have any questions, you can reach Ryan at 217-422-9520 or visit DecaturEDC.com to learn more.

As always, give me a call or send me an email with any questions, comments, or concerns you have about real estate or the market here in the Decatur area. We look forward to hearing from you!

What Central Illinois Buyers Should Consider

I recently came across an article relevant to buyers in the Central Illinois area. Our office has access to tons of real estate resources not available to the public. We’re happy to simplify this exclusive information for you.

According to Keeping Current Matters, there are three important questions prospective buyers should ask before committing to buy a home.

Why am I buying a home in the first place? Forget finances for a moment and consider the real reason you’re buying a home. Often, buyers pursue a purchase because they want a home to raise a family, feel safe, have more space, or have control over space.

Where are home values headed? Home values are projected to increase by 5.3% over the next 12 months.

Where are mortgage rates headed? Think about the long-term cost. The graph below reveals what industry professionals predict interest rates will look like this year.

 

The bottom line is that only you and your family will know the right time to buy a home. If you’re thinking about buying a home, I’d be happy to discuss your real estate needs.

If any questions or concerns arise, please reach out to us. You don’t have to worry about contracts or obligations of any sort. We’re happy to help at any capacity, so you can make the best decision for your family.

What You Need to Know About Central Illinois Real Estate

Looking to sell your Central Illinois Home? Get a FREE home value report
Looking to buy a Central Illinois Home? Search all homes for sale

Today I wanted to provide you with a real estate market update for the Central Illinois marketplace. We're going to run over some numbers and then tell you what they mean for you!

• There are 4.6% less single family homes available than in April of last year
• 35% of homes purchased this year were purchased with cash
• There is currently 4.8 months of inventory available
• The average sale price is just over $96,000, which is a slight increase over April of last year
• We've had 360 homes sell this year, which is up over last year
• The number of homes on the market has fallen, but the number of sales has risen
• Interest rates are still below 4%, which is incredibly low and will save you thousands of dollars over the lifetime of the loan
• If you bought a $100,000 home when rates were only 1% higher, you would be paying an extra $21,000 in interest over the lifetime of the loan

Hopefully this information has been helpful to you! If you need any assistance when you're buying or selling in Central Illinois, please don't hesitate to contact us!