Channahon Marketing Report Predicts a Changing Demographic in the Village

Some bullet points on the Preliminary Market Analysis of the Village Of Channahon as reported by Daniel Gardner of Houseal Lavigne.

• In the next five years, Channahon is expected to increase in population by 1,200 new households.
• An 11 percent increase, or $8,300, in household income is anticipated, which will result in greater buying power.
• An increase in households earning $100,000 is expected, whereas the number of households earning less than $100,000 is expected to decrease, which again translates into greater buying power.
• The shifting age and housing demands will create a greater market for multi-family and townhome living.  A growing rental market is anticipated.
• Other area markets (Shorewood, Joliet, Morris) provide competition for shopper dollars.
• Some assistance programs are available, but in the current economic climate, developers are not able to get financing.
• Possible ways to encouraging industrial development include tax abatements, enterprise zones, the Grundy Economic Development project area, tax incentives through the state of Illinois, tax rebates, TIF districts, special service areas with small increases in property tax, and development taxes for business districts (1 percent).