Village of Mount Prospect, IL
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Essential to market research into site selection is gathering information about your industry, understanding area demographics, and taking advantage of growth opportunities. The Village of Mount Prospect features a business friendly environment, collaborative leadership, top notch infrastructure, and undeniable development momentum. The metrics below showcase various demographic, labor, workforce, and regional information:
Demographics
| Indicator | Village of Mount Prospect |
| Population | 56,852 |
| Median Home Value | $332,100 |
| Owner Occupied Housing Unit Rate | 69.2% |
| Median Household Income | $84,353 |
| Number of Households | 20,855 |
| 3 Mile Radius of Downtown Mount Prospect | 5 Mile Radius of Downtown Mount Prospect | |
| Population (ACS) | 126,566 | 298,402 |
| Median Home Value | $328,493 | $302,059 |
| Number of Households | 50,339 | 115,446 |
| Average Household Income | $110,710 | $105,401 |
| Average Age | 41.9 | 41.1 |
Sources: U.S. Census Bureau, 2020 Census of Population and Housing, CoStar data derived from Neustar (Q3, 2021)
Labor Statistics
| 3 Mile Radius from Downtown Mount Prospect | 5 Mile Radius from Downtown Mount Prospect | |
| Number of Businesses | 5,263 | 15,146 |
| Number of Employees | 60,979 | 209,166 |
| <30 minute commute (%) | 53.20% | 56.71% |
| Bachelors Degree & Above (%) | 42.94% | 40.63% |
| Industry | Number of Employees |
| Retail Trade | 3,886 |
|
Admin and Support, Waste Management and Remediation Services |
3,830 |
| Manufacturing | 2,598 |
| Construction | 1,725 |
| Wholesale Trade | 1,422 |
| Educational Services | 1,386 |
| Accommodation and Food Services | 1,195 |
| Health Care and Social Assistance | 1,139 |
| Professional, Scientific, and Technical Services | 1,088 |
Sources: CoStar data derived from Neustar, JobsEQ (Q3, 2021)
Workforce
The Village features an extremely diverse workforce, with dozens of different industries, hundreds of occupations, and boundless opportunity. The graph below shows the distribution of industries in the Village as of Q3 in 2021.
Location Quotient:
The location quotient (LQ) is an analytical statistic that measures an areas workforce specialization relative to a larger geographic unit. LQ is effective in quickly identifying industries or occupations that stand out in a particular area. An LQ of 1.0 means that the specified area and the region are equally as specialized in a particular industry. Quotient's above 1.0 indicate a higher concentration of a particular industry, and a quotient below 1.0 indicates a lower concentration of an industry. The graph below highlight the Village's strengths and weaknesses from an LQ perspective. The largest LQ in the Village are Pharmaceutical related companies, with an average wage of $89,411.
The table below highlights the industries with the highest average annual wages in the Village, along with the associated location quotient to provide a reference on the saturation of the specific market.
| Industry (must have at least 400 residents to qualify) | Average Annual Wage | Location Quotient |
| Finance & Insurance | $179,888 | 0.55 |
| Management of Companies and Enterprises | $151,534 | 2.20 |
| Professional, Scientific, and Technical Services | $119,943 | 0.65 |
| Information (software developers, IT, Research Analysts, etc) | $106,655 | 1.14 |
| Wholesale Trade | $97,967 | 1.62 |
| Real Estate | $84,843 | 1.01 |
Source: JobsEQ (Q3, 2021)
| Major Employers in the Village | Number of Employees |
| CVS Caremark | 1.400 |
| Robert Bosch Tool Corporation | 650 |
| J&J Ventures | 400 |
| Village of Mount Prospect | 383 |
| Mount Prospect School District 57 | 323 |
Sources: JobsEQ (Q3, 2021), 2021 Village of Mount Prospect Annual Budget