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:
| 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 |
| 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 |
| 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 |
- 1100+ businesses in the Village
- Total equalized accessed value (EAV) of the Village: $1,991,342,982
- The Village is in the top 5 suburbs in sales tax collection in the State of Illinois.
- Locational advantage: The Village is strategically located 23 miles northwest of downtown Chicago, minutes away from O'Hare International and Chicago Executive airports, and shares a southern border with Interstate 90.
- Value of Construction in 2019: $84,250,461
- Target Industries: Health Care, Scientific/Technical, and Arts/Entertainment are the highest projected growth industries in the upcoming 5 years
- Population increased from 54,167 to 56,852 in the 2020 Census.
- Property tax levy remains at 0%.
- Village's estimated market value (2020): $5.97 billion
- Market value per capita is approximately $109,400- which is a 19% increase in market value per capita since 2018 when it was approximately $91,900.
The Village periodically releases updated versions of the Community Profile document. The profile is quick and easy way to get to know Mount Prospect. The document features exciting areas around town, transit options, business resources, demographic data, and much more. Click here to see the most recent profile. Contact the Community Development Department at 847-818-5328 for questions or requests for additional information.
As a Village, we understand employers need supportive and affordable housing options for its employees. Village staff created a draft report on affordable housing in Mount Prospect, which serves as an informational document to better understand our existing conditions, serve as a summary of various larger housing studies conducted by regional planning / housing agencies, and to benchmark the Village against our comparable communities. Click here for the draft document. Further questions can be directed to the Community Development at 847-818-5328.