Economic development in Beloit sustained brunt of pandemic impact

BELOIT — Cities struggled with economic slowdowns as the COVID-19 pandemic stalled construction across the county.
But a strong base of ongoing projects planned before this year led to sustained development, from industrial to residential growth in Beloit.
In 2019, Beloit planning staff issued 1,171 building permits worth a total construction value of $138.3 million. As of November of 2020, the city issued 1,118 building permits worth a total construction value of $84.8 million.
New in 2020 were the addition of 545 jobs citywide, coupled with the creation of $223.8 million in overall economic impact, city data shows.
Unemployment figures in Beloit were at record lows in October of 2019 as the city saw an unemployment rate of 3.7%. The figure sky-rocketed to 17.2% in April as the pandemic took hold. In July, the figure dipped below double digits and in November, the latest month that unemployment figures were available, Beloit’s jobless rate was 5.4%, according to the Wisconsin Department of Workforce Development (DWD).

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