Analysts predict economic upswing in Chicago area

In order for a business to survive or even get off the ground, there are many things that must be in place. Perhaps one of the most important is that the economy be at a place where it can support the business. When the recession hit several years ago it undoubtedly took its toll on the Chicago area and beyond.

Small business owners throughout the Chicago area are likely happy to hear that experts believe that good things are lurking around the corner. Business owners must be patient however. Much of this year is expected to maintain status quo. Some speculate that starting in the second half of the year the economy will really begin to improve.

Moody's Analytics, anticipates that growth will not translate into much this year. It projects that output in the area will probably grow around half a percent. The projection for 2014 is much better however, based in large part upon the assumption that the housing market will continue to improve over the course of the next year. Should things go as expected, Moody's believes that the area's economy will grow approximately 4.2 percent in 2014.

This growth will most likely lead to an uptick in investments and business transactions. To make sure that these matters are handled correctly most small businesses work with lawyers. Attorneys who have handled these types of matters in the past should be able to help reduce the risk associated with the contracts involved. This is important as many business owners are likely aware, a problem with any type of business deal can potentially make or break a business.

Source: Crain's Chicago Business, "Hang in there, Chicago: An upturn is ahead," Paul Merrion, Jan. 7, 2013

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