The village of Elwood is a small, but growing community located approximately five miles south of the incorporated limits of the City of Joliet in Will County, Illinois. The Village is rapidly becoming a part of the urban fringe of Chicago, as Will County continues to maintain its position as the fastest growing county in the State.

The early settlement of Elwood and Jackson Township occurred in 1854 upon completion of the then Chicago and Mississippi railroad whose line connected Joliet and Bloomington. The town was surveyed, and three gentlemen named Spencer, Gardner and Myers offered lots for sale in late 1854 and 1855. The area around the railroad soon prospered with many businesses included a blacksmith shop, drug store, hotel and post office. In addition to the merchants who located on Mississippi Street, Elwood was once home to a brick and tile manufacturer and a cheese factory.

The Village was formerly incorporated in 1869 with William Muhlig serving as its first President. In 1873 the Village was reorganized under State legislation. John H. Bridge served as President of the Village under the new system, along with five trustees, a clerk and a treasurer. This form of government, with minor revision, remains in effect today.

Elwood remained a small farming and railroad town through the late 1800's and early 1900's with its population remaining steady at approximately 400 people. Shortly before World War II, the federal government acquired several thousand acres of property for the construction of a munitions facility. Once complete, the facility totaled 23,000 acres. The facility at its peak employed several thousand people, including many Village residents.

The population grew to nearly 800 people by 1970. The Village continued to experience very moderate growth through out the 1970's and 1980's, reaching a population of 951 people in 1990. In 1993 the Arsenal was closed, but the Village did not look back. By 1996, the population of the Village had swelled to 1423, an increase of nearly 50% from 1990. The population has slowed somewhat since this period. The 2000 Census recorded a Village population of 1620. Due to recent developments and future outlook for expansion, the Village may be ready to take on another era of unprecedented growth into the next millennium.

The availability of land in Elwood, the relative ease of development and the redevelopment of the former Arsenal property will play important factors in the Village's population growth. The addition of the proposed Third Regional Airport could also have significant impact on the Village's growth. The Northeastern Illinois Planning Commission (NIPC) has estimated that the population of Elwood could exceed 2900 people by 2020 if the airport is built. It is likely that this number is extremely conservative. If current development trends continue, the Village could easily surpass 5000 residents by 2020, even without the airport.