The Economic Story -- update

The Heartland Partnership has updated the latest economic climate document to include the most recent unemployment numbers.  In this document you will find information on the following points.  To download the PDF click here. 

The economic situation has created difficulty around the globe. However, the Peoria region has fared better than many and continues to drive forward not allowing the recession to destroy the diversified economic base that has held the region together for decades.

PERSONAL & BUSINESS CHANGES:  We expected some big changes to result from the recession and we are starting to see them take hold. We'll see changes in everything from people's perceptions, to their actions and there will even be changes in what people believe. Businesses have learned to operate more efficiently and will continue to keep tight leash on things.  COMPARING THE REGION:

COMPARING THE REGION:  Every industry sector and every community across the nation has felt the effects of this economic downturn and Central Illinois is no exception. We were in a very deep recession, but when you compare the Peoria Metro with the rest of the country, you see that we fared better than a majority of the nation.

RECESSIONARY JOB LOSS DISTRIBUTION: Nationally and locally we have seen a more even distribution of job loss in this recession. While manufacturing was the most visible in Peoria Metro, in reality the job losses are actually spread out over many different industries and therefore lessoning the impact on individual sectors.

BROADENING OUR EMPLOYMENT BASE: The Peoria Metro has added 405 jobs from September to October 2009, which is much needed good news. We have added over 7000 new businesses to our region over the past decade which has helped us to successfully shift our employment base from exclusively large businesses to a much more desirable economic mix.

GROWTH SECTORS:  Healthcare, technology and small small business are our main growth sectors.

WE LEARNED DIFFICULT LESSONS FROM THE 1980'S: Many people compared this recession to the recession of 1980's, but the present situation is not the same. The catalyst for this recession is much different than that of the 1980's. It is true that unemployment numbers are up nationwide, but thankfully, the Peoria Metro has not taken as big of a hit as it did all those years ago.

HOW WE HAVE DIVERSIFIED:
In 2008 we had an average of just over 194,000 workers in the tri-county employed within 13,300 business interests in our region. The breakdown of employment in different industry sectors looks like this:
• 18% Transportation
• 17% Manufacturing
• 8% Caterpillar
• 9% Other
• 17% Healthcare and Education
• 15% Other
• 12% Professional & Business
• Services
• 12% Government
• 9% Leisure & Hospitality