The earliest combined data on housing and employment for the first several weeks of 2017 in Bloomington-Normal suggests an economy that is remaining flat.
Some numbers for housing and employment are being analyzed by the Bloomington-Normal Economic Development Council and will be presented at the quarterly 'BN by the Numbers' event in Normal over the noon hour Thursday.
Those numbers will be presented with context by Mike Doherty, Senior Economist at the Bloomington-based Illinois Farm Bureau. During a Sound Ideas interview, Doherty said housing numbers show such small growth, it's difficult to attribute it to any economic forces.
"The number of newly-constructed homes was up very slightly, as was the average closing price on those homes," said Doherty. "And also in sales of existing homes. There were slight increases for the first two months of 2017 compared to 2016," Doherty added. He said in the new construction sales, the sample size is so small, it's difficult to draw any real conclusions.
Unemployment and labor force numbers are also wavering every so slightly, said Doherty. He said the variances are small and hard to contextualize.
"It's not really that high. Six percent is not a really high unemployment number. On the other hand, there was a continuing decrease in labor force numbers," Doherty said.
"Labor force is basically determined by adding together employed and unemployed people. It doesn't take into account people doing things outside of working or looking for work. This would include students, stay at home parents, those taking care of elderly, etc.," said Doherty.
More details about the economic data will be available at the quarterly luncheon, to be held Thursday from 11:30 A.M to 1 P.M. at the Bone Student Center Prairie Room on the campus of Illinois State University. More information is available at bnbiz.org.
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