An economic analyst of the Peoria area says the present downturn in manufacturing employment is nowhere near comparable to the huge job losses of the 1980's. Bernard Goitein of the Center for Business and Economic Research at Bradley University says only 1,500 jobs disappeared in the last quarter, and in spite of Caterpillar, Incorporated plans to cut more over the next five years, Goitein says that's far less than the 25,000 lost during the Reagan era.
Goitein says 30 years ago people moved out of Peoria by the thousands. He says this time he expects more entrepreneurial responses. "I have spoken to people saying you know what do I want to do now that I am finally grown up? What should I do with the rest of my life? And I always wanted to do this! And ok, perfect time," Goitein said.
In fact, Goitein says the most recent economic indicator study shows some who have lost jobs have already found new ones. "We've had quite a few people who've lost their jobs with substantial severance packages. So I think most interesting is the potential for people to say I've always wanted my own business or pursue my own area," Goitein said.
Goitein says, though, some indicators still bear watching. For instance, holiday retail sales were down about three percent from last year in the Peoria region. "So I thought well, that's an interesting change. So, I want to see if that's just a one quarter blip or what happens in the first quarter. So, some of this story has not all been told," Goitein said.
Goitein says even though medical sector employment remained a long term positive, hospital revenues fell in the 4th quarter.
The quarterly scope report covers Peoria, Tazewell, Woodford, Stark, and Marshall Counties.
