Business and Economy

WGLT

Many businesses are figuring out how much new federal rules on overtime pay will cost them starting in December. The effect on Illinois State University could be in the two million dollar range.

Alan Ferguson / Creative Commons

Home sales in Bloomington Normal rose 11 percent in April compared to the same month last year. The Association of Realtors said year to date sales are up 5.6 percent. Indicators remain mixed, though.

Michael Allen Smith / Creative Commons

Count the McLean County Chamber of Commerce and the Bloomington Normal Economic Development Council among the interest groups on board a proposed sales tax sharing agreement in the twin cities.

Caterpillar Execs Visit Cuba

May 11, 2016
Roger W. / Creative Commons

Leaders from Caterpillar are traveling to Cuba this week as the company tries to grow business opportunities in the island nation. The Peoria-based company announced Wednesday representatives from machinery dealer RIMCO are joining CEO Doug Oberhelman and Cat executives.

Ralph Weisheit

The head of the company that just took the Mitsubishi plant in Normal off the automaker's hands says they will start liquidating the equipment in two or three months if they do not find a buyer for the plant.

Charlie Schlenker / WGLT

The head of the Mitsubishi Auto plant in Normal said this has been his most difficult year of more than four decades in the auto industry. The company laid off most of its workforce last year and the final hundred plus workers at the facility will lose their jobs at the end of the month.

Ralph Weisheit

The Mayor of Normal sees the sale of the Mitsubishi plant to a liquidator as a positive. He also said the purchase would not interfere with overseas conversations to sell the plant.

Roger W. / Creative Commons

Heavy equipment-maker Caterpillar Inc. plans to put hundreds of jobs in Arizona with the selection of Tucson as the location of new consolidated offices for the company's mining and technology division. Illinois, Wisconsin, and other locations around the world will lose some jobs.

Vicky Hugheston / Creative Commons

Economic growth continues its slowdown, according to the University of Illinois Flash Index.

The measure of the state’s economy based on state tax receipts produced a reading of 104.7 in April. That’s the second month of consecutive declines, and the lowest reading since December of 2012.

Ralph Weisheit / WGLT

Mitsubishi Motors North America has sold its plant in Normal to an industrial reclamation firm.

Maynards Industries is a Detroit-based company that will take possession of the plant in June.

Mitsubishi says it does not know Maynards' plans for the site and equipment, but are aware they are in discussions with various parties.

Portillos

Portillo's hot dogs will open a restaurant in Normal in 2017. The Oak Brook based restaurant chain is not yet announcing a location or opening date.

pixabay

The world is reinventing itself from the bottom up according Bruce Katz. The Centennial Scholar at the Brookings Institution and author argues cities are the center of problem solving and innovation, where place rules over party, collaboration over conflict and evidence over dogma.

YMCA

The YMCA of Bloomington Normal is seeing a significant shift in income among those who use its programs.

Illinois Department of Employment Security

Unemployment in March was 6% for the Bloomington Normal area. The State Department of Employment Security says that's an increase of nearly one and a half points from the same month last year.

Dorothea Lange / Flickr via Creative Commons

A survey of rural bankers in 10 Western and Plains states suggests the region remains stifled by relatively low agriculture and energy commodity prices.

Clinton Power Plant Days Numbered?

Apr 18, 2016
Daniel Schwen / Flickr via Creative Commons

The Exelon Corporation announced Friday the Clinton nuclear power plant will operate for at least another year after it cleared a recent power capacity auction.

Workbench/Green Top Grocery

Bloomington's Greentop Grocery has been approved for a $1.5 million loan. National Cooperative Bank (NCB) and Shared Capital specialize in working with coops.

Staff

The Main Street corridor from Olive Street in Bloomington to College Avenue in Normal is the subject of only two TIGER Grant applications being submitted by the Illinois Department of Transportation (IDOT). It's the only project involving road construction. 

Bloomington Mayor Tari Renner calls the multi-modal aspects of the application "exciting." Town of Normal Manger  Mark Peterson said the economic benefits are a "game changer."

Staff / WGLT

There's evidence the state budget standoff is hurting the economy in Illinois and in Bloomington Normal.

Staff / WGLT

Illinois State University contributes about 7.5% of the McLean County. Hasan Mohammedi of ISU's economics department is one of the people who did a study that also shows direct and indirect employment from the University topping 8,900 jobs.

Ralph Weisheit / WGLT

The task force working to find a buyer for the former Mitsubishi auto manufacturing plant is continuing to field inquires. An upcoming trip to an international industrial trade show in Germany could increase interest.

Illinois Farmland Values Fall

Mar 30, 2016
Daniel Schwen / Flickr via Creative Commons

A new report from the Illinois Society of Professional Farm Managers and Rural Appraisers finds farmland prices in the state saw a significant decline last year.

ADM Workers Vote Down Union

Mar 24, 2016
Dan / Facebook via Creative Commons

Maintenance workers at Archer Daniels Midland Co.' BioProducts plant in Decatur have voted against joining the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union.

Home Sales Boast Healthy Start To Year

Mar 22, 2016

Last year was pretty healthy for the twin city housing market, but 2016 is off to an even better start with close to 5% more sales than a year ago.

RogerW / Flickr

Caterpillar expects its first-quarter results to come in below Wall Street's view as it continues to deal with weak product demand.

Town of Normal

The Town of Normal is hiring two consultants to help secure federal TIGER funding for a probable underpass beneath the tracks near Uptown Station. During GLT's Sound Ideas, Mayor Chris Koos told Mike McCurdy the Town's eventual application is not in competition with a TIGER (Transportation Investment Generating Economic Recovery) grant application from the City of Bloomington to fund the Hamilton Road extension project.

Patsy Lynch / FEMA

The Kankakee plant that once bustled with 3,000 workers building gas and electric stoves is coming down. A Chicago company has obtained a demolition permit to raze the 810,000-square-foot Kankakee Roper building on 35 acres on the city's west side. Roper moved its manufacturing plant to Georgia in 1982. General Electric Co. bought the company, and the Kankakee property, in 1987. A GE spokesman said the company has no plans yet for the property. The $1.38 million demolition should be complete by August. Buildings on the campus will be leveled to slabs and basements backfilled.

CIRA

American Airlines new flight from and to Dallas - Ft. Worth has begun service from Bloomington.

The Central Illinois Regional Airport says the non-stop flight joined two other flights on American to north Texas. It also links to a hub with more than 200 destinations in 26 countries.

The light will have a regular daily schedule arriving in Bloomington at 12:09 p.m. and then departing from Bloomington at 1:05 p.m. and arriving in Dallas at 3:24 p.m.
 

Careerlink

Many laid off Mitsubishi workers are still searching for new directions after the plant ended production last year.

Bernard Goitein / Bradley University

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.

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