Growth in the Peoria area economy edged up slightly during the third quarter. That's according to a study by Bradley University's Center for Business and Economic Research. The latest Statistical Composite of the Peoria area Economy, or SCOPE index was just below 98 for July, August and September. That's the highest reading since the beginning of the recession recovery three years ago. Center Director Bernard Goitein says retail sales led the way.
"We estimate that retail sales, without correcting for inflation, in our area were $1.35 billion during the third quarter. That was 7.6% above the year before."
Goitein says job growth was also a key factor.
"We're 6.9% higher than we were a year ago in the number of jobs here 29, 361 jobs. Definitely nice growth. We also found that the employment in hospitality and entertainment, up 1.2% from the previous quarter and 2.5% from the year before."
Goitein says retail sales were up more than 7.5% from the previous year, prior to inflation adjustment, and manufacturing increased nearly 7% during the same period. He says a decline in business and professional services employment put a drag on the index. That sector was off 3.5% from the first quarter, the last quarter measured. The Center for Business and Economic Research at Bradley releases updated SCOPE index figures following the first and third quarters of each year.
(photo courtesy Bradley University)
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