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Economic survey shows flat results in the Peoria area

Mon, 04 Mar 2013 17:12:48 CST
By: Jim Browne

The Peoria area economy appears stable, despite a nearly 1% decline in a key index from the same quarter last year. The Peoria Metropolitan Statistical Area Index, or MSA, was still .2% higher than one year ago. But the area saw declines in retail, and manufacturing jobs according to Bernard Goitein of Bradley University's Foster College of Business:

   

"The number of manufacturing jobs here is down 1.4% from where it was last year, and that, not only affected overall staffing levels, a number working in manufacturing, it also helped boost the local unemployment claims index. In fact that is more than double it's year earlier level."

Goitein says he was surprised at the increase in homes that changed hands in the Peoria Metro area.

   

"The 22% increase in the number of homes that were sold here over the year before, this increase is above and beyond normal seasonal variation, in fact if you just look at simple numbers, you don't expect in the winter to see that homes sold,"

And Goitein says that helped create a 26% increase in demand for construction workers from one year ago. Goitein says retail jobs were stagnant at a time when those jobs tend to grow. Meanwhile, jobs growth occurred in construction, and Heath care. Goitein says with various sector results offsetting each other, the overall result in flat for the Peoria economy.

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