Business and Economy | WGLT

Business and Economy

Illinois' unemployment rate dropped to 5.6 percent in August but state officials point out that the number of people with jobs also declined. The Illinois Department of Employment Security said in its monthly report on statewide unemployment Thursday that the jobless rate fell from 5.8 percent in July. Nationwide unemployment was 5.1 percent in August. The department said Illinois lost a net 900 jobs in August. The number of unemployed workers fell 3 percent to 362,500. Department director Jeff Mays said the figures indicate many people continue to leave the workforce.

Home Sales Slow Seasonally

Sep 16, 2015

More homes are changing hands compared to a year ago, according to the latest twin city numbers. So far this year, 1,911 homes sold. That's up more than a hundred from a year ago. The increase is nearly 6%.  Amanda Wycoff, president of the Bloomington-Normal Association of Realtors, says inventory on the market is shrinking.

The price of a new home is about $325,000. That's a price decline of about 7% from a year ago. The price of an existing home is up slightly.

Pumpkin Crop "Disappointing"

Sep 15, 2015

A large canned pumpkin manufacturer says yields in Illinois appear to be less than anticipated this year. Roz O'Hearn is corporate and brand affairs director for Libby's, which grows most of its pumpkins in central Illinois. O'Hearn says the yield could be off by as much as a third, and the company is disappointed. O'Hearn says weather could further reduce yields. The harvest is underway now through October or early November. However, O'Hearn says the company thinks it will have enough pumpkin to meet fall holiday demand. Libby's has run a processing plant in Morton since 1929.

Peoria Economy Grows, Slowly

Sep 8, 2015

Second quarter growth returned the Composite Index of local business and economic conditions to year earlier levels and cut the unemployment rate to 5.5%, on par with the rest of the nation. That's what the latest Peoria Area Economic Index shows. The index, from the Bradley University College of Business, tracks 30 economic indicators in it's quarterly assessments. Bernard Goitein is the chief author of the report. He says the unemployment rate is 1.3-percentage points lower than in the previous quarter.

Delays Keep Market Street Closed

Sep 3, 2015

Twin city drivers anxious to begin using West Market Street again following railroad trestle work will have to wait a bit longer. The rail upgrade was originally supposed to begin in the fall of 2014, but was repeatedly delayed. Work by Union Pacific, owner of the tracks, finally began this spring and completion was estimated for Labor Day. Now it looks more like Halloween, maybe. Bloomington City Engineer Jim Karch says one reason for the delay is a change the city sought to increase visibility by employing a 'sloped wall,' replacing the old vertical retaining wall: