Economy | WGLT

Economy

Ralph Weisheit / WGLT

The pace of home sales in the Bloomington-Normal market slowed in October, even as the average price continued to climb due to low inventory, local real estate agents reported Wednesday.

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The next step in the redevelopment of Eastland Mall will be a new restaurant.

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A low number of homes on the market is helping to drive up prices in Bloomington-Normal real estate, even as the demand for newly built homes continues to lag.

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Redevelopment to transform Bloomington-Normal into a diverse economy that thrives on business and visitors could take decades, but community leaders say their trip to Arkansas last month confirmed some local initiatives are on track.

City of Bloomington

A city official says a new Kroger Marketplace store is still planned for Bloomington’s east side, though the project has been delayed significantly from its original timetable.

Charlie Schlenker / WGLT

To most Americans the "fiduciary rule" on financial planning might not mean a whole lot. But for financial planners, stock brokers, and investment advisors, it's a really big deal.

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Eastland Mall in Bloomington is moving forward with its redevelopment plans, with Planet Fitness now slated to open in a space formerly occupied by JCPenney.

Charlie Schlenker / WGLT

An author who chronicles the effects of globalization on food and clothing is urging the public to become more informed.

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Bloomington-Normal's jobless rate continued to fall in August, as the local economy added around 1,700 jobs in the past year, the Illinois Department of Employment Security reported Thursday.

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An internal announcement this week at State Farm won’t have a major impact on the size of the insurer’s overall workforce in Bloomington-Normal, the company said Friday.

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The Town of Normal wants to cut its payroll because of revenue losses. Staff are recommending the town offer early retirement incentives to 18 people.

Charlie Schlenker / WGLT

McLean County government must cut up to 25 people from its workforce, County Administrator Bill Wasson said Monday during a Board Finance Committee meeting.

Mark Lennihan / The Associated Press

Bloomington-Normal’s jobless rate continued its decline in July, as the local economy added more jobs in professional and business services and leisure and hospitality.

Baylee Steelman / WGLT

A local entrepreneur is shedding light on the hardships of starting a small business as a woman or minority.

Dr. Bernard Goitein / Center for Business and Economic Research, Bradley University

The head of the Center for Business and Economic Research at Bradley University says economic indicators suggest the Peoria area economy will keep on growing at a modest rate. Bernie Goitein said the Caterpillar layoffs have eased and other parts of the economy appear to be compensating.

"Local demand for housing has pushed new single family building permits up .8 percent in the quarter. So, you have this need for more housing. That's more construction and more construction jobs," said Goitein.

Dr. Bernard Goitein / Center for Business and Economic Research, Bradley University

A snapshot of the Peoria area economy shows stability.

The latest composite index out by the Center for Business and Economic Research at Bradley University shows a minor decline in activity, though it also shows the economy is still growing.

McLean County Museum of History

Route 66 Tourism grew by 50 percent in Bloomington last year.

That's according to attendance figures for the Cruisin' with Lincoln on 66 Visitors Center in the McLean County Museum of History.

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The earliest combined data on housing and employment for the first several weeks of 2017 in Bloomington-Normal suggests an economy that is remaining flat.

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Several sectors of the Bloomington-Normal economy gained jobs last month compared to a year ago.

The Illinois Department of Employment Security reports increases in educational and health services, financing, business, construction, transportation and warehousing, and utilities.

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Retirements and other withdrawals from the labor force highlight the latest report of economic indicators in the Peoria metro area.

The overall index, compiled by the Center for Business and Economic Research at Bradley University, shows only two-tenths of a change down from the third quarter mark of 101.7.

Rutgers University

In the era of smart phones and smart cars, empowering women can be a gender smart way to achieve economy wide gains.

That's according to this year's Eckley lecturer at Illinois Wesleyan University.

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As central Illinois leaders try to assess the magnitude of Caterpillar, Incorporated's announcement they are moving top corporate leadership to the Chicago area, there are no sure answers.

Kyle Ham heads the Bloomington Normal Economic Development Council.

Ralph Weisheit

The realty market amounted to a nearly $486 million chunk of the Bloomington Normal economy last year. That's up more than 2% in dollars.

The number of home sales rose by 2.8%.

Staff / WGLT

Bloomington City Council members will see a presentation on the status of FY 2017 during the Committee of the Whole meeting Tuesday night.

City Finance Director Patti-Lynn Silva will also talk about what the city can expect with budget balances when the fiscal year ends on April 30. 

Mike Miletich / WGLT

There has been a surge of small business optimism coming out of the presidential election. That's according to U.S. Chamber of Commerce Chief Economist J.D. Foster.

Foster said small businesses have been reluctant to invest and hire because of policies coming from the Obama administration. Foster said businesses feel the federal government won't be such an oppressive force under President Elect Donald Trump. 

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The jobs picture in Bloomington-Normal continues to improve, while the housing market consists of a "glass half full" picture, according to Mike Doherty, senior economist with the Bloomington-based Illinois Farm Bureau, and the presenter for the fourth quarter's BN By the Numbers event at ISU Thursday.

Ken Teegardin, seniorliving.org / Flickr

There was some stability in the Peoria area economy during the third quarter.

At least that's what figures compiled by Bradley University's Center for Business and Economic Research seem to indicate. Director Bernard Goitein says there were some slight gains made in the over jobs market, including apparent emerging entrepreneurs.

Charlie Schlenker / WGLT

After a year plus at the helm of State Farm Insurance, CEO Michael Tipsord took his act public in McLean County with a guided q and a at an Economic Development Council dinner. Tipsord repeated what his predecessor, now retired Chairman Ed Rust Junior said often in his closing years.

"The corporate headquarters of State Farm Mutual Automobile Insurance Company will remain in Bloomington-Normal," said Tipsord.

Ralph Weisheit / WGLT

The industrial salvage company that owns the closed Mitsubishi plant in Normal has put off an auction to break up the equipment, building, and furniture.

This is the third delay for the auction originally scheduled for August. The latest date had been the 18th of October.

BN Economic Development Council

All of the three major economic factors considered for the quarterly event "BN By the Numbers" show positive signs of improvement.

GLT's Willis Kern finds out more in this interview with Mike Doherty, Senior Economist with the Bloomington-based Illinois Farm Bureau. Doherty gives the presentation at Thursday's quarterly event, which will be held during the noon hour Thursday September 29 at ISU's Bone Student Center.

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