Tuesday, December 27, 2011

Biz Barometer

Pekin's economy continues to show signs of improvement.  The employment numbers are better than last month and significantly better than last year:

  • Pekin’s unemployment rate is down from 9.6% in October to 9.3% in November
  • Pekin’s unemployment rate is down from 10.9% in November of 2010 to 9.3% in November of 2011
  • There were 16,456 employed in Pekin in November of 2011, an increase of 709 (+4.5%) compared to November of 2010
  • Peoria regional unemployment is down from 9.3% in November of 2010 to 7.9% in November 2011
  • There were 191,943 employed in the Peoria region in November 2011, up 6,650 or 3.6% compared to November of 2010
The State of Illinois disburses sales tax receipts back to the municipalities each month.  Generally there is a lag of about two months from the time the purchase is made until the sales tax is distributed back to the the municipality.  So, the December disbursements from the State to the City of Pekin are generally those sales taxes collected by merchants in October. 

Sales Tax receipts are up in the four large municipalities in Tazewell Country.  Comparing the 12-month period ending in December of 2011 with the 12-months ending in December of 2010:

  • Pekin up 1.8%  
  • Morton up 8.1%
  • East Peoria up 6.7%
  • Washington up 5.4% 
These are apples-to-apples comparisons, and only include the "municipal tax" and not any special taxing district or home rule taxes. 

While employment and sales trends are positive, the housing market continues to lag behind. 
  • Residential units sold in Pekin through November of 2011 are down 7% compared to the same period in 2010. Of the four large Tazewell County municipalities, only Morton is ahead of last year's sales, with a 1.3% growth.
  • Through November of 2011, the average sales price of residential units in Pekin was $106,033, which is 3.4% lower than the average sales price for the same period last year.  However, Pekin is faring better than the other large Tazewell communities, with all of them reporting larger drops in the average sales price.
The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in November on a seasonally adjusted basis.Over the last 12 months, the all items index increased 3.4% before seasonal adjustments.

Sources:Illinois Department of Employment Security; Illinois Department of Revenue; Peoria Area Association of Realtors; Bureau of Labor Statistics

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