Wednesday, June 27, 2012

Biz Barometer


Local Economy Continues to Gain Momentum
Pekin’s unemployment rate fell from 8.0% in April of 2012 to 7.7% in May of 2012.  That’s the fourth straight month of decline, and the lowest unemployment rate in Pekin in 40 months (December of 2008)
The number of people employed in Pekin (16,289) in May of 2012 was 60 more than April of 2012 and the fourth consecutive month of job growth.
The number of people employed in the Peoria region (188,362) in May of 2012 was 6,015 more than January of 2012 and also marks the fourth straight month of job growth.
Nationally, the nonfarm payroll employment changed little in May (+69,000), and the U.S. unemployment rate was essentially unchanged at 8.2 percent.  Employment increased in health care, transportation and warehousing, and wholesale trade but declined in construction.
Pekin’s sales tax disbursement received from the state in June was 5.8% greater than June of 2011.
Pekin’s sales tax disbursements received from the state for the last 3 months were 6.5% greater than the same three months in 2011.
East Peoria continues to lead the communities on the East side of the Illinois River, with a 13.1% increase in sales tax disbursements received from the State in June, compared to the June of 2011.  Morton (5.3%) and Washington (5.5%) also saw healthy gains for the same comparison period.
The number of residential units sold in the 61554 zip code for the first 5 months of 2012 is 6.1% greater than the first 5 months of 2011.
The average sales price of residential units in the 61554 zip code for the first 5 months of 2012 is $108,040.  That is 4.7% greater than the average sales price for the first five months of 2011.
Sources:  Illinois Department of Employment Security; Illinois Department of Revenue; Peoria Area Association of Realtors; Bureau of Labor Statistics