Thursday, July 26, 2012

Biz Barometer


Local Economy Still Heading Up

Pekin’s sales tax disbursement received from the state in July was 6.9% greater than July of 2011.
Pekin’s sales tax disbursements received from the state for the last 3 months were 8.0% greater than the same three months in 2011.
The other three large communities on the east die of the Illinois River also showed increases.  East Peoria (+4.3%), Washington (+3.5%) and Morton (+0.2%) also showed gains in July compared to July of 2011.
For the 12-month period ending in July, all four communities showed an increase in sales tax receipts from the state, compared to the 12-months ending in July of 2011:  East Peoria (+11.3%), Washington (+3.5%), Pekin (+3.2%) and Morton (+2.9%).
The number of residential units sold in the 61554 zip code for the first 6 months of 2012 is 2.4% greater than the first 6 months of 2011.
The other large Tazewell communities are showing even larger increases in residential unit sales for the first six months of 2012, compared to the first six months of 2011:  Washington (+41.4%), East Peoria (+36.4%), and Morton (+25.0%)
The average sales price of residential units in the 61554 zip code for the first 6 months of 2012 is $109,475. That is 8.3% greater than the average sales price for the first six months of 2011.
The average sales price of residential units in the other large Tazewell communities are also up compared to the first six months of 2011:  Morton (+11.1%), East Peoria (+2.7%) and Washington (+0.8%)
Nationally, non-farm payroll employment continued to edge up in June (+80,000), and the unemployment rate
was unchanged at 8.2%
Sources:  Illinois Department of Employment Security; Illinois Department of Revenue; Peoria Area Association of Realtors; Bureau of Labor Statistics