Wednesday, August 29, 2012

Biz Barometer

Local Economy Mixed
Pekin’s sales tax disbursement received from the state in August was 13.4% greater than August of 2011.
Pekin’s sales tax disbursements received from the state for the last 3 months were 8.6% greater than the same three months in 2011.
The other three large communities on the east side of the Illinois River also showed increases in August compared to August of 2011:  Morton (+18.1%), Washington (+6.8%), and East Peoria (+5.1%). 
For the 12-month period ending in August, all four communities showed an increase in sales tax receipts from the state, compared to the 12-months ending in August of 2011:  East Peoria (+11.4%),  Pekin (+5.0%),  Morton (+4.9%), and Washington (+4.1%).
The number of residential units sold in the 61554 zip code for the first seven months of 2012 was 6.8% less than the same period in 2011.
The other large Tazewell communities are showing large increases in residential unit sales for the first seven months of 2012, compared to the first seven months of 2011:  Washington (+40.0%),  Morton (+34.7%), and East Peoria (+32.3%).
The average sales price of residential units in the 61554 zip code for the first seven months of 2012 is $111,715. That is 9.2% greater than the average sales price for the first seven months of 2011.
The average sales price of residential units in the other large Tazewell communities is also up compared to the first seven months of 2011:   East Peoria (+15.3%), Morton (+3.5%), and Washington (+2.6%)
Nationally, non-farm payroll employment rose by 163,000 in July, while the unemployment rate was unchanged at 8.3%
Pekin’s unemployment rate rose from 9.2% to 9.6% during July.  The rates in Tazewell Co and the Peoria region also increased slightly.
The number of people working in Pekin decreased by 60 during the month, reversing a 5-month growth trend.
Sources:  Illinois Department of Employment Security; Illinois Department of Revenue; Peoria Area Association of Realtors; Bureau of Labor Statistics

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