Wednesday, May 15, 2013

Greater Peoria Scores Better in 2013 Cost of Living Index


The cost of living in Greater Peoria has gone down slightly in the first quarter 2013 compared to the same time last year. This is according to the latest Cost of Living Index released by the Council for Community and Economic Research. This is positive news as we work hard to attract new businesses and talented people to our region.

The Cost of Living Index measures relative price levels for consumer goods and services in participating areas. The average for all participating places equals 100. Each participant’s index is read as a percentage of that average. This index is a quarterly measure of regional differences based on more than 90,000 prices covering 60 different items for which prices are collected quarterly by chambers of commerce, economic development organizations and university applied economic centers in participating urban areas.

Greater Peoria scores near the national average of 100 in all six component categories and the region’s overall composite score was 100.4 which is slightly lower than 2012.
Housing: 100.3 (up from 95.9 in 2012)
Utilities: 95.1 (down from 97.8 in 2012)
Grocery Items: 94.1 (down from 98.2 in 2012)
Transportation: 107.6 (down from 111.9 in 2012)
Health Care: 97.4 (down from 99.0 in 2012)
Miscellaneous Goods & Services: 102.6 (down from 106.2 in 2012)
The top three most expensive urban areas are New York/Manhattan #1 at 227.1, New York/Brooklyn #2 at 171.4 and Honolulu HI #3 at 171.0. The top three least expensive urban areas are Harlingen TX #1 at 80.6, Idaho Falls ID #2 at 82.4 and Pueblo CO #3 at 83.4.

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