Monday, April 21, 2014

Biz Barometer

The Pekin area economy continues to limp along according to measurements of the local housing market and sales tax receipts.  Employment numbers showed a slight improvement locally.

L The number of homes sold in Pekin in the first quarter of 2014 was down 28.9% compared to the first quarter of 2013.  The trend was the same in the other large Tazewell County communities:  Morton  -36.2%, Washington -29.4%, and East Peoria -30.9%.
L The average sales price of Pekin home sales in the first quarter of 2014 was $94,455.  That was down 13.2% from the first quarter of 2013. 
The average sales price of residential units in the other large Tazewell Communities was up for the first quarter of 2014, compared to the first quarter of 2013:  East Peoria +0.2%, Morton +51.3%, and Washington 30.7%.
J The unemployment rate in Pekin was 10.9% in February, up slightly from 10.8% in January but down from 11.8% in February of last year.
J 15,041 people were employed in Pekin in February. That is up 63 from January.
The 15,041 people employed in Pekin in February was down from 15,529 in February of 2013.
The unemployment rate in Illinois was 9.4% in February, up from 9.1% in January.
Total U.S.nonfarm payroll employment rose by 192,000 in March, and the national unemployment rate was unchanged at 6.7 percent.  Employment grew in professional and business services, in health care, and in mining and logging.
Pekin’s April sales tax disbursement from the state was down 22.0% compared to a year ago.   Pekin’s sales tax disbursement for the past 12 months was 5.8% less than the previous 12 month period.
East Peoria’s sales tax disbursement from the state for the past 12 months was 11.9% greater than the previous 12 months, while Washington (0.8%) and Morton (-0.2%) were virtually unchanged.  
Sales tax disbursements for the four large Tazewell County communities as a whole were up 2.2% for the past 12 months, compared to the same period a year ago.
K The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in March on a seasonally adjusted basis.  Over the last 12 months, the all items index increased 1.5 percent before seasonal adjustment.

(Source:  Peoria Area Association of Realtors, Illinois Department of Revenue, Bureau of Labor Statistics, Illinois Department of Employment Security)

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