June Biz Barometer

The regional economy showed some improvement this month, however Pekin lagged behind in sales tax receipts and real estate sales. 

L Pekin's June sales tax disbursement from the state was down 12.9% compared to the same month a year ago.  The 3-month running average was down 16.2% and the 12-month running average was down 9.2%.

J The other large Tazewell County communities all showed growth in their June disbursements from the state, compared to a year ago:  East Peoria +26.8%; Washington +7.6%; and, Morton +9.0%. 

J June sales tax disbursements for the four large Tazewell County communities as a whole, were up 7.7% compared to June of 2013.

L Through May a total of 160 residential units have been sold in Pekin.  That is down 18.8% compared to the first 5 months of 2013.  The other communities in Tazewell County posted similar results, with Morton's sales down 26%, East Peoria down 16.3%  and Washington down 24.3%.  

J Through May the average price of a residential unit sold in Pekin was $111,578, which is a 5.9% increase over the first five months of 2013.  Morton (16.9%) and Washington (10.2%) were also up over last year, while East Peoria's average sales price was down 4.7% for the first five months of 2013.

J Total nonfarm payroll employment rose by 217,000 in May, and the U.S. unemployment rate was unchanged at 6.3 percent. Employment increased in professional and business services, health care and social assistance, food services and drinking places, and transportation and warehousing.

J The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in May on a seasonally adjusted basis.  Over the last 12 months, the all  items index increased 2.1 percent before seasonal adjustment.

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