August Biz Barometer

Pekin's sales tax receipts continue to lag behind the rest of the county in August, and the region's employment numbers were down in July.  However real estate sales are generally up over the previous year.

L Pekin's August sales tax disbursement from the state was down just 0.7% compared to the same month a year ago.  The 3-month running average was down 5.9% and the 12-month running average was down 10.2% compared to the same periods one year ago.

J The remaining three large Tazewell County communities showed growth in their August disbursements from the state, compared to a year ago.  East Peoria was up 22.9%, Morton was up 8.7%, and Washington was up 3.6%. 

J July sales tax disbursements for the four large Tazewell County communities as a whole, were up 9.9% compared to August of 2013. That continues a positive trend: the 3 month running average is up 7.9% and the 12-month running average is up 2.6% compared to the same periods one year ago.
L The unemployment rate in Pekin rose 8.5% in July, up from 8.0% in June. The July unemployment rate in Tazewell County was 7.2%, up from 6.8% in June.
L 15,512 people were working in Pekin in July, which was down 222 from June.

L Through July a total of 248 residential units have been sold in Pekin. That is down 9.8% compared to the same period a year ago. Washington (-17.4%), Morton (-16.8%) and East Peoria (-1.6%) are also reported lower sales through July compared to the same period a year ago.

J The average sales price of residential units in Pekin was $114, 931 for the first 7 months of the year. That is a 7.5% increase over the same period in 2013. Morton ($210,188, +10.4%) and Washington ($197,164, +7.5%) also reported increase sales prices, while East Peoria ($137,737, -0.7%) was virtually unchanged.
J Total nonfarm payroll employment increased by 209,000 in July, and the unemployment rate was little changed at 6.2 percent. Job gains occurred in professional and business services, manufacturing, retail trade, and construction.
J The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent in July on a seasonally adjusted basis. Over the last 12 months, the all items index increased 2.0 percent before seasonal adjustment.

Sources: Peoria Area Association of Realtors, Illinois Department of Employment Security, Illinois Department of Revenue, US Bureau of Labor Statistics


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