The Greater Peoria Economic Development Council was named a ‘Manufacturing Community’ by the U-S Department of Commerce. It’s one of 12 designations nation-wide that allow communities to access a $1 billion pot of federal money for economic development. Jennifer Daly heads the regional EDC. She says the group plans to use some funding to help various area manufacturers find ways to diversity in tough market conditions:
“Working on these issues now, before we have the big layoffs, before we have the problems that come in the future.”
Caterpillar has announced hundreds of layoffs since January at its facilities including East Peoria and Pontiac. The news comes amid a federal push to boost investment in manufacturing. Daley says the designation can also free-up dollars to help boost student interest in pursuing academic careers.