The Composite Index of Business and Economic Indicators shows greater Peoria’s economy remains stable despite mixed conditions. The report assigns the Peoria-Pekin Metropolitan Statistical Area a first quarter 2019 Index value of 102.8. A value over 100 is deemed favorable.
Stronger employment payrolls contributed to the favorable economy. Analysis shows area payrolls grew 2.7% in the first quarter of 2019 when compared with the previous year. The report notes job gains in the manufacturing, professional and business services, education and health sectors. The authors conclude the payroll growth is the result of fewer layoffs and a stable number of advertised job openings.
The study concludes, however, that more people are seeking work, resulting in an unemployment rate that’s nearly a full-percentage point higher than a year ago. First quarter retail sales remained flat at $1.2-billion. Home sales were down 4.3% from the same time in 2018, and the local home supply is down nearly 20% for the same period.
The Index authors say short-term indicators are mixed, creating uncertainty about near-term business and economic growth.
Departments within Bradley University’s Foster College of Business compile the report quarterly. The Composite Index reviews 30 diverse business indicators in Peoria, Tazewell, Woodford, Stark and Marshall counties.
