Econoimc Climate Report -- November 2009

The Heartland Partnership releases its Economic Climate Report for November 2009.  Click here to learn more or to download the November Economic Climate Report PDF. 

While unemployment levels for the Peoria Metro decreased in August and September, there was a slight rise in October. At the same time the region saw an increase of nearly 2000 people in the labor force for the month of October. One explanation is that people realized 'It's Better Here' and relocated to the Peoria Metro, another possibility is that people not previously employed (i.e. stay at home mom's or retired people) have decided to enter (or re-enter) the workforce.

This recession touched all corners of the country. When comparing the Peoria Metro to the other regions, we have fared better in many respects. We didn't see unemployment levels or housing issues like California, Michigan and Florida. We were by no means untouched, we saw significant job loss, but fortunately the distribution of industries affected was fairly even.

There has been a great amount of diversification in this region's economy since the 1980's. In the past decade, there have been over 7000 new businesses added to the region, and that has helped to successfully shift the employment base from exclusively large businesses to a much more desirable economic mix. The majority of jobs have been created in industries outside of the manufacturing sector such as healthcare, transportation, technology and professional/technical services.

Despite being in the midst of the worst recession since the 1930's the Peoria Metro has continued broadening its regional employment base. There were 405 jobs added between September and October, which is much needed good news. The biggest growth sectors for the Peoria Metro are currently logistics, technology and healthcare. Manufacturing is still a huge influence, but it has been declining globally for decades.

This recession has caused people to change their mindsets. American's spending habits are much more conservative today. They are spending less and looking for ways to save more. This is only the tip of the iceberg when it comes to behavioral changes. Business operations have changed too. Many companies have ‘rightsized' and learned to operate more efficiently.