Illinois Economy

Business and economic news

Flickr/Images_of_money

A new report predicts an uptick in home sales in Illinois in the coming year. Although a number of potential homebuyers are still sitting on sidelines. The forecast for housing prices in the coming year shows some increases, but not the kind of gains experienced in the last couple of years. 

Geoffrey Hewings, Director of the Regional Economics Applications Laboratory at the University of Illinois says while the housing market continues to recovery, he says millennials would rather rent than buy.

Agribusiness company Archer Daniels Midland says it plans to
open a new informational technology center next year in Kentucky that will
eventually employ about 200 people.
 
The Chicago-based company said Thursday that the new center will open in the
second half of 2015 in Erlanger, Kentucky, with about 100 contractors and ADM
employees and eventually expand.
 
The center will be in the same complex as ADM's WILD Flavors offices in
Erlanger. The town is about 15 miles southwest of Cincinnati.
 

The City of Springfield has reached a deal to have the former Esquire Theater demolished. 

The theater closed over a decade ago and the building has remained boarded up since then.  That's despite sitting along a busy stretch of MacArthur Boulevard near South Grand.   Alderman Joe McMenamin says the property's owner has agreed to tear down the building by spring.  The city's ordinance to begin fining vacant property owners was a factor.  He says the threat of fines also made potential buyers nervous:

gcak12.org

The leading cause of on-the-job deaths in Illinois is vehicle accidents. 

172 people died on the job in Illinois in 2013, up  from the year before.   Almost a third of those deaths came from transportation accidents.   Laura Johnson is the Executive Director of the Iowa-Illinois Safety council.

"It really doesn't matter where your employee gets hurt does it? It is still a catastrophic event for your organizations. So we really push defensive driver training for our member companies".

Tim Landis chats with Bill about the purchase of the President Abraham Lincoln Hotel, layoffs at Benedictine University and Viper Mine Files Its Application for Expansion.

grainbeltexpresscleanline.com

A series of public meetings is underway in the area regarding a high voltage transmission line project.

The Grain Belt Express Clean Line is the name of a project that will transport electricity generated by wind power in Kansas to Illinois and other states.  It would run through west central Illinois, starting in Pike County and east into Macoupin, Christian and Shelby counties among others....then on to Indiana.

Jeff Turner/flickr

WUIS' Sean Crawford talks with Tim Landis, Business Editor for the State Journal-Register, on our weekly business report. 

This week, we hear about foreclosure sales returning to normal levels in the Springfield area.  We also discuss a study of the Heritage River Trail from Petersburg to Decatur and what improvements could be made to help tourism and recreation. 

Also, a court-ordered deadline is fast approaching to clean up the former CIPS Icehouse at 918 E. Edwards St.

Tim Landis headshot
SJ-R.com

On this week's WUIS/State Journal-Register Business Report, Tim Landis tells us about the Grain Belt Express transmission line project across central Illinois, efforts to save another historic building in Springfield and expansion of a senior living complex. 

WUIS

A fracking law passed in 2013 could soon finally take effect in Illinois -- it's expected drillers will find oil and gas in southern Illinois. A bipartisan legislative committee Thursday gave its okay to a revised set of regulations. 

The long wait is an indication of how controversial hydraulic fracturing is; supporters hail its opportunity to spur economic growth while environmentalists decry the potential damage it may cause.

Passing a law was supposed to be the hard part, but the two sides came to a compromise. It's over the details since that they've departed. 

Grocery store hiring part of the better jobless rate,  Bunn-O-Matic buys building on west side and a chance to save an 1840's home from the wrecking ball on today's WUIS-State Journal Register business report.

 

Amazon Inc. says it plans to open its first facility in Illinois next year in a move that would create 1,000 jobs.  

The announcement comes a week from election day as Governor Pat Quinn touts economic growth and his Republican opponent, Bruce Rauner, has criticized the slow growth of employment in Illinois.

The company made the announcement about the $75 million project on Tuesday. The jobs figure would be reached by 2017.  

In this week's Business Report Tim Landis discusses a chain establishment leaving town, the future of a Route 66 landmark and work is set to begin on an historic site.

Illinois had one of the stronger showings in the nation in new jobs last month and it led the way nationally with a a 2.5% drop in unemployment from September of last year to September of this year.

Figures released by the Bureau of Labor Statistics show Illinois added more than 19,000 jobs last month, marking the second largest increase in the nation. 

Illinois trailed only Texas in month over month employment.

The biggest gains came in  professional and business services.   That includes more accounting jobs which have increased in the Chicago area.  

HansenandYoung.com

On this week's WUIS / State Journal-Register Business Report, we discuss a one-time statehouse hangout that is on the auction block.  The former Baur's Restaurant is just south of the capitol complex. 

SJ-R Business Editor Tim Landis tells us the fact the auction has no minimum bid says something about the change in habits during legislative sessions.

We also discuss a judge's order that forces demolition of the Knox Flats building in Springfield and a financial update on Downtown Springfield Inc.

SJ-R.com

A project in downtown Springfield that was to revitalize a former church is now in the courtroom.  Tim Landis of the State Journal Register discusses that and some of the week's other stories.

Chase

James Glassman, Head Economist, Commercial Bank, JP Morgan Chase says the economic recovery is better than many people think.   Speaking at the Greater Springfield Chamber of Commerce's Economic Outlook Breakfast, Glassman said this recovery is "in the fifth inning".  

Glassman says there are still two groups that haven't felt the recovery.  Those who are "involuntary" part time workers and students.   

SJ-R.com

An area coal company says 300 jobs are a stake in Logan County.  Tim Landis, Business Editor of the State Journal Register discusses that and Jimmy John's response to a security breach.

Indiana Public Media

A new study shows local businesses are optimistic about the local economy. 

The Greater Springfield Chamber of Commerce is out with its annual economic outlook.   It shows more than 80 percent of local businesses surveyed are increasingly optimistic about their own firm and that of the overall Sangamon county economy.   

SJ-R.com

On this week's WUIS / State Journal-Register Business Report with Tim Landis, we discuss an effort by Magro's Meat Processing of Auburn to locate a store in Springfield.  Neighbors have rejected a plan for animal slaughtering in the area along Stevenson Drive.  Springfield's Planning and Zoning Board has also denied the request. 

Also, mixed reviews so far for bike lanes along a downtown street and a push to bring a medical marijuana dispensary to the city's downtown.

Read the latest stories from Tim Landis in the SJ-R.

flickr/Simon Cunningham

Illinois unemployment fell in August to 6.7 percent, the sixth straight monthly decrease in the state's jobless rate, according to figures released Thursday by the Illinois Department of Employment Security.  

The latest figure represents a drop from 9.2 percent one year ago and marks the largest year-over-year decline since 1984. The last time the rate was lower than 6.7 was in July 2008, when it was 6.6 percent.  

There are 40,600 more jobs than one year ago, the department said.  

LegacyPointe.net

A major retail development planned near the Scheel's store in Springfield will now involve the company that runs White Oaks Mall.

Simon Property Group has joined with Global Outlet Management to build 80 outlet stores at MacArthur Boulevard and I-72.

It's being called a 50/50 partnership.  David Ober, with Global Outlet Management out of Hershey, Pennsylvania, says the two companies teaming up means the development will be opening next year.

commons.wikimedia.org

 U.S. safety regulators are investigating complaints that the doors won't latch properly on some Ford Fiesta subcompact cars.
 
 The probe announced Monday by covers about 205,000 Fiestas from the 2011 through 2013 model years.
 
 The National Highway Traffic Safety Administration says it has received 61 complaints about the doors. Some said the latches wouldn't catch. A dozen said a door opened while the cars were being driven. The agency says one person was hurt when a door rebounded after an attempt to close it.
 

UKberrinet/flickr

Supporters of high-volume oil and gas extraction said Wednesday that they'll seek dozens of changes in proposed rules to govern the practice in Illinois that appear to violate a hard-won compromise between industry and environmentalists.  

A coalition of industry groups will outline more than 65 areas of concern to a legislative panel that must decide whether the rules _ written by the Department of Natural Resources to implement a new hydraulic fracturing law _ can take effect as written, said Mark Denzler vice president of the Illinois Manufacturers Association.  

SJ-R.com

The State Journal-Register's Business Editor Tim Landis explains residents are upset about a plan to open a meat market along Stevenson Drive in the old Eagle Supermarket building. The concern comes from a proposal to allow animal slaughtering on site.

Also, Legacy Pointe was supposed to have had outlet stores and a lot more by now.  The delay of development has led to questions about the project ever coming to fruition.  

And, Downtown Springfield Inc. could be running out of money as early as next month. What happened and will the city come to the rescue?

SJ-R.com

This week, State Journal-Register Business Editor Tim Landis tells us about the growth of Casey's General Stores and the company's plans for the future. 

We'll also get an update on the case against THR and Associates founder Jeff Parsons and the decline in farmland prices.

SJ-R.com

Ameren has begun a huge upgrade of gas lines that could take a decade to complete. 

The State Journal-Register's Tim Landis tell us while the company says it's needed, consumers will be paying for the work. 

The start of construction on an underpass along Carpenter Street is part of Springfield's rail relocation.  A groundbreaking was held for that project in the past week. 

Also, Pease's Candy is known for the pink box it's had since the 1930's.  But the packaging is getting a bit of a facelift.  

SJ-R.com

On this week's WUIS/State Journal-Register Business Report, Sean Crawford talks with the SJ-R's Tim Landis about efforts to re-develop property along MacArthur Boulevard that was the home to the Esquire Theatre.  One developer has pulled out and nearby residents have their ideas on what should happen there.

The discussion also centers on downtown Springfield traffic.  It's on the minds of businesses and residents in that area.  There's a plan to slow things down and make it more pedestrian friendly.   

VisitSpringfieldIllinois.com

Historic sites. Abraham Lincoln. Food. Location. 

Whatever drives people to Springfield, the capital city is rebounding when it comes to tourism. 

Ameren.com

On this week's WUIS-SJR Business Report Tim Landis discusses Ameren's efforts to acquire land for the Illinois Rivers Transmission Line. Also the status of the Taylorville Energy Center land and a Chik Fil A coming back to Springfield.

Pages