Illinois Economy

Business and economic news

nissanusa.com

 Nissan is recalling 625,000 more cars in the U.S. as part of a growing problem with faulty latches that can allow hoods to fly open while cars are moving.
 

Lisa Autry / WKU Public Radio

Just over a month since taking office, Illinois Governor Bruce Rauner has already laid out a clear agenda. He’s detailed significant spending cuts, proposed a pension overhaul and targeted the power of unions. That includes a proposal to allow some parts of the state to become what he calls 'right-to-work' zones.  Neighboring Kentucky recently began a similar experiment, and could offer some clues as to what to expect in Illinois.

The governor first outlined his plan for what he called worker empowerment zones in late January, during a visit to Decatur.

wikipedia

The State Journal-Register's Business Editor Tim Landis joins us to talk about a sprucing up of Springfield in advance of the Abraham Lincoln re-enactment this spring.

We also discuss Springfield picking up the pace of demolishing abandoned properties and a long time business, Max Karpman Furs, is about to close for good.  

SJ-R

SJ-R Business Editor Tim Landis talks with WUIS' Sean Crawford about potential changes in the local restaurant scene. a delay in state tax return processing, a status update on home sales and a postscript for the Bel Aire Motel.

waymarking.com

Tim Landis shares with us the planned expansion of the downtown historical district.   The expansion from the footprint of the Old State Capitol to more of the surrounding landscape will allow for tax breaks for developers.    Also discussed... repairs at the Executive Mansion and Third Street rail work could begin this year.

A Company proposing to run power lines through Illinois wants to be declared a utility.  Clean Line Energy Partners wants to build transmission lines to carry wind energy from the plains states to Illinois. 

If they are granted utility status, they would then have a shot at getting eminent domain powers to acquire land along the route of the so called "Grain Belt Express" in west central and southern Illinois.   The company's Mark Lawler says while they'd prefer to acquire the land  in negotiations, eminent domain helps with the planning:

Bill Wheelhouse/WUIS

The Department of Energy says it has suspended the long-planned FutureGen clean-coal project in western Illinois.  

DOE spokesman Bill Gibbons told The Associated Press  on Tuesday the department concluded the project couldn't meet a September deadline to use its $1 billion in federal stimulus funding.  

Portrait of Lincoln, 1864
Francis Bicknell Carpenter

Tim Landis and Bill Wheelhouse talk about this spring's Lincoln Funeral Re-enactment, Video Gambling in Springfield and solar incentives for residential and small business users.

The number of passengers flying out of Springfield is on the upswing, pork belly related festival for downtown Springfield and opposition develops to transmission line project.  Bill Wheelhouse talks with Tim Landis on this weeks Business Report:

flickr/jmorgan

On this week's Business Report, Bill Wheelhouse talks with Tim Landis about a new effort to collect on-line sales taxes in Illinois; Nudo Products expands & Illinois has a new agriculture director.

Bill Wheelhouse / WUIS / Illinois Issues

A large scale hog farm is on hold temporarily and low oil prices may be dampening business interest in fracking in Illinois on this week's WUIS/SJR Business Report.  Bill Wheelhouse chats with Tim Landis.

A Dallas-based company wants to build an oil pipeline through parts of central and western Illinois.  Bill Wheelhouse talks with Tam Landis about that and other issues on this week's business report:

Starting this year, home sellers in Illinois need to provide more information to potential buyers. 
Illinois already requires disclosure of problems like asbestos, radon, lead paint... and even if a home was used as a meth lab.  Add to that list... issues with doors and windows.

Some may be warped or leak... and lead to bigger concerns.  

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.

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