| Wednesday, August 15, 2007 11:48 PM CDT |
McLean Co. economy slowed in early 2007
BLOOMINGTON -- McLean County's once-surging economy slowed early this year, according to the first quarterly economic index released by the Economic Development Council of the Bloomington-Normal Area.
The index gauges overall employment, employment by sector, manufacturing activity and passenger traffic at the Central Illinois Regional Airport to provide a snapshot of the state of the McLean County economy.
The current first-quarter index, covering January through March, hit 170.46, the EDC said. That's a 70 percent increase from a base of 100 in 1990, the earliest data available, but a 0.33 percent decline from the fourth quarter of 2006.
"I'm not surprised. Housing is going to be an issue," said EDC Executive Director Marty Vanags, referring to the economic effects of a national cooling in the real-estate market.
In other economic indicators, airport traffic continued to grow in the first quarter, while overall employment in McLean County dropped 2.33 percent. Employment in transportation and utilities fell 4.11 percent, while job figures in manufacturing, education, health and professional services remained flat.
James Payne, chair of the ISU economics department, said it was not uncommon for employment to fall during the cold months of the first quarter.
The first-quarter index, compiled with the Stevenson Center for Community and Economic Development at Illinois State University, was scheduled to be released in June but was delayed. The second-quarter index should be released in early September, Payne said. There's a two-month lag period in the index due to the availability of data from state and federal agencies.
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