Peoria area employment trends by NAICS Industry
A review of growth and change in local employment in five key NAICS industries is presented below. Employment data reflect payroll employment in the five county Peoria-Pekin Metropolitan Statistical Area (Peoria, Tazewell, Woodford, Stark and Marshall Counties). All data have been seasonally adjusted by the CBER, allowing underlying economic trends to be observed.
The data show manufacturing's sensitivity to the business cycle. Manufacturing employment grew during the 1990's expansion, peaking at 35,000 during 2000. Manufacturing went on a decline in January 2001 and local manufacturing employment dropped below 26,500 by September of 2003. Subsequent economic growth lead to a partial recovery, to 32,000 jobs in the sector.
The US entered a recession in December 2007, with declines in manufacturing employment in the Peoria MSA until reaching a low of 24,400 in December 2009. In December 2014 the manufacturing employment reached 26,492 jobs.
Employment in Business/Professional services includes jobs at temporary help services sector, accounting and law firms, marketing and computer consulting services, and other similar service firms. The expansion of local business and professional services is reflected in the increase in area employment in the sector, increasing from 16,000 at the beginning of 2000 to 23,721 jobs in 2008.
The US entered a recession in December 2007, with declines in Business/Professional Services employment to a low of 20,100 in July 2009. In December 2014 the employment in the Peoria MSA was back up to 20,350 jobs.
Health Care Services
Health care services in Peoria MSA have grown since the beginning of 2002, with employment increasing until December 2008 when the number of jobs in health care services peaked at slightly over 30,000 employees. Following the recession, the number of jobs in this sector decreased and fell to 28,955 by January 2010. In December 2014 employment in the sector was 32,548 jobs.
Employment in the hospitality/entertainment category is primarily in restaurants and bars, but includes also hotels, gambling establishments, and other recreational services.
Employment in this sector has shown little overall growth since 2000. There were about 18,000 jobs in 2000; by December 2014 there were 16,944 jobs in the hospitality/entertainment sector.
There has been little overall growth in employment in retail trade since 2000.
Employment in retail trade was nearly 28,000 jobs in 2000, and was 23,922 by December 2014.
The CBER relies on the Seasonal Decomposition procedure in SPSS for seasonal adjustment. The seasonal adjustment procedure removes the impact of seasonal components, i.e., the predictable seasonal variations of the data, so that underlying trends in the data series can be more readily discerned.