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.
Manufacturing
The data show manufacturing's sensitivity to the business cycle. Manufacturing employment grew during the 1990's expansion, peaking at 35,000 during 2000. A national recession began in March 2001 and local manufacturing employment dropped below 26,500 by the August of 2003. Subsequent economic expansion peaked during 2008 at about 32,000 jobs.
Health Care Services
Expansion of local health care services is reflected in the steady increase in area heath care employment, rising from 25,009 at the beginning of 2000 and reaching about 30,000 jobs by 2008.
Business/Professional Services
Employment in Business/Professional services includes jobs at temporary help sevices, accounting and law firms, marketing and computer consulting services, and similar firms. Expansion of local business and professional services is reflected in the increase in area employment in the sector, rising steadily from 16,000 at the beginning of 2000 and peaked with more than 23,000 jobs in 2008.
Hospitality/Entertainment
Employment in the hospitality/entertainment category includes restaurants, bars, hotels and entertainment (ranging from museums to gambling establishments). Employment in this sector has declined slightly since January 2000 when 18,000 were employed in the sector. Employment in this sector declined slightly to 17,000 in 2006, and has since recovered to 18,000 in 2008.
Retail Trade
Employment in retail trade fell from nearly 28,000 jobs in 2000 to about 25,000 in 2003. It has increased since then, rising to 26,500 jobs in the 1st quarter of 2009.
Background
The North American Industry Classification System (NAICS) has replaced the Standard Industrial Code as the industry classification system used by the statistical agencies of the United States. The NAICS codes reflect the increasingly global focus of the U.S. economy, and provide for increased compatibility with the United Nations International Standard Industrial Classification.
Seasonal Adjustment
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.
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