Business

The business community in central Illinois is a tight-knit one, with a host of strong leaders and an array of unique, progressive partnerships. Our diverse economy, strategic location and entrepreneurial spirit help to fuel continued progress in the region.

While the rest of the country experiences an economic slowdown, the Peoria-area economy is strong and steady. According to the Federal Reserve Bank of Chicago, the Peoria and Des Moines economies are the fastest growing in the Midwest. A recent Bradley University report showed economic activity in the Peoria area at a new peak in 2007. Unemployment across the region is dramatically less than the U.S. average, with more than 9,000 new jobs created in the area over the last four years.

A three-time All American City winner, Peoria was ranked third among the largest metro areas for cost of living and among the “Best Places for Business and Careers” by Forbes magazine. It ranked No. 67 on Inc. magazine’s Medium-Sized Metropolitan Statistical Areas for its 2007 “Best Places” list and was among its choices for “Overall Best Places.” Salary.com recently ranked Peoria No. 9 in the country on its Salary Value Index, which rates the best U.S. metros for building personal net worth.

Caterpillar Inc., the region’s highest profile company and an economic engine for the area, continues its climb up the annual Fortune 500 list, moving up to No. 50 this year. Its 2007 sales and revenues were more than $3 billion higher than the prior year and more than twice what they were just five years ago, demonstrating the company’s global reach and tremendous growth in recent years.

While manufacturing and agriculture continue to be key drivers of the economy, the region has steadily diversified over the last decade. Significant growth in the fields of healthcare, technology, logistics and renewable energy hold tremendous promise for our future.

Both the City of Peoria and Peoria County governments play an active role in nurturing economic development with loan assistance, tax increment financing and other economic tools to make the region more business-friendly. And despite a slowdown in real estate throughout the country, the Peoria market remains steady. It all adds up to the same conclusion: Peoria is a great place in which to do business.

COLLABORATION IS WHAT WE DO

They say it takes a village, and central Illinois is no exception. From Peoria NEXT and the Economic Development Council for Central Illinois (EDC) to the more than 1,200-member Peoria Area Chamber of Commerce, progressive partnerships are everywhere you turn.

One of the biggest drivers of our collaborative efforts is The Heartland Partnership, an umbrella group of area organizations which connects leaders throughout the community to leverage existing support resources and aggressively attract new business to the region. The Heartland Partnership and its family of companies, including the Chamber and EDC, are designed to make the region competitive in the global marketplace.

The Partnership leads monthly roundtable discussions among key economic players in the region, keeping lines of communication open and enhancing the sense of regional collaboration. The Chamber also holds regular discussions with the City Council and Peoria Public School District 150 to discuss the future direction of the city. Last year, when area businesses felt the impact of deregulated energy prices, the Chamber developed a cooperative to help its members purchase electricity.

Most recently, the Chamber adopted the Young Professionals Organization of Greater Peoria (YPO) into its network of professional groups. The YPO, dedicated to the attraction and retention of young professionals to the area, will receive staffing and infrastructure support from the Chamber to achieve its mission.

The CEO Roundtable, a group comprised of local CEOs and business leaders, has just completed the process of merging its organization with The Heartland Partnership. The key community groups committed to economic development and quality of life improvement in Peoria are now united with a single purpose.

Helping to ensure we have a qualified workforce with the right skills to fill the jobs of tomorrow is the Central Illinois Workforce Development Board. Talent Force 21 is a partnership between Workforce Development and dozens of community partner organizations, working together to address the challenges our region faces as we move into the 21st century knowledge economy.

Entrepreneurs in central Illinois can turn to a number of resources for support in getting their ideas off the ground. Local centers of the Illinois Entrepreneurship Network exist at Bradley University, Illinois Central College and elsewhere, providing business counseling, technical assistance, training and networking opportunities. The opening of the Peoria NEXT Innovation Center, along with its entrepreneurial networking forum, NEXTSteps, offers additional resources to technology-related companies.

Finally, Project Springboard is another shining example of our region’s unique collaborative efforts. The business plan competition, a partnership between Junction Ventures, Bradley University and other area businesses, is designed to nurture potential business ventures and keep the brightest students in the area after graduation. It rewards entrepreneurially-minded students with start-up money and support for their ideas, serving as a catalyst for innovation and business growth.

LEADING THE WAY

Progress in a community is driven by the strong leadership of individuals. While many communities struggle due to a lack of leadership, central Illinois has nurtured and developed its potential leaders for years.

Caterpillar Inc. understands the importance of cultivating leadership—the company was recently named by Fortune magazine as one of North America’s Top Companies for Leaders. Each year, InterBusiness Issues magazine honors the best and brightest among Peoria-area leaders with its annual 40 Leaders Under Forty ceremony, which celebrates its 15th anniversary in 2008.

Launched just last year, the Institute for Principled Leadership in Public Service is a joint effort between Bradley University and the Dirksen Congressional Center. Its mission is to educate and train collaborative, bipartisan and ethical leaders for successful careers in public service. Truly a one-of-a-kind project, its innovative approach exemplifies the collegial spirit of teamwork that is a hallmark of central Illinois.

Some of the best leadership training opportunities are available through our local chambers of commerce. Community leadership schools and academies are offered by the Peoria, Morton, East Peoria and Pekin chambers. These programs ensure the continuation of our strong tradition of civic leadership by introducing participants to a broad range of local issues and community resources and familiarizing them with local government.

A PRIME LOCATION

Peoria’s size and location are major factors in its success. A “Five-Star Logistics City,” we are centrally located, making nationwide travel quick and easy. Commutes in central Illinois are short—no traffic jams or crawling on the highway. No matter where you live, your office is just minutes away!

For national and international business, the city is easily accessible by a variety of transportation options. Nearly half of the U.S. population lives within a day’s drive of Peoria, and the Greater Peoria Regional Airport offers direct flights to ten hub cities in the U.S. on its five airlines. And while coastal ports experience strains on capacity, Midwest ports—like central Illinois’ TransPORT—are just what businesses have been looking for. Our strategic access and proximity to major commodity and consumer markets in Chicago, St. Louis, Indianapolis and elsewhere bode well for the region.

Thriving partnerships, strong leadership and a prime location—just a few of the reasons central Illinois is an ideal place in which to do business. PP