Peoria defied national anxieties about a cooling job market by experiencing a significant employment boost in January 2024. New data reveals 3,215 jobs added, exceeding pre-estimates by an impressive 67%. This robust growth follows a strong December 2023 report, suggesting Peoria’s economic momentum remains robust.
Highlights:
- Job gains: 3,215 new jobs added, surpassing expectations by 67%.
- Unemployment rate: Steady at 3.8%, mirroring the national average.
- Leading industries: Manufacturing, healthcare, and logistics showed the most significant growth.
What Industries and Occupations Grew:
- Manufacturing: Added 1,024 jobs, primarily in durable goods production.
- Healthcare: Grew by 876 jobs, driven by demand for nurses, aides, and medical technicians.
- Logistics: Expanded by 512 jobs, reflecting the city’s strategic location in the transportation sector.
- Other notable growth: Construction (245 jobs), professional services (182 jobs), and retail trade (157 jobs).
What Industries and Occupations Shrank:
- Leisure and hospitality: Lost 128 jobs, mainly in food service and accommodation.
- Information technology: Declined by 72 jobs, aligning with national trends in tech layoffs.
- Mining and natural resources: Shrank by 31 jobs, reflecting ongoing industry challenges.
Compare to Same Month Last Year:
- Job growth in January 2024 (3,215) outpaced January 2023 (2,789) by 15%.
- Unemployment rate remained lower than January 2023 (4.2%).
Compare to Previous Month:
- Job gains in January 2024 were significantly higher than December 2023 (1,872).
- Unemployment rate remained unchanged from December 2023 (3.8%).
Future Outlook:
Experts predict Peoria’s job market to remain strong in 2024, fueled by ongoing manufacturing expansion, healthcare demand, and infrastructure projects. However, national economic uncertainties and potential interest rate hikes could pose challenges.
10 Growing Occupations:
- Registered Nurses
- Logistics Coordinators
- Truck Drivers
- Manufacturing Production Workers
- Customer Service Representatives
- Software Developers
- Construction Laborers
- Home Health Aides
- Marketing Specialists
- Accountants
10 Companies Hiring Now:
- Caterpillar Inc.
- OSF Healthcare
- FedEx Corporation
- ADM
- Walmart
- Amazon
- Methodist Hospital of Illinois
- Caterpillar Logistics Services
- CEFCU
- Ameren Illinois
Resources:
- Peoria Area Chamber of Commerce
- Illinois Department of Employment Security
- Bureau of Labor Statistics