Despite the fact that unemployment in Illinois has dropped over the last 12 months, with job gains seen in many metro areas across the state, both Peoria and Kankakee have lost hundreds of jobs in the same period.
In 2018, Peoria unemployment rates were at 4.1 percent with an estimated 7,300 Peoria residents unemployed. The lack of job growth over the last 12 months puts a further financial strain on residents in Peoria and surrounding areas.
Some job losses in the area coincided with the major restructuring of Caterpillar Inc. resulting in thousands of positions being cut. As one of Peoria’s top employers, the widespread loss of employment left many in a difficult financial situations that can be felt even years later.
Fortunately, interest in investing in Peoria is in the works. A coalition to drive economic growth in Peoria has its sights set on federal grants to promote autonomous research in the area, state grants are being looked at to redevelop high vacancy neighborhoods and an initiative through the University of Illinois to engage economic development in Illinois has a planned brick and mortar location in Peoria. These plans and more all hold out hope that good jobs and rising incomes will return in the upcoming years, a welcome comeback for many area residents.
Unexpected issues like being laid off from your job are beyond your control. Unemployment and other difficult issues can come without any warning. If you are considering bankruptcy as a strategy to solve a difficult financial situation, contact the Peoria bankruptcy Law Offices of Charles E. Covey at 309-674-8125 for help.