Greater Peoria Economic Scorecard 2012 : Page 4ECONOMIC PERFORMANCE WHY IS THIS IMPORTANT? Economic performance is critical to every community. A strong, vibrant economy leads to improved living standards, job growth, higher wages and more opportunities for all stakeholders. Improving economic performance is the ultimate goal for all community leaders. To create the index for economic performance, four indicators were identified. 132 PEORIA 100 112 86 FORT USA No. 73 RAPIDS SPRINGFIELD, 13 CITIES 7 Greater Peoria does relatively well in this category, but is outperformed by the Quad Cities. 5 LEXINGTON YNE WA 72 72 42 CHA TT ANOOGA QUAD GRAND 15 6 MO DA Y TO MOINES DES 184 THE INDICATORS Private Sector Job Growth N OMAHA 194 13 Percentage growth in private-sector employment from 2007 to 2010. Indicates economic opportunities offered to workers and job creation activities within the business community. 0 ROCKFORD MADISON 200 ECONOMIC PERFORMANCE INDEX Regional Employment Measures the number of people actively employed in an area from November 2010 to October 2011. Employment growth generally correlates to job growth. UNEMPLOYMENT RATE COMPARISON, 2011 The Quad Cities and Greater Peoria metro areas are similar in many categories, but the Quad Cities outperforms Greater Peoria on regional unemployment rate. PLAYING THE RANKINGS Greater Peoria No. GRP Growth The dollar value of all final goods and services produced in a given area from 2007 to 2010. GRP growth measures the overall size and output of the economy. 10.0 9.5 9.0 8.5 7.5 7.0 6.5 6.0 JAN FEB MAR APR MAY JUNE JUL AUG SEP OCT NOV DEC — Greater Peoria MSA — Quad Cities MSA 71 Forbes magazine’s 2011 “Best Places for Business and Careers” Per Capita Income Measures the overall wealth within a community on a per capita basis in 2010. The amount of income per person is a proxy for living standards within a region. Milken Institute’s 2011 Best-Performing Cities Index No. 27 No. 68 15 Newgeography.com’s 2011 “Best Midsized Cities for Job Growth” Kauffman Foundation’s 2010 New Economy Index No. 4 ECONOMIC PERFORMANCE ECONOMIC PERFORMANCEWHY IS THIS IMPORTANT?<br /> <br /> Economic performance is critical to every community. A strong, vibrant economy leads to improved living standards, job growth, higher wages and more opportunities for all stakeholders. Improving economic performance is the ultimate goal for all community leaders. To create the index for economic performance, four indicators were identified.<br /> <br /> THE INDICATORS<br /> <br /> Private Sector Job Growth<br /> Percentage growth in private-sector employment from 2007 to 2010. Indicates economic opportunities offered to workers and job creation activities within the business community.<br /> <br /> Regional Employment<br /> Measures the number of people actively employed in an area from November 2010 to October 2011. Employment growth generally correlates to job growth.<br /> <br /> GRP Growth<br /> The dollar value of all final goods and services produced in a given area from 2007 to 2010. GRP growth measures the overall size and output of the economy.<br /> <br /> Per Capita Income<br /> Measures the overall wealth within a community on a per capita basis in 2010. The amount of income per person is a proxy for living standards within a region. Publication List |
