February 24, 2023

GPEDC Weekend Update- February 24, 2023

Here are some GPEDC updates to end your week:

European Trip: Lenora just returned from Austria and Southern Germany after participating in an advanced manufacturing recruitment trip to Austria and Southern Germany with the Transatlantic Business & Investment Council (TBIC), LP. There is no substitute for sitting face to face with business leaders from 10 different companies, in their home offices and sharing why a location in Greater Peoria would advance their bottom lines.  Alongside colleagues from Puerto Rico, West Virginia, Florida, Louisiana, Mississippi and in the TVA service territory, the delegation had the opportunity to share the benefits of doing business in the US and then the opportunity to drill down on the specific benefits of each of our regions.  In addition to learning more about our competition around the country, Lenora learned about each company’s expansion plans, before location decisions had been made.  She was able to share why Greater Peoria should be on the short list for manufacturing companies that ranged from specialty paper to commercial vehicles to circuit boards. The meetings were informative, the ongoing outreach and relationship building will be important, and she returns with many lessons learned and new insights to share.  

Group of people standing in front of banners and screen

Mural Map: GPEDC partnered with Tri-County Regional Planning Commission and Big Picture Initiative to create an interactive map of public murals throughout Greater Peoria. The inspiration started with Lenora and her husband Dan (who works with GPEDC investor TWM) when they took a bike ride checking out the dozens of murals we have. You can check out the map here. Let us know if we missed one.

Makers Madness: The nomination portion of the “Makers Madness,” the Illinois Manufacturers Association annual contest to crown the “coolest thing made in Illinois,” is over and the initial round of voting is now live at www.makersmadnessil.com. Well over 100 products were nominated. In this round, voters can cast up to five votes per day as the field of products is narrowed. This round ends March 5. Once again, Greater Peoria is well represented in everything from large off road machinery to snacks. I’m not sure I got all of our products, but here is run down of how you might want to vote (in alphabetical order by product):

Chicago Fed Analysis: I probably get a different economic outlook email every day, but this one from the Federal Reserve Bank of Chicago (7th Federal Reserve District) caught my attention. According to the report, both the District and the nation experienced slower growth in 2022 than in 2021, which was a year of very strong growth following the COVID-induced economic shock. Growth was closer to traditional long-run trends. Tight labor markets and supply chain issues were two of the big stories of 2022, but both seem to be returning to normal. As the pandemic impacts recede, Fed economists believe the District will continue on this “slow-growth” path. Read more here.

Have a great weekend.