By Howard Packowitz
NORMAL – A more robust local economy is not going to happen overnight, according to Normal Mayor Chris Koos.
He said local leaders can provide economic incentives, such as tax increment financing and property tax rebates, to encourage investment. However, Koos said communities like Normal and Bloomington are largely at the mercy of broader economic conditions.
Koos’ comments came after the release of Normal’s annual financial trends report. It showed negative ratings for eight of the 34 categories that the local government uses to measure the community’s economic health.
The county’s declining workforce is one of the negative indicators, which fell last year by 1.8 percent compared to year-earlier levels. There were almost 88,354 workers here last year, down from 96,144 in 2010.
Koos said job cuts at State Farm and other employers was a factor, but that told only part of the story.
“We know that there have been some out-migration from some of our larger employers, but probably equally as important in the workforce number is the fact that there are a lot of baby boomers that are retiring and leaving the workforce,” the mayor said.
Koos expects better economic numbers in the next five to seven years as hiring picks up at Brandt Industries and Rivian Automotive.The two firms agreed to set up shop here after local governments agreed to give them tax breaks.
Howard Packowitz can be reached at [email protected]
