Manufacturing is a major industry in Peoria. Over 200 companies produce more than 1,000 different types of products. Companies located in Peoria produce a large number of the nation's internal combustion engines and construction machinery for North America. Caterpillar Inc is a well known heavy equipment and engine manufacturer and is the city's largest employer. In addition, distilleries and breweries contribute to the economy. Peoria is also a prominent livestock and grain exporting center.
Several national consumer research companies are located in Peoria. The city is also developing a technology industry. The region also includes an emerging biotech industry. In addition, the Peoria Next is a collaboration of several organizations promoting material and engineering sciences and technology and life.
Accolades for Peoria:
- Ranked #47 out of the largest 150 metropolitan areas in Forbes "Best Places for Business and Careers" list
- Ranked #51 among 331 metropolitan areas in Sperling and Sanders "Best Places to Live" list.
- Expansion Management Magazine named Peoria a 5 star logistics city
- Peoria was ranked by Next Generation Consulting as the 16th best city in the "U.S. Next Cities" list, which includes municipalities with a population between 100,000 and 200,000
A list of the largest employers in Peoria is shown below:
- Caterpillar Inc
- OSF Healthcare
- Central Illinois Light Company
- St. Francis Medical Center
- School District 150
- Methodist Medical Center
- Illinois Mutual Life Insurance Company
- RLI Insurance Company
- Keystone Steel and Wire
- Bradley University
- AES Great Plains-CILCO
- Argonaut Great Central Insurance Company
- MH Logistics Corp
- USDA Agricultural Research Service
- Komatsu America International
- Proctor Healthcare Incorporated
Peoria's major employment sectors are provided below:
- Leisure and hospitality
Notable information regarding Peoria: The productivity of the Peoria workforce is higher than state and national averages. Over half of the workforce is employed in white-collar occupations in professional services, government and retail trade. In 2007 the estimated median household income was $43,000. Regarding the residents over the age of 25, about 28% hold a bachelor's degree or better. In 2008 the cost of living index was at 77.6 which is low when compared to the national average of 100.
Peoria companies have access to helpful business organizations including:
- Peoria Area Chamber of Commerce
- Economic Development Council for Central Illinois
- Economic Development Department - City of Peoria
- Illinois Department of Commerce and Economic Opportunity
pjstar.com offers up-to-date information regarding the business activities in Peoria.