By Eric Stock
BLOOMINGTON – McLean County’s economy is still strong despite some recent setbacks, according to a business analyst who addressed local business leaders on Tuesday.
Ed Scharlau, Vice Chairman at Busey Bank in Champaign, delivered his 18th annual economic outlook in a breakfast at Illinois Wesleyan University.
“We are just going to have a slow continued growth in the whole state of Illinois,” Scharlau said.
Scharlau noted retail sales are strong and people are spending money while agriculture remains on of the strongest industries in McLean County, despite the county’s total farm output dropping an estimated $100 million from 2014, from $575 million in 2015. Scharlau said that’s expected to rebound this year.
Sharlau added the county’s economic growth has come despite a decline in population growth compared to the 1990s.
“When we looked back 20 years ago, the population numbers were increasing much faster and I think that really tied in with State Farm and their growth in the number of employees,” Scharlau said.
The county’s unemployment rate has increased over the last year from 4.4 to 5.2 percent in May, but it’s still lower than the state average and well below several of its neighbors including Peoria and Tazewell counties.
Eric Stock can be reached at [email protected].