Report: Illinois economy improving, but at slower rate - Quincy News, Weather, Sports, and Radio

Report: Illinois economy improving, but at slower rate

Outside of the Good Samaritan Home in Quincy Outside of the Good Samaritan Home in Quincy

A new report shows the Illinois economy is improving, but progress has slowed down.

The University of Illinois Flash Index showed Illinois' economy rating in December was the lowest since March of 2013.

December's index rated slightly above 105 and anything above 100 shows growth. according to Finance Professor Mitch Ellison with Quincy University is no surprise.

"Manufacturing is basically slowing down in the United States," Ellison said. 

But, Ellison says one thing helping to offset the struggles in the Quincy area is the growth in the retail and health industries.

Administrator Michael Duffy with Good Samaritan Home says the diverse industries in Quincy is what helps keep the local economy from noticing the impact.

"I think some of the uptick that can happen with the economy can be covered by the service industry," Duffy said.

Including the health field, where places like Blessing Hospital, Quincy Medical Group and the Good Samaritan Home have all seen expansions.

"Our most recent expansion was we built additional cottages of 20 units along Harrison," Duffy said. "All of those cottages are filled."

Ellison says while the expansions in the health and retail fields do help, it doesn't mean the area will see large economic growth.

"Net we're kind of holding our own," Ellison said. "I wouldn't expect to see very strong growth until manufacturing comes back. I don't see that happening anytime soon."

While Duffy agrees expansion doesn't always equal growth in the economy, he thinks it does mean more skilled positions available for career paths.

"Requires some form of certification or degree,' Duffy added. "As a result of that, they're pay level ends up being commensurate of that training."

Duffy says the Good Samaritan Home doesn't have plans at the current moment to have further expansions, but they do have plans in the next three to four years.

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