Focus on Economic Development has McLean County Poised for Growth
business, central illinois, economic development, growth, mclean county, regional airport,
McLean County stands ready‚ willing and able. That’s the stance of local economic development officials and employers as the community edges into this new century.
“The business climate is stable even as world markets have changed‚” says Michael Malone‚ executive director of the McLean County Chamber of Commerce. “Our businesses are hanging tough and maintaining a solid job base.”
Major employers such as State Farm Insurance Companies and Mitsubishi Motors North America Manufacturing Division report trimming costs and “running lean” while enduring a weak economy. Illinois State University is indirectly affected by declining state revenues. But area layoffs have not been significant‚ and indicators are edging upward.
For example‚ Mitsubishi broke ground in spring 2003 on an addition to its manufacturing facility. The expansion will increase capacity by 25 percent to accommodate production of Mitsubishi’s Endeavor SUV and its next-generation 2004 Galant sedan; completion is scheduled for June 2005.
The $200 million project has already created 500 construction jobs and will add 300 associates to the 3‚400 currently employed at the facility. Manufacturing Division President and Chief Operating Officer Rich Gilligan credited “the hard work of our employees [and] the quality of our manufacturing process” in announcing the expansion.
Spirits also soared in the breathtaking glass-and-stone terminal at Central Illinois Regional Airport when its airlines ramped up service in fall 2003. American Eagle restored four daily jet flights to O’Hare Airport‚ and United Express added another O’Hare flight to its schedule‚ as did Northwest Airlink to Detroit. In addition‚ two other improvements bring major benefits for travelers.
“The advanced instrument landing system will assist air traffic in bad weather and reduce delays‚” says Fran Strebing‚ the airport’s deputy director for marketing. “More noticeable is The Hangar restaurant‚ open from breakfast into the evening with full-service beverage service and snacks.”
The economic slowdown did not faze McLean County’s two major insurance centers. A change in federal law led State Farm Insurance Companies and Country Companies to embark on new ventures. Changing its name to reflect its expanded business‚ Country Insurance & Financial Services now offers investment management as well as estate and financial planning services. The emerging business resulted in 250 employees moving next door to a $16.8 million building in central Bloomington‚ boosting that city’s tax base.
In only four years‚ State Farm Bank has rocketed from $0 to $6.7 billion in total assets. The bank has no bricks and mortar‚ although there are 250 employees providing “back-office” banking services in Bloomington.
Bank President and CEO Stan Ommen points to the State Farm agents in 17‚000 locations as the foundation for the amazing launch.
“They have developed valued relationships‚ and we have had a very good reception from their customers‚” he says.
Story by Gretchen Monti
Photo by Stephen Cherry
