Closures and layoffs present challenges for Illinois economic development

(The Center Square) – A Central Illinois economic council is aiming to develop the region’s workforce in challenging times.

The current Illinois economic story includes higher unemployment, store closings, layoffs and inflation. The state’s jobless rate rose to 5% in June.

Greater Peoria Economic Development Council CEO Chris Setti said it’s not like 2008 or 2015, when everything got walloped at once.

“Someone once asked what it’s like to be in economics. I said, ‘Economics is not economic development.’ It’s a completely different discipline, but obviously connected and just trying to understand this rolling recession,” Setti said.

Setti said workforce development is critical to economic development.

“When you have more people who have the skills and the credentials to get those high-paying jobs, that’s what alleviates poverty,” Setti said.

Illinois’ unemployment rate was higher than the national average last month, and that was before new rounds of layoffs were announced.

Big Lots is closing more than 300 stores, including at least nine in Illinois. Keplr Vision and Western Illinois University announced job cuts.

“Whenever that happens, you know, it always makes things difficult when somebody’s out of a job, even at the very micro level,” Setti said.

Setti said the Greater Peoria EDC has helped connect the workforce development system with the business community.

“We’ve developed some really great programming to try to identify those gaps and then fill those gaps with programs that help credential people in those skills,” Setti said.