Caterpillar Inc. recently announced plans for significant new investments to its manufacturing facilities in East Peoria and Decatur. The Economic Development Council for Central Illinois uses economic impact modeling to determine the influence that new business and new jobs can have on our regional economy. Caterpillar reportedly expects the projects to bring an additional three hundred jobs to the region. The EDC estimates those 300 jobs will spur an additional 162 indirect, induced and/or support type jobs outside of Caterpillar which brings the actual total to 524 new jobs created in the region. The addition of 524 jobs will have a more than $260 million impact annually to our regional economy. As EDC President Vickie Clark says “More jobs equals more money being spent at our existing businesses and more business created as a result. When one company or business grows, the entire region benefits.”

Caterpillar plans a capital investment of about $340 million for production of large track-type tractors in East Peoria and nearly $300 million to increase capacity for large mining trucks produced in Decatur. These expansion announcements are in addition to the September announcement of a $200 million modernization project of the East Peoria plant aimed at the export market.

The EDC uses Implan software for economic impact modeling. To learn more more specific information, please check out their website at: www.heartlandpartnership.org for the table of facts and figures!