All Economy Content

All Economy Content

Champaign firm cracks Inc. fastest-growing list

CHAMPAIGN — A Champaign-based distributor of video-security equipment has broken into the Inc. 5000 list of the nation's fastest-growing companies, debuting at No. 636.

EP Technology Corp., founded by CEO Kevin Wan, saw revenues grow from $2.8 million in 2008 to $18.6 million in 2011.

Home sales enjoying a resurgence locally

CHAMPAIGN — July home sales in the Champaign County area were 18.5 percent higher than a year earlier, and pending sales indicate August will be a strong month too.

"July typically marks the end of the traditional peak season, but apparently not this year, given the massive surge in pending home sales," said Matt Difanis, president of the Champaign County Association of Realtors.

Champaign firm furnishes tents for Bears training camp, Corvette festival

CHAMPAIGN — Most folks don't want bears in their tents. Not Debbie and Brian Stumph.

The Stumphs, who operate Herriott's Rents Tents Events in Champaign, are more than happy to supply 75 tents for the Chicago Bears training camp in Bourbonnais.

It's the 11th year that Herriott's has furnished tents for the camp, which takes place on the campus of Olivet Nazarene University.

Report: State revenue will stay flat this year

SPRINGFIELD — A faltering national economy will mean virtually no revenue growth in Illinois this year, even as the state tries to dig out of a backlog of about $8 billion in unpaid bills.

Profits tumble for several parent banking firms

Illustrating how dicey the banking business is this year, several publicly traded banking companies recently reported second-quarter earnings that were lower than last year's.

The parent companies of Chase Bank, PNC Bank, MainSource Bank, First Midwest Bank and Busey Bank all saw drops in second-quarter net income this year.

Andersons reports earnings off 38 percent, but 'much better' than most in industry

MAUMEE, Ohio — The Andersons Inc. posted a 38 percent drop in second-quarter earnings due to lower profits on grain storage and a loss on ethanol production.

The Ohio-based agribusiness on Thursday reported net income of $28.47 million for the quarter that ended June 30, down from $46.04 million for the same quarter a year ago.

Pipeline spill, refinery troubles partly responsible for gas price spike

CHAMPAIGN — Gasoline price increases this week hurled Champaign-Urbana into the ranks of the nation's most expensive communities in which to buy gas.

Early this week, some stations in Champaign-Urbana were selling gas for as little as $3.26 a gallon.

UI index up again in July to 4-year zenith

URBANA — The University of Illinois flash index continued its steady upward climb in July, reaching 102.9, its highest point in more than four years.

The index — a weighted average of growth rates in corporate earnings, consumer spending and personal income in Illinois — rose from 102.7 in June, according to a release from the UI Institute of Government and Public Affairs.

June home sales well ahead of 2011 figures

CHAMPAIGN — June home sales in the Champaign County area ran far ahead of June 2011, and certain types of homes aren't staying on the market long.

"Anything affordable in Mahomet has sold in an instant this year," said Matt Difanis, president of the Champaign County Association of Realtors. That includes homes in the $125,000 to $200,000 range, he said.

Company that builds, supplies energy sites moving into bigger digs west of Tuscola

TUSCOLA — The J.L. Allen Co. — which does fabrication work for natural gas and oil pipeline projects across the nation — is getting a big upgrade this summer with construction of a new headquarters west of Tuscola.

The company, located just west of LyondellBasell's Equistar Chemicals complex, has been around since 1954.