Economy

Economy & Business news

Deere Adds New Director

Dec 20, 2016
Deere & Company

John Deere has added a new member to its board of directors. 

Great River Development

Several years after plans for the former Case plant property in East Moline were first announced, some work will probably begin soon. Monday night the city council is expected to approve final plans for the 132 acre site, including a hotel, apartments, and retail and commercial space.

Exelon

Now that the dust has settled, what will be the impact of the Future Energy Jobs Bill - the bill that'll keep the Cordova nuclear plant open.

V.P. of Public Affairs Jason Gordon (right), Pres. & CEO Tara Barney (2nd from right), and others listen at a press conference on Wednesday.
Michelle O'Neill / WVIK News

The Quad Cities Chamber of Commerce wants a lot from Santa Claus for 2017. Its public policy and advocacy list includes a budget from Illinois, corporate tax reform from Iowa, money for building infrastructure from the federal government, and much more.

Michelle O'Neill reports on the chamber's legislative priorities.


The nuclear power plant in Cordova, IL
Exelon

Just one week after the bill was signed to keep open two nuclear power plants in Illinois, it's already responsible for new jobs and economic benefits at both. Wednesday Exelon announced plans to go ahead with various capital projects that had been put on hold while the Future Energy Jobs Bill was in doubt. 

Heart of America website

A Quad Cities company plans to turn a historic building in downtown Moline into a hotel. In September, Heart of America bought the 5th Avenue building for $1.7 million. Michelle O’Neill reports the Moline-based company already owns the former Barnett fireplaces building next door.

Summary

http://www.iowabusinesscouncil.org/documents/filelibrary/IBC_CorpBrochure_E86E426CED0D0.pdf / Iowa Business Council website

The latest survey from the Iowa Business Council shows economic activity in the state is improving. The group’s 4th quarter index stands at 59, up two points from last quarter. That’s still one point lower than a year ago. Any mark above 50 shows business sentiment among corporate executives is positive.

The results are especially strong for the future sales index which is at 66, seven points higher than the third quarter.

The Iowa Business Council consists of the top executives at Iowa’s largest companies, plus the presidents of the three regents universities.

file photo of Hill & Valley Premium Bakery at its new location in Rock Island, IL
submitted / Hill and Valley Inc.

The Rock Island Economic Growth Corporation is going national, and attracting big money. Actually, it went national seven years ago when it created Central States Development Partners. It's a for-profit division of GROWTH which recently received $45 million in New Market Tax Credits from the U.S. Treasury Department.

Deere and Company

As expected, sales, revenue, and profits all fell for John Deere. Wednesday the company reported results for the 4th quarter and its 2016 fiscal year. 

Andy Melton / Flickr

Deere & Company has reported 4th quarter earnings of $285 million dollars. That's $.0.90 per share for the quarter, down from earnings of $351 million, or $1.08 a share for the same period last year.

Revenue and profits have been lower than 2015 due to the global farm recession and weakness in construction, but all along the company has emphasized it's still profitable.

In addition to the operating factors, a higher effective tax rate in 2016 reduced both quarterly and annual results.

Net income in 2016 is $1.5 billion, down 21 percent from $1.9 billion in 2015.

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