Economy

Economy & Business news

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.

Guardian Industries

A plant near the Quad Cities will soon have a new owner. Koch Industries announced Monday it will buy Guardian Industries which makes a variety of glass products, including at a plant in DeWitt.

A white, ornate bed with upholstered head- and footboards with a small chandelier above and brick wall as a backdrop
Michelle O'Neill / WVIK News

Renaissance Rock Island celebrated more business openings downtown today. Mayor Dennis Pauley and other city officials helped three business owners host ribbon cutting ceremonies this morning, before the weather turned cold.

WVIK News

A midwest-based grocery chain and maker of electric cars are working together. This week, Hy-Vee and Tesla announced the opening of super-charging stations at three stores, including one in Davenport.

file / submitted

ComEd, Exelon, environmental groups, and consumer advocates have made a deal to improve energy policy in Illinois. Wednesday morning, officials from the utilities and organizations held a conference call to explain the new agreement.

submitted / Arconic Davenport Works

The Alcoa factory in Riverdale is now known as the Arconic Davenport Works. As of this morning, Alcoa has been split into two, publicly traded companies. And officials held a ribbon cutting to show off a large sign that features the new logo and name.

A double dose of bad news for the Quad Cities - in September unemployment rose and employment fell. 

One of the early efforts at cooperation among local governments is now celebrating a milestone. And helping the Bi-State Regional Commission mark its 50th anniversary Wednesday will be top officials from both Iowa and Illinois. 

Pages