PEORIA, Ill.-- The Economic Development Council for Central Illinois says Caterpillar's investment in East Peoria and Decatur is huge news.
$260 million huge.
That's the projected amount the EDC says will be pumped into the local economy, bringing an additional 524 new jobs in the region.
EDC President Vickie Clark says this investment will definitely have a positive ripple effect.
"More jobs equal more money being spent at our existing businesses and more business created as a result," said Clark. "When one company or business grows, the entire region benefits."
As a result of the Cat expansion, the EDC says several industries will be positively effected, including food services, retail stores, and wholesale trade businesses, among others.
Caterpillar recently announced it would invest $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. This is in addition to the $200 million modernization project of the East Peoria plant made in September of this year.