Economy

After surviving a dismal year for air travel caused by the pandemic, officials at the Quad City International Airport see some reason for optimism in the new year. Figures for 2020, show passenger traffic dropped 58 per cent compared to the previous year.

Spokeswoman Ashleigh Johnston says the first positive sign for 2021 occurred last week when United announced it will resume flights from the Quad Cities to Denver, starting next month.

One of the last survivors in the video rental business is closing. This week the owner of Family Video announced it's going to close its last 250 stores, including seven in eastern Iowa and western Illinois. 

They're located in Moline, Bettendorf, Davenport, Galesburg, Dixon, Kewanee, and Keokuk. And they'll close once everything in the stores is sold, videos and store fixtures.

An Arkansas company has decided to build a new plant in Dubuque, and will begin hiring workers in January. Simmons Pet Food plans to invest 80 million dollars, and convert the former Flexsteel plant in the Dubuque Industrial Center.

Unemployment rose in the Quad Cities last month to 4.8 percent, compared to 4 percent in November of last year.

Help is available for businesses in Rock Island hoping to bring in customers for holiday shopping. The city has opened a Holiday Marketing Campaign, and it's free.

Economic Development Manager Tarah Sipes says their goal is to help local businesses survive the pandemic, and reach a broader audience than they might have otherwise.

Using a website called Forward, businesses can list the hours and days they're open, and any special advertising materials.

Deere and Company thrived in 2020 despite the pandemic, trade tensions, and a severe storm that destroyed a lot of Midwestern crops. This morning, Deere reported net income of $2.75 billion for the full year, a drop of 15% compared to 2019. Sales and revenue declined 9% to $35.5 million.

Unemployment rose in the Quad Cities last month to 4.6 per cent, from 3.8 per cent at this time a year ago. The last time the October rate was this high or higher occurred in 2016 when it was 5.2 per cent.

With help from the state, a Japanese company will invest millions of dollars in Clinton. Friday the Iowa Economic Development Authority announced a one million dollar incentive package for Spiber Incorporated.

Rock Island wants to help businesses suffering from the pandemic. The city council has approved 292,000 dollars for the second round of Small Business Emergency Response Grants.