Economy

Last summer, Chantil was forced to leave the townhome she shared with her two daughters and her mother in Des Plaines. (We’re withholding Chantil’s last name to protect her family’s privacy.) Her landlord wanted to sell the building, and Chantil had only about a month to find a new home. Landlords, however, kept turning her down because of her credit, and her income. Chantil makes $12 an hour at a department store.

Sales and profits rose last year for HNI Corporation. Based in Muscatine, the maker of office furniture and fireplace hearth products reports sales in 2018 went up nearly 4 per cent, and earnings per share rose 5 1/2 per cent. 

A defense contractor wants to expand its plant in Davenport, and it's asked the state and city for help. Cobham Mission Systems plans to spend 67 million dollars, and add 150 jobs.

Thanks to continued growth in residential and commercial building, Bettendorf is financially strong and can keep taxes low. That was the message Wednesday from Mayor Bob Gallagher during his annual state of the city address. 

A year after reporting a loss due to federal tax changes, Deere and Company reports first quarter earnings came in at the second highest level ever.

Deere says from November through January, net income totalled $498.5 million, or $1.54 per share. And sales rose 16% to $6.9 billion.

In theory, closing off China’s soybean market due to the trade dispute with the U.S. on top of generally low prices for the commodity should affect all industry players, big to small. Agriculture economist Pat Westhoff begged to differ.

Local businesses are not happy with Illinois lawmakers who may increase the minimum wage. The Quad Cities Chamber of Commerce has joined other groups in the state that oppose raising the minimum wage to $15/hour, over four to six years.

Unemployment rose in the Quad Cities last month, but that's mostly a good sign. The rate rose from 4.1 per cent in December of last year, to 4.5 per cent last month.

Arconic is not for sale anymore. The company made the announcement in a press release this morning.

Arconic says it was considering a sale over the past year but didn't receive any offers that were in the best interest of shareholders. 

The board of directors and managers were in the process of reviewing the company's strategy and finances.

It also says the sale of one part of Arconic will proceed. That's the Building and Construction Systems business.