Your complete guide to business transactions in Central Illinois' economic hub. Caterpillar heritage, healthcare excellence, and riverfront revitalization.
Peoria, home to Caterpillar Inc.'s global headquarters, has long been Central Illinois' economic engine. While the city has diversified beyond heavy equipment manufacturing, its industrial heritage continues to shape the business landscape with a skilled workforce and strong work ethic.
The Peoria metro area benefits from major healthcare systems including OSF HealthCare and UnityPoint Health, Bradley University, and a growing professional services sector. The riverfront district revitalization has created new opportunities for hospitality and entertainment businesses.
| Metric | Value |
|---|---|
| Population | 113,150 |
| Metro Population | 400,000+ |
| Total Businesses | 5,800+ |
| Average Business Sale Price | $265,000 |
| Median Time to Sell | 11 months |
| Top Industries | Manufacturing, Healthcare, Retail, Agriculture, Professional Services |
| Region | Central Illinois |
Peoria's diverse economy and regional importance create solid opportunities for business sellers:
Peoria offers excellent value for buyers seeking established businesses in a regional market:
Caterpillar remains a significant economic driver, but Peoria has diversified considerably. Healthcare, education, and professional services now provide economic stability. Businesses should understand their exposure to CAT employment cycles but not overweight this factor.
The Peoria riverfront has seen significant investment and revitalization, creating opportunities for restaurants, entertainment venues, and hospitality businesses. The area continues to develop as a regional destination.
Peoria is larger and more industrially focused, while Bloomington-Normal has a stronger insurance and education base. Both markets offer opportunities, and some businesses serve both communities given their proximity (40 miles apart).
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