April 21, 2003

Shiny Future
Local financial, business leaders optimistic about coming months
 BY BROOKE JOHNSON Staff Writer 

Although state budget cutbacks and the war in Iraq have led to growing economic concerns, several local financial and business leaders remain optimistic about the  coming months in central Illinois.

William Rowland, chief executive officer at First Mid- Illinois Bank & Trust in Mattoon, said that although the state is experiencing significant budget problems, he sees many opportunities for growth in the region. "I have a lot of faith in the free enterprise system and in democracy," Rowland said. "There has been a good deal of economic stimulus that has been added to the economy over the last year and a half - interest rates are very low and there has been discussion of tax cuts, so I remain optimistic about the future."

Overall, those employed in the service industry seem to be faring recent economic setbacks better than others, according to Rowland.  "The country seems to be transforming itself from a manufacturing-based economy to more of a service economy," he said. 

Rowland said although war with Iraq will undoubtedly have an effect on the economy, it is hard to say what the outcome will be.   "It depends a great deal on how long the war lasts," he said. "If it is relatively quick and successful, I do not think there will be much of a down- side at all. But if it becomes drawn out, the impact could be more severe."

Regardless of the outcome of the war , Rowland said the security of the American banking system could play a pivotal role in decreasing economic concerns. "Typically, most of the deep economic problems of the past, such as the Great Depression, were to a large degree the result of failures in the banking system," he said. "Today, when people put money in the bank, they know they are going to get it back."

In addition, Rowland said regional groups working toward economic growth, such as Coles Together, can greatly influence the local economy. Rowland, who serves as president of Coles Together , said the group works with existing businesses to create additional job opportunities for local residents. "We have a forum where people can get together to discuss common ideas to work toward economic growth," he said.

Jeanne Gustafson, executive director of Coles Together agrees that although the economic future remains uncertain, there is hope for increased growth in the area. "Overall, there are some major issues with many local companies right now, but I do see things picking up in the future," she said. "In fact, I have noticed a marked increase in activity for the area over the last month or so." Gustafson said that although many area manufacturers and businesses are facing difficult times, numerous corporations and manufacturers from other areas of the country have shown recent interest in the Coles County region.

"This area has a lot of great attributes," she said. " At the end of the day, we are in a good seat to have a positive future." Gustafson said the food industry is one area showing increased activity during recent months.

In addition, both Rowland and Gustafson agree the recent purchase of Illinois Consolidated Telephone Co. by local investors will result in a big boost for the local economy. "This has been a very positive development for the area," Rowland said. "Had the business been sold to someone else, there could have been a very negative impact." Gustafson said Coles Together is putting forth effort to draw additional businesses to the Coles County area. "We are doing everything we can to market ourselves well and be as competitive as possible," she said. "Rural America is becoming more and more attractive to outside businesses and manufacturers because of lower operating costs."

Excerpts of the article Used with permission from the Mattoon Journal Gazette & the Charleston Times-Courier Newspapers