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Study: Caterpillar Expansion To Boost Economy By $260M

(David McNew/Getty Images)

(David McNew/Getty Images)

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PEORIA, Ill. (CBS) – A group that promotes downstate business says Caterpillar’s investment in building more machines in East Peoria and Decatur will pay over and over again.

The Peoria-based Economic Development Council for Central Illinois says the estimated 300 jobs will create more than 200 additional jobs, and the approximately $35 million annual payroll for the two projects will morph to $260 million.

LISTEN: WBBM Newsradio’s Dave Dahl reports

Vickie Clark, the council’s president, says everything from local retail to food service stand to gain.

“You have your base salary, and you add benefits and taxes and all associated company expenditures; like production costs, and expenses, and things of that nature,” she said.

Caterpillar, which is based in Peoria, is planning a combined capital expenditure of $640 million to build large track-type tractors in East Peoria and large mining trucks in Decatur.