Hotels busier, but more residents out of work

BusinessRockford.com

Scorecard

Record revenues for lodging
The occupancy rate of more than 30 Winnebago County hotels and motels was up year-over-year in March, the seventh time in the past eight months the rate was higher than the same month of the prior year.

Thanks to steadily rising room rates, the room revenue was up a solid 7.2 percent, with hotels bringing in $3.8 million in revenue. That was the highest March total, surpassing the $3.6 million brought in last year.

The average room rate in March was $76.34; in March 2007, it was $74.35.

Jobless rate high but steady
The unemployment rate of Boone and Winnebago counties in March was 2 percentage points higher than March 2007, in large part because of the elimination of the third shift at Chrysler’s assembly plant in Belvidere.

The Chrysler move put 1,100 out of work and caused several of the suppliers around the plant to cut back as well. Even with the cuts, Chrysler remains the largest manufacturing employer in the area, with about 2,500 people on the payroll.

On a positive note, the March unemployment rate was unchanged from February despite the layoffs.