What State Farm's job cuts could mean for the community - WEEK.com: Peoria-area News, Weather, Sports

What State Farm's job cuts could mean for the community

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NORMAL, Ill. (WEEK) -- -

State Farm announced Tuesday they plan to make 900 job cuts at the Bloomington-based State Farm.

State Farm said last fall they began the process of realigning their IT areas.

The news is starting to settle in for the Twin Cities.

With the elimination of so many jobs, some families will likely have to sell their homes. 

First, 25 News wanted to know what this means for the housing market. 

President of the Bloomington-Normal Association of Realtors John Armstrong said an increase in available homes can be a good thing when it comes to inventory.

Armstrong also said he hates that it comes at the expense of individuals losing their jobs and added it is too soon to say what impact this will have on the Twin Cities in the long-term.

"However, in Bloomington-Normal right now we are in an inventory shortage. We could use more houses if they are in the right price range. The market could definitely soak it up. We have the buyer activity to support having a little more inventory," stated Armstrong. 

The Bloomington-Normal Association of Realtors said this time of year they usually have 700-750 homes on the market. They have less than 650 available homes right now so inventory has been a challenge. 

Armstrong added if you need to sell your home in a hurry it is best to have it ready to show right away. This helps to shorten the amount of time it is on the market.

Meanwhile, it is not just the real estate market that will be affected by the State Farm job cuts.

25 News wanted to also know what this means for college students working with State Farm. We stopped by Illinois State University because they have had a relationship with State Farm for years. 

For example, some students benefit from internships with State Farm and some go on to work for them. 

But are students prepared for the unexpected? A professional in the Career Center thinks they are. 

"Sixty-one percent of employers are looking for students who have a wide vast variety of skill sets and the jobs that are available today, in 20 years may not even exist. So, we've got to prepare our students to have the skill sets that they need so that they will be better empowered and ready to take whatever jobs there are 20 years from now," stated the Assistant Director of Marketing and Communications Susan Whitsitt. 

25 News asked what they thought about the cuts but they did not comment.

25 News also asked for an interview with a State Farm spokesperson for a second day in a row. She declined to do a recorded interview. 

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