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Streator was incorporated in 1868. Its early heritage is that of a coal mining community. With the discovery of outcroppings of coal along the Vermillion River, Col. Ralph Plumb opened one of the first of many mines. He was also a driving force in organizing the city and was very involved with the establishment of all types of commerce in the community. As Streator grew, it became a hub for seven railroads. The discovery of rich clay deposits led to the manufacturing of brick and tile products. Because of the immediate availability of coal deposits and the nearby mining of silica sand, Streator became the ideal location for the production of glass products. Today, Streator's economy continues to produce glass containers, and in the past several decades the City has developed into a diversified products manufacturing community. Streator's history is showcased in the Streatorland Historical Society Museum, and the Streator Public Library building is a structure of unique design funded by Andrew Carnegie, and is on the National Register of Historic Buildings.

In its more recent history, Streator's labor force was dominated by one major employer. In order to minimize its labor cost, this employer actively discouraged the relocation of other potential employers into the Streator area. When this dominant employer left the area, the shortage of similar employment created a major economic problem in the city. Many of those who were affected moved to other cities with more job opportunities. Others had to take lower paying jobs.

The net result was a major decrease in Real Estate values and a gradual decline in the upkeep of existing homes due to the lower family income. Many homes sat empty for several years. Buildings that were in the worst condition simply became unfit for human habitation, and are being demolished by the city and by neighborhood groups. This condition also decreases the resale price of existing homes that are still in good condition. Even homeowners that have properly maintained their homes can't find buyers that are able to pay a fair price.

In a free economy one persons problem is always an opportunity for someone else. Several small industries have come to take advantage of an underutilized labor supply. The City is also trying to attract a major industry. In a few years the increased job opportunities and a better educated labor supply will restore a fair wage scale in this area. However, in the near term the depressed Real Estate prices are creating an outstanding opportunity for one small segment of our population. People who are at or near retirement age and live on a fixed income in a major metropolitan area often have difficulty obtaining affordable housing.