Caterpillar says now isn't the time to start construction on its new world headquarters in downtown Peoria.

The Peoria-based company announced Thursday morning that it is planning another round of job cuts that could exceed 10,000 people through 2018. That's more than 8 percent of its employees.

Caterpillar announced in February that the construction and mining equipment maker planned to build a new, multi-building headquarters in downtown Peoria.

But when construction would start remains unclear.

Reports indicate Caterpillar spokeswoman Rachel Potts says "given the current conditions, now is not the time to start, and we cannot say now when that will happen."

However, Potts says Caterpillar remains committed to Peoria and Illinois and its hopes for downtown Peoria haven't changed.