Hoosier Economies Shine in Federal ReportPosted: Updated:
Three Indiana communities were among the top 10 fastest-growing economies in 2012, based on Gross Domestic Product. Elkhart-Goshen, Columbus and Kokomo ranked highly in a United States Bureau of Economic Analysis report. The bureau says durable-goods manufacturing spurred growth in those areas. Kokomo Mayor Greg Goodnight says his city and many others are hoping to maintain momentum by continuing efforts to diversify their economies. Elkhart-Goshen ranked third in the nation, with 11.4 percent growth in 2012. Columbus was fifth at 9.6 percent growth. Kokomo ranked eighth, with 8.4 percent growth.
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September 23, 2013
The Kokomo metropolitan area had one of the fastest-growing economies in the nation in 2012, according to new data released by the United States Bureau of Economic Analysis. Kokomo’s economic (measured by Gross Domestic Product) grew 8.4 percent last year, making it third in the state and eighth in the nation.
Mayor Greg Goodnight called the report welcome news for the City of Kokomo and said it is an indication that the city is heading in the right direction.
"We're working hard to improve our community and make Kokomo a better place for residents and businesses," Mayor Goodnight said. "Our local businesses have noticed our efforts and have invested in their Kokomo facilities and workforce. These investment decisions will positively impact our community for years and decades to come."
Last year saw a spate of new announcements and investments from Kokomo's manufacturing community. For example, Chrysler continued to invest hundreds of millions of dollars in new manufacturing equipment; Haynes International announced a $23.5 million investment to expand its manufacturing capacity; Carney Echelbarger relocated to Kokomo and invested
$700,000 in its new facility; and EAC Corp relocated to Kokomo and invested more than $200,000 in new equipment. Additionally, Kokomo's jobs increased by 1,400 from 2011 to 2012.
"As positive as these announcements are, we also know that they are just the beginning," said City of Kokomo Development Director Steve Whikehart. "We will continue to promote economic development and improve quality of life in our community, by building partnerships, by investing wisely and by demanding more of ourselves, in everything we do."
Source: City of Kokomo