Northeast Indiana Touts Income GrowthPosted: Updated:
The Northeast Indiana Regional Partnership says personal income in the region increased $1.2 billion in 2012, compared to the previous year. The organization says U.S. Bureau of Economic Analysis numbers show northeast Indiana is outpacing the nation in income growth.
November 22, 2013
Fort Wayne, Ind. -- The U.S. Bureau of Economic Analysis released 2012 per capita personal income numbers this week and there is good news for Northeast Indiana. There is now $1.2 billion more in personal income circulating in Northeast Indiana's economy than there was last year. Northeast Indiana is outpacing the nation in growth with the region demonstrating a 5 percent growth rate versus the national rate of 3.4 percent.
The Northeast Indiana Regional Partnership is tracking per capita personal income relative to the nation as the core call to action for the Vision 2020 initiative. In 2009, per capita income in Northeast Indiana was 79 percent of that for the nation (NEI: $31,146; US: $39,357) and today Northeast Indiana is at 81.2 percent (NEI: $35,509; US: $43,735). For the past several decades, per capita personal income in Northeast Indiana has been declining relative the nation and that trend has been effectively reversed in the past three years.
"Reversing this downward trend in per capita income is a great affirmation of our collaborative efforts here in the region," said John Sampson, president and CEO of the Northeast Indiana Regional Partnership. "We are on the right track and making visible progress, but there is still much work to be done. We must continue to gain ground and close the gap to become the top global competitor we know this region can be."
Additional good news for the region was also released today in regard to unemployment. Unemployment in Northeast Indiana has declined again this month, now standing at 6.55 percent compared to 7.8 percent in October of last year and compared to the nation's current rate of 7.3 percent. The last time the unemployment rate in the region was below 7 percent was in November of 2008.
"This is great news for the region. As in any economic recovery period, there is still work to be done in terms of engaging workers affected by the recession back into the workforce, but this is definitely positive progress," said Ellen Cutter, director of the Community Research Institute at Indiana University-Purdue University Fort Wayne.
The Northeast Indiana Regional Partnership was formed in 2006 to help build a globally competitive economy in Northeast Indiana. It is a public-private partnership focused on generating business leads and building regional capacity through product development and effective regional collaboration. The Northeast Indiana Fund (Fund) was created in 2005 to operate as a supporting organization of the Northeast Indiana Regional Partnership, focused specifically on product development and regional collaboration. In 2010, the Partnership launched Vision 2020 to bring the region together around five key areas for economic growth: 21st Century Talent, Competitive Business Climate, Entrepreneurship, Infrastructure and Quality of Life. Through its combined efforts in business development and capacity building, the Partnership supports its 10 member counties: Adams, Allen, DeKalb, Huntington, LaGrange, Noble, Steuben, Wabash, Wells and Whitley counties. For more information, visit www.NEIndiana.com.
Source: Northeast Indiana Regional Partnership