Per Capita Income Rises in LaGrange CountyPosted: Updated:
The LaGrange County Economic Development Corp. is touting an increase in county per capita income. The organization says the U.S. Bureau of Economic Analysis shows a more than 9.5 percent jump in 2012, compared to 2011. Officials say that is helping to narrow an income gap with the state and national averages. November 25, 2013
LaGrange, IN. (November 25, 2013) — The LaGrange County Economic Development Corporation today announced that per capita income levels are rising in LaGrange County, while unemployment is continuing to lower.
According to data released by the U.S. Bureau of Economic Analysis, per capita income levels for LaGrange County for 2012 were up 9.6% from 2011, narrowing the gap in per capita income with the state and national averages. National growth in PCI was 3.4%, putting LaGrange County’s growth levels at almost three times the national average. Average per capita income in LaGrange County historically has been lower than state and national averages, with much of that gap as a result of a much larger than average household size. According to the US Census Bureau, in 2010 the US average household size was 2.58 people per household, whereas the rate for LaGrange County was 3.17 people per household.
Additionally, LaGrange County has a younger than average population which would typically not be contributing to the PCI. According to the US Census Bureau, in 2010 24% of the US population was under the age of 18. In LaGrange County, the percentage jumps to 34.5%
At the same time, unemployment in LaGrange County has been steadily dropping. According to data released by the Indiana Department of Workforce Development, September unemployment rates for LaGrange County came in at 5.7%, with October up slightly at 5.9%. For comparison, the state of Indiana average for October was 7.0%.
Additionally, the number of employed persons has been steadily rising for both. The September 5.7% unemployment rate for LaGrange County is the lowest since pre-recession levels in May 2008 of 5.5%.
All of this bodes well for LaGrange County. “We are thrilled that our community has continued to prosper coming out of the recession,” said Keith Gillenwater, President/CEO of the LaGrange County Economic Development Corporation. “This is a testament to both the hard work ethic of LaGrange County employees and to the strength of our manufacturing base emerging out of the worst economic times most of us have ever faced.” LaGrange County will be helped going forward, as the LCEDC has made a number of announcements this year with new job commitments, many of which are still being hired. “This is proof positive that LaGrange County is heading in the right direction!” Gillenwater said.
About the LaGrange County Economic Development Corporation
The LaGrange County Economic Development Corporation, established in 2009, is a 501(c) 3 corporation designed to assist business development needs. The LCEDC partners with local, regional, state, and federal agencies to attract, retain, and develop new businesses and entrepreneurs in LaGrange County and its communities. For more information about the LaGrange County EDC, please visit www.lagrangecountyedc.com or call at 260.499.4994
Source: LaGrange County Economic Development Corp.