Economic development leaders in the South Bend-Elkhart Region are touting a big jump in per capita personal income. Based on U.S. Bureau of Economic Analysis data, the South Bend – Elkhart Regional Partnership says total personal income in the regional economy jumped by $1 billion in 2016, compared to a year earlier.
The region, which consists of Elkhart, Marshall and St. Joseph counties in Indiana and Berrien and Cass counties in Michigan, includes more than 725,000 residents. Regional Development Authority member Peter McCown says "for the region and its residents to succeed in the global economy, we must execute a regional economic development plan that will drive per capita income to reach or exceed the national average."
On average, personal income in the region grew by $1,436 per person over the year timeframe. The partnership says it is collaborating throughout the region to get the region up to the national per capital income average by 2025. Steps it is taking to achieve the goal include: educating a world-class workforce; recruiting and retaining great talent; attracting and growing new economy companies in complement to our remarkably strong manufacturing industries; helping entrepreneurs thrive; and promoting inclusion and sparking opportunities for women and minorities.
Per capita personal income is calculated by total personal income within a given area, divided by its population.