Income Growth Rate in Northeast Indiana Exceeds National Rate for Sixth Consecutive Year
FORT WAYNE, Ind. – The U.S. Bureau of Economic Analysis released 2015 per capita personal income (PCI) numbers, and the good news for Northeast Indiana continues for the sixth consecutive year. The region’s per capita personal income as a percentage of national per capita personal income has increased.
In 2015, the per capita personal income for the 11-county region reached $39,937.
In 2010, Northeast Indiana residents earned 80.41 percent of the national per capita income average, but by 2015, that number rose to 83.01 percent for the 11-county region.
The increase amounts to a $6.3 billion increase in personal income circulating in Northeast Indiana’s annual economy over 2010. This is a total of more than $8,200 for each resident of Northeast Indiana during the time period.
“The most recent data proves 2015 was another year for income growth in Northeast Indiana. Per capita personal income in the region compared to the nation has been steadily gaining ground, which is significant after seeing decades of decline in the region’s per capita personal income compared to the nation. Northeast Indiana has not seen this growth in person income relative to the nation in all the years the Community Research Institute has been monitoring this data. This is indicative of a healthy labor market and bodes well for the local economy,” said Valerie Richardson, research associate at the Community Research Institute at Indiana University-Purdue University Fort Wayne.
In addition, the data shows that Northeast Indiana is outpacing the nation in per capita person income growth, increasing 4.3 percent compared to the national rate of 3.7 percent. Northeast Indiana is also outpacing the state in per capita personal income growth, which also increased at a rate of 3.7 percent.
Increasing per capita personal income is the driving force behind the region’s Vision 2020 initiative, which is spearheaded by the Northeast Indiana Regional Partnership.
“In Northeast Indiana, we are driven by a tireless pursuit of increased prosperity for all residents of our region. These successive years of beating the state and national averages for increased per capita income affirm our work together to confront and overcome our region’s most difficult economic challenges. Despite the uncertainty of all worthy endeavors, it takes great courage for a region to stand together to create hope in our economic future,” said John Sampson, president and CEO of the Northeast Indiana Regional Partnership.
Per capita personal income is calculated as the total personal income of the residents of a geographic area divided by the resident population of the area. The data is released annually by the U.S. Bureau of Economic Analysis.
To learn more about the Northeast Indiana Regional Partnership, visit the website at www.neindiana.com.
About the Northeast Indiana Regional Partnership
The Northeast Indiana Regional Partnership was formed in 2006 to build a globally competitive economy in Northeast Indiana. It is a public-private partnership with the mission to build, market and sell Northeast Indiana to increase business investment. 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. The Partnership supports 11 member counties: Adams, Allen, DeKalb, Huntington, Kosciusko, LaGrange, Noble, Steuben, Wabash, Wells and Whitley counties. For more information, visit www.neindiana.com.
President and CEO
Northeast Indiana Regional Partnership