Region’s per-capita income rises
Region's per-capita income rises
Posted: Monday, November 25, 2013 12:47 pm | Updated: 12:50 pm, Mon Nov 25, 2013.
Per-capita personal income in the region grew by 5 percent in 2012, which was higher than the nationwide growth rate of 3.4 percent, according to a review of U.S. Bureau of Economic Analysis data by the Northeast Indiana Regional Partnership.
Per-capita income is an important indicator for how the region is faring. The partnership, through its Vision 2020 initiative, is attempting the reverse a decades-long slide in northeast Indiana's average per-capita income.
In 2009, per-capita income in northeast Indiana was 79 percent for that of the nation. With the new data released last week by the Bureau of Economic Analysis, per-capita income in the region in 2012 rose to 81.2 percent for that of the nation.
In addition, the unemployment rate in northeast Indiana was 6.55 percent in October — more than 1 percentage point lower than the 7.8 percent reported in October 2012. It marked the first time since November 2008 that the 10-county region's unemployment rate was below 7 percent.
"Reversing this downward trend in per-capita income is a great affirmation of our collaborative efforts here in the region," John Sampson, president and CEO of the Northeast Indiana Regional Partnership, said in a statement. "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."
"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 work force, but this is definitely positive progress," Ellen Cutter, director of the Community Research Institute at Indiana University-Purdue University Fort Wayne, said in the statement.