Indianapolis Economy Ready for a Comeback?
A recent study indicated that 40 cities across America are ready to make a comeback , economy-wise; Indianapolis was listed as one of these. It was also listed as one of the cities with the least economic impact during the past two years. The entire study was based on employment, home prices, job growth, and overall economic growth.
And though the city still has more people unemployed than usual, it’s below the national average. The state added another 4,700 jobs recently overall, droppings it unemployment rate from nearly 10% to 9.3%. Of these jobs, most were in manufacturing, while others were in the business or professional service industry.
Currently, 287,720 workers in Indiana are without jobs—3,000 of which were construction jobs lost within the last month. That said, this is the third month in a row that the state’s unemployment rate has dropped.
Many of these workers may find local jobs in the environmental sector. Up to 45,000 new jobs may be available in the state soon due to new clean energy and climate legislation. Legislators say that the laws may also increase area incomes by $1,200 per person, as well as the overall state economy by $2.5 billion.
Even if the legislation isn’t passed in full, a partial implementation could raise $900 million for the sate—and another $500 per household.
Herman Bulls, CEO of Public Institutions at Jones Lang LaSalle real estate, says, “We believe that strong federal policy in favor of energy efficiency and clean energy produces financial as well as environmental benefits.” These benefits couldn’t come sooner, as we are definitely in need of both.
To help struggling businesses recover, Indiana is also hoping to curb the unemployment tax increase for at least one year for local businesses. This would save them $260 million in overall taxes for the year—or $21 per employee.
President of the Indiana Manufacturer’s Association Patrick Kiely says, “The top priority of our state should be saving existing Hoosier jobs during this severe economic downturn.”
But the current rates of unemployment indicate that jobs might remain secure—and more so in the future. “It’s still too early to say we have turned the corner, but Indiana’s economy is definitely trending in the right direction,” says Indiana Department of Workforce Development Commissioner Teresa Voors.
Hopefully Voors is right, and the Hoosiers will have steady overall employment soon—along with the rest of the country.
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Indianapolis Jobs
Our company became concerned about cities and towns that have experienced job losses due to the recession. We found that the way out of the recession is not easy for communities where the prevailing notion is that businesses and government are the guilty parties. Such an attitude ignores the influence that citizens have on the economic problems of a municipality. In the closely packed communities along the East Coast and Mid West, where people can drive through several separate municipalities in less than 10 minutes, residents often do not have a distinct understanding that they are citizens of one particular community. They regard themselves instead as being a citizen of a large metropolitan area. For them, it would be normal to drive to an adjacent town to buy a car, furniture, computers, and other consumer items, never once realizing that every purchase made outside the community benefits a town or city in which they do not live.
Patronizing the businesses in the town where one actually resides is critically important to an economic recovery at the local level. If this does not occur, the business component of local tax revenues declines, and local government, which cannot print money as the federal government would in such a situation, is forced to raise property taxes to make up revenue shortfalls.
When a community that is impaired by a bad economy and elevated taxes then hopes to lure businesses to set up shop and to create new jobs, it frequently finds that its high taxes and other associated costs of starting up a business in a new location act like bug spray, keeping businesses at bay and exacerbating the local recession to what amounts to a local depression.
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If you represent a government agency or non-profit business association and are interested in using our software in Indianapolis, you may contact our company at info@calabriaconsultingusa.com.