Comment permalink

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.