June 1999
Indiana - Economic Facts
The Indiana Economic Development Council, Inc. has published Fact Finder At A Glance, Break Away Growth Statistics, Volume 1, Issue 1, April 1999. Your Plymouth Area Chamber of Commerce has received permission to reprint this information.
For more information on statistics or economic development research, contact the Indiana Economic Development Council, Inc. A full copy of Break Away Growth, the 1999-2001 strategic plan for Indiana's economic development, and its supporting facts are available on their website. www.iedc.org. Their address is: One North Capitol Ave., Suite 425, Indianapolis, IN 46204-2224, phone 317-631-0871 and fax 317-231-7067. The following are statistics to keep in your file.
Employment and Wages
- Indiana's per capita income is $23,183 (92.1 percent of the U.S. average); 29th best.
- Average job growth outpaced the nation from 1985 to 1998.
- A record number of Hoosiers are employed: 3.5 million (1997)
- Eighty percent of workers are covered by unemployment insurance: 2.8 million.
- Since 1986, the unemployment rate has been below the nation.
- As of January 1999, the unemployment rate was 3.1 percent - below the national average.
- Managerial and professional jobs comprise 23 percent of Indiana jobs, compared to 29 percent for the nation.
- Fifty-four percent of Indiana's jobs are in occupations with a median wage below $10 per hour ($20,000 per year). Only 7 percent of jobs have a median wage above $20 per hour.
- A family's basic needs budget is between $17,000 and $32,000 per year (depending on the size and composition).
- To return to the national average, Indiana wages need to outpace the national by approximately 0.4 percent per year for the next 20 years.
- Production workers in manufacturing earn $14.32 per hour; 110 percent of the U.S. rate.
- An estimated 196,300 Hoosier manufacturing jobs are directly related to exporting, and they pay 5 to 20 percent more than those not related to exporting.
- Wages were last at the national average in 1981. Since that time, Indiana wages grew 0.8 percent while the national average climbed 10.5 percent.
- In 1996, Indiana had 143,507 business establishments.
- Productivity is 20th highest in the nation and fifth highest in the Midwest at 90.5 percent the national rate.
- Manufacturing productivity is at 103.5 percent of the U.S. rate; services are at 80.3 percent.
- The cost of doing business (as measured by Regional Financial Associates, 1997) is 17th best in the nation, and well below competitor states.
- Indiana's business climate was named one of the top 15 in America by Site Selection magazine (1998).
- Indiana exported $13.1 billion in goods during 1997 - an increase of $1 billion over the year before. During the first three quarters of 1998, exports continued to be strong, increasing 2.9 percent, while the United States declined 1.1 percent.
- The top export destinations are Canada, Japan, United Kingdom, Mexico and Germany.
- Manufacturing's share of Indiana's Gross State Product (32 percent) is the highest in the nation.
- Area Development magazine ranked Indiana third in the nation in terms of the number of new business development projects in 1996.
- During 1996, Area Development ranked Indiana fourth in the number of new high-tech projects.
- Indiana is one of the top 25 inland places to locate a business (Business Facilities magazine, 1998).
- Indiana ranks 10th in the United States in terms of the volume of rail cargo (Plants Sites & Parks magazine, 1997).
- The Gross State Product is $255.8 billion: manufacturing 32%; services 15%; finance, insurance and real estate 13%; retail 9%.
Education
- Indiana is the 14th largest producer of college graduates in the nation.
- The state's public high school graduation rate is 70.1, 31st in the nation.
- In Indiana, 16.8 percent of jobs require a four-year college degree or higher, compare to 20.7 percent of all U.S. jobs.
- The rate of college attainment closely matches job requirements: 17.7 percent of adults have a four-year degree or higher (47th in the nation).
Livability
- The population is 5.9 million.
- Indiana's purchasing power ranks 29th best at 99.5 percent of the U.S. average.
- The consumer cost of living is 14th best at 92.1 percent.
- The poverty rate of 8.6 percent is fifth best in the nation and second in the Midwest.
- Indiana ranked best in the Midwest (22nd in the nation) in the 1998 Morgan Quitno Livable State Index.
Economic Development Resources
- The state's budget for FY 1997-98 was $13.7 billion.
- Economic development receives 0.4 percent of the state's budget ($55.6 million from the General Fund).
- Indiana's economic development resources from all public sources (state, federal and local) totals approximately $2 billion per year.
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