Press release from the Northeast Indiana Foundation:
Northeast Indiana Foundation releases the 2009 Business Dynamics Report
Despite recession, Northeast Indiana reports economic progress in six sectors including advanced manufacturing
(April 1, 2010) Â The Northeast Indiana Foundation reported today that the region marked progress in 2009 by attracting 17 new companies with more than 1,000 jobs and 137 expansions of existing business adding more than 3,000 jobs to the area’s workforce. According to the annual business dynamics survey, the 10-county region saw significant progress from the previous year, reporting $384.4 million investment in space and equipment for the northeast corner of the state. Like the entire country, the region did see a fair amount of closings, downsizings and layoffs as well. However, call-backs brought work back to the region with 5,628 reported jobs recalled from layoffs in 12 call-backs, which we’ve newly tracked this year in the survey.
“The last couple of years have not been easy. However, by focusing our efforts on core strengths and specific economic sectors, the region’s local economic developers were able to retain existing and attract new companies to the area,” said John Sampson, President and Chief Executive Officer of Northeast Indiana Regional Partnership, the region’s economic development organization.
The region is fueled by major economic engines including food processing, medical device, finance and insurance, warehousing and transportation, defense, and advanced manufacturing industries. Eighty-seven percent of the growth related to the region’s base economic output occurred in these six sectors within our survey. Advanced manufacturing made the biggest impact across all areas of focus.
Investments in education, such as the recently adopted New Tech high schools and Project Lead The Way, will aid in preparing the Northeast Indiana workforce for the jobs of the future. “By positioning residents of the region to support an advanced manufacturing economy — especially in the focused sectors of defense and medical device — we are able to retain, grow and attract businesses interested in those industries,” Sampson said.
The business dynamics survey prepared by The Community Research Institute (CRI) at Indiana University-Purdue University Fort Wayne (IPFW) is developed annually with cooperation from the local economic development organizations (LEDOs) in each of the 10 counties in Northeast Indiana. Tracking of companies is checked quarterly with each LEDO to ensure numbers are consistent and accurate. In 2010, collected data will also be checked on a quarterly basis with the Indiana Economic Development Corporation (IEDC).
About the Northeast Indiana Foundation
The Northeast Indiana Foundation’s mission is to support the Northeast Indiana Regional Partnership and its 10 member counties through the funding and coordination of charitable activities which directly contribute to its mission of facilitating the creation of new business investment and high quality jobs for the region.
About the Northeast Indiana Regional Partnership
Created in 2006, the Northeast Indiana Regional Partnership’s mission is to market the 10-county region and team with local economic development organizations (LEDOs) to bring new jobs and commercial investment to the area. The Partnership concluded a successful Investment campaign in October of 2006 targeting an initial operating period of five years. The RP’s global marketing efforts will be on behalf of LEDO’s in Adams, Allen, DeKalb, Huntington, LaGrange, Noble, Steuben, Wabash, Wells and Whitley counties.
About Community Research Institute
The Community Research Institute (CRI) is one of IPFW’s commitments at the Fort Wayne campus to the growth and development of northeast Indiana. The Institute serves as one of the portals linking the academic expertise at IPFW with the needs of the public and non-profit sectors in northeast Indiana by providing research and analytical support in the areas of socio-economic data, urban planning, municipal finance, public policy and economic development.
Click here to view the entire Business Dynamics Report with Executive Summary