News release from the Northeast Indiana Regional Partnership:
2014 report shows company closures at record low
Expansions boosting job growth
(February 12, 2015) – When comparing numbers from the last seven years, Northeast Indiana had the lowest number of company closures in 2014, breaking a trend seen in the last four years after the recession. Additionally, company expansions are continuing to drive job growth in the region.
That’s according to the annual Business Dynamics Report, released by the Northeast Indiana Regional Partnership in conjunction with the Community Research Institute at Indiana University-Purdue University Fort Wayne (IPFW). The report tracks business events within target industries and major employers in the 10-county Northeast Indiana region, including companies new to the region, expansions, acquisitions, layoffs, closings and downsizings.
“I am optimistic about the data presented in this report. Among the announcements tracked, greater employment gains were registered among business expansions over last year. While new jobs associated with business relocations are down slightly compared to last year, outside interest in the form of acquisitions is up,” said Ellen Cutter, director of the Community Research Institute (CRI) at IPFW. “These events contribute to notably strong labor force growth. Annual labor force growth over the last year has reached a level not seen in nearly two decades.”
By the numbers, there were nine new company announcements and 98 expansions in Northeast Indiana in 2014. The expansions are expected to add 2,992 jobs, with two-thirds of those jobs in the manufacturing sector. All together, the new and expansion announcements are expected to result in $535.8 million in investments in Northeast Indiana.
“As a region, we’ve relied on our deep-rooted determination and resilient attitude to rise above challenges,” said John Sampson, president and CEO of the Northeast Indiana Regional Partnership. “We’ve worked hard to create opportunities to advance Northeast Indiana, and the growth we’ve experienced over the past year reinforces that those efforts are paying off.”
About The Northeast Indiana Regional Partnership
The Northeast Indiana Regional Partnership was formed in 2006 to help build a globally competitive economy in Northeast Indiana. It is a public-private partnership creating business investment by generating business leads, developing product and fostering regional collaboration. In 2010, the Partnership launched Vision 2020 to bring the region together around five key areas for economic growth: 21st Century Talent, Competitive Business Climate, Entrepreneurship, Infrastructure and Quality of Life. The 10 counties of Northeast Indiana include Adams, Allen, DeKalb, Huntington, LaGrange, Noble, Steuben, Wabash, Wells and Whitley. For more information, visit www.NEIndiana.com.