News release from the Northeast Indiana Regional Partnership:
Per capita income increases in Northeast Indiana for fifth consecutive year
(November 19, 2015) – The U.S. Bureau of Economic Analysis released 2014 per capita personal income (PCI) numbers today, and the good news for Northeast Indiana continues for the fifth consecutive year. The region’s per capita personal income as a percentage of national per capita personal income has increased.
In 2009, Northeast Indiana residents earned 78.23 percent of the national per capita income average, but by 2014, that number rose to 80.93 percent for the 10-county region.
The increase amounts a $4.9 billion increase in personal income circulating in Northeast Indiana’s economy. This is a total of more than $7,000 annually for each resident of Northeast Indiana during the five-year period.
“For the past several decades, Northeast Indiana has seen per capita personal income decline relative the nation, but that trend has been halted and has shown improvement each year for five consecutive years,” said Ellen Cutter, director of the Community Research Institute at Indiana University-Purdue University Fort Wayne. “The data indicates that Northeast Indiana has progressed and our economy is steadily improving.”
In addition, the data shows that Northeast Indiana is outpacing the nation in per capita person income growth, increasing 4.2 percent compared to the national rate of 3.6 percent. Northeast Indiana is also outpacing the state in per capita person income growth, increasing 4.2 percent compared to the national rate of 3.4 percent.
Increasing per capita personal income is the driving force behind the region’s Vision 2020 initiative, which is spearheaded by the Northeast Indiana Regional Partnership.
“Northeast Indiana is relentless in our pursuit of prosperity for the residents of our region. The per capita income data illustrates Northeast Indiana’s ability to transform challenges into tangible progress. We’ve proven that our grit and determination can make a real difference in creating our future,” said John Sampson, president and CEO of the Northeast Indiana Regional Partnership.
While Kosciusko County only joined the Regional Partnership in October, it’s notable that the per capita income for the 11-county region is at 81.63 percent compared to the nation and 94.98 percent compared to the state.
Per capita personal income is calculated as the total personal income of the residents of a geographic area divided by the resident population of the area. The data is released annually by the U.S. Bureau of Economic Analysis.
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 11 counties of Northeast Indiana include Adams, Allen, DeKalb, Huntington, Kosciusko, LaGrange, Noble, Steuben, Wabash, Wells and Whitley. For more information, visit www.NEIndiana.com.
Related Images:
