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Per Capita Income Grows in Northern Indiana

December 5, 2018
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NewsThe South Bend-Elkhart Regional Partnership says per capita personal income grew at a rate of nearly 5.4 percent between 2016 and 2017, nearly 2 percent higher than the national rate. The five-county region, Elkhart, Marshall and St. Joseph in Indiana and Berrien and Cass Counties in Michigan saw more than $32.7 billion in total personal income last year.

Regina Emberton, chief executive officer of the South Bend – Elkhart Regional Partnership, says the region is continuing with its regional development strategy to enhance industry, entrepreneurship, workforce, talent, and inclusion. She says the goal is to match national per capita income by 2025.

“The South Bend – Elkhart Region is making strong advancements in growing jobs, increasing wages, and driving down unemployment to record-setting lows,” Emberton said in a news release. “However, the key to long-term economic growth and community prosperity requires us to leverage the current momentum by making critical investments now to ensure economic sustainability.”

The Per Capita Personal Income figures come from the U.S. Bureau of Economic Analysis. They are calculated as the total personal income of the residents of a given area divided by the population of that area.

In Marshall County the Per Capita Personal Income has risen every year since 2012 where it started at $33,041.  From 2017 to 2018 the increase was 5.67% bringing in the PCPI to $40,335 in Marshall County.

As proof of this increase, Jerry Chavez, CEO of the Marshall County Economic Development Corporation noted that the last four companies that had been granted tax abatements in Plymouth for business expansion projects have stated their average wage is $20 to near $25 an hour with a benefit package between 24% and 30% or slightly higher.

Chavez went on to say, “Our unemployment figures bounce around from 2.7% to 3.6% in 2018 and it has been reported that the rate is 3.4%.”   This rate isn’t seasonally adjusted so you will see highs and lows.

He also commented, “Perhaps with Marshall County being designated as Stellar, we can drive quality of place projects forward that will help attract more employees and families too.  Thanks for your support of Marshall County Cross Roads Stellar Application.”

You can read more about the region’s PCPI figures, including a breakdown by county, by clicking here.

 

Article from Inside Indiana Business. By Alex Brown, Multimedia Journalist

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