Recent Report shows Evansville Region Helping to Boost Indiana’s Manufacturing Value
Thursday, April 7, 2016
Southwest Indiana is known for high productivity; now the data backs it up.
According to a national report, Evansville metropolitan statistical area (MSA) is one of the nation’s leaders in Gross Regional Product (GRP) per worker for manufacturing. As the 28th most productive MSA out of 381 U.S. metro areas, the Evansville MSA generates $224,030 in value for each manufacturing job in the region.
The March/April report produced by Atlanta-based Garner Economics utilizing data from the U.S. Bureaus of Labor Statistics (BLS) and Economic Analysis (BEA), the Evansville MSA creates significantly more economic value in manufacturing than better perceived manufacturing centers in Indiana such as Elkhart, Ft. Wayne, Kokomo and Columbus. In fact, the numbers are not even close. The Evansville region has a higher value for each manufacturing job as well than much larger U.S. metros such as Atlanta, Chicago, Dallas, Detroit, Grand Rapids, Memphis and San Diego.
“When it comes to manufacturing productivity, the Evansville metro is one of the true leaders in the country,” said Greg Wathen, President & CEO for the Economic Development Coalition of Southwest Indiana. “While companies can manufacturer products almost anywhere, productivity matters when it comes to profitability.”
The Garner Economics analysis results also closely mirror the recent Indiana Community Vitality Index released by the Indiana University Public Policy Institute as part of their Thriving Communities, Thriving State initiative.
The IU Public Policy Institute study states that “Central Indiana (Indianapolis area) and Evansville anchor areas of strength for Indiana’s economy; supporting these regions to compete nationally will continue to be important for Indiana’s economic well-being.”
According to the IU study, the Evansville and Indianapolis regions along with Ft. Wayne and South Bend represent 63 percent of all jobs in Indiana making it imperative to think regionally when crafting state economic policy.