Richmond
Deputy Director, Indiana Business Research Center, Kelley School of Business, Indiana University
Slow growth is the most likely forecast for the coming year in Wayne County—but note the word growth is used here. This area has been hit hard by job declines in manufacturing in recent years and its population has also declined.
Looking at recent trends in quarterly employment, there are encouraging increases occurring in more sectors than not. The health care and social services sector is contributing more jobs and higher wages to the community, likely due to the significant changes with Reid Hospital and the likely growth of business services contributing to that regional health care facility. Construction has also benefited, with a 16.7 percent increase in the number of jobs between 2006 and 2007 and 13.3 percent increase in wages for that sector.
Manufacturing continues to shed jobs in the area, but at a slower rate. For those working in manufacturing, wages continue to increase and this industry continues to pay the highest weekly wage in the area (see Table 1).
Table 1
Covered Employment and Wages for Wayne County, 2007:1
Industry | Jobs |
Percent Change Since 2006:1 |
Average Weekly Wage |
Percent Change Since 2006:1 |
Totals | 32,715 | -1.1 | $628 | 5.0 |
Growth in Jobs and Wages | ||||
Health Care and Social Services | 5,023 | 1.0 | $713 | 16.1 |
Retail Trade | 3,975 | 0.3 | $398 | 1.8 |
Accommodation and Food Services | 2,813 | 1.8 | $209 | -0.9 |
Wholesale Trade | 921 | 2.7 | $771 | -3.0 |
Construction | 852 | 16.7 | $709 | 13.3 |
Professional, Scientific, and Technical Services | 407 | 0.7 | $557 | 0.7 |
Decline in Jobs But Increase in Wages | ||||
Manufacturing | 7,112 | -1.7 | $786 | 3.4 |
Transportation and Warehousing | 1,041 | -8.2 | $724 | 7.1 |
Finance and Insurance | 937 | -0.2 | $732 | 0.3 |
Information | 508 | -1.2 | $572 | 4.2 |
Decline in Both Jobs and Wages | ||||
Educational Services | 3,307 | -0.5 | $550 | -1.4 |
Arts, Entertainment, and Recreation | 141 | -0.7 | $241 | -5.5 |
Source: IBRC, based on ES-202 data
Overall economic productivity is forecasted to climb out of the negative and into positive territory by 2009 (see Figure 1). But as the economy of Richmond and Wayne County continues to strengthen in the services sectors, such as health and business, it is likely that employment opportunities will also increase in other lower performing sectors.
Figure 1
Change in Gross Domestic Product for Indiana and Wayne County, Estimates and Forecast
Also in this Issue…
- Outlook for 2008
- The International Economy
- The U.S. Economy
- Financial Forecast
- Housing
- Indiana Agriculture
- Indiana
- Anderson
- Bloomington
- Columbus
- Evansville
- Fort Wayne
- Gary
- Indianapolis-Carmel
- Kokomo
- Louisville
- Muncie
- Richmond
- South Bend-Mishawaka and Elkhart-Goshen
- Terre Haute
- Return to Table of Contents