6/13/2006
Media Contact:
Justin Ohlemiller, Mayor’s Office, 327-3690
John Walker, The Indy Partnership, 317-464-5413 |
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Report: Indianapolis tops other cities in job growth
INDIANAPOLIS – While other Midwestern cities have struggled to bounce back from the 2001 national recession, Indianapolis’ economy remained strong and exceeded job growth expectations, according to a report issued by the Federal Reserve Bank of Chicago.
The report, titled Looking for Diamonds in the Rust, found that the Indianapolis metropolitan area outperformed other cities and was the only large city tracked by the Chicago Fed to experience job growth between 2000 – 2005.
“These results issued by the Chicago Fed make a strong statement about the effectiveness of our life sciences initiative and our focused efforts to diversify our economy and support growth oriented businesses,” Mayor Bart Peterson said. “Our success in growing jobs during the national recession really points to the strength of our city’s economy and the great potential for future growth.”
The Chicago Fed states that while Iowa, Illinois, Michigan, Wisconsin and Indiana, lost a total of 500,000 jobs since peaking in 2000, Indianapolis’ economy performed well because of a “strong competitive environment for many of its major industries,” including insurance and pharmaceutical manufacturing.
The report also cites the city’s skilled workforce, income equality, business dynamics and quality local amenities as contributing factors to job growth.
“The Indy Partnership is charged with recruiting new business and jobs to the Indianapolis region," said Gordon Hendry, interim president and CEO of The Indy Partnership, the region’s economic development organization. “Every day, we are touting our region’s advantages across the country. The Fed’s report should help reinforce our message that the Indianapolis region is a great place to do business.”
The Chicago Fed’s positive review of Indianapolis’ job growth is the latest in a long line of regional and national accolades collected by Indianapolis recently.
Last month, Forbes Magazine named Indianapolis as one of the 10 best places in America to start a business or a career, and the new Kiplinger’s survey ranked Indianapolis as one of the top 14 “Smart Places to Live” in the country.
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