February 2014 Economic Briefing A summary of the Indianapolis regional economy
Indy Region, State See Significant Drop in December Unempoyment Rates Encouraging numbers in December 2013 show us that unemployment has dropped from 8.7 percent to 6.4 percent in Marion County in just one year. Indianapolis-MSA unemployment rates are also favorable, dropping 0.8 percent from November to December and coming in at 5.8 percent. Indiana’s seasonally adjusted unemployment rate dropped 0.4 percent to 6.9 percent in December and is now at the lowest point since October 2008 (6.8 percent). The rate of unemployment in Indiana remains below all neighboring states. One of the major factors in Indiana’s unemployment rate decline is the number of individuals returning to the labor force. The Hoosier labor force increased by nearly 6,000 in December and has grown by more than 21,000 over the past three months. December 2013 Unemployment Rates Dec‘13
Nov‘13
Dec‘12
Marion County, IN
6.4
7.3
8.7
Indianapolis-MSA
5.8
6.6
7.9
State of Indiana (seasonally adj.)
6.9
7.3
8.3
U.S. (seasonally adj.)
6.7
7.0
7.9
Indianapolis Regional Unemployment Rate Rankings by County Ranking in State (highest to lowest rate out of 92 counties) County
Unemployment Rate Dec‘13
Rank
Madison
7.5%
13
Marion
6.4%
40
Shelby
5.9%
57
Morgan
5.8%
63
Hancock
5.3%
78
Johnson
5.3%
79
Boone
5.1%
83
Hendricks
4.9%
86
Hamilton
4.5%
91
Employment by Industry Indianapolis MSA Employment by Industry (1,000s) Change from Change from Previous Month Dec‘12
Dec’13 (p)
Nov’13
Construction
41
43
-2
-1
Manufacturing
83
83
0
-1
Trade, Transportation and Utilities
204
203
1
4
Wholesale Trade
45
46
-1
-1
Retail Trade
105
103
2
5
Transportation and Utilities
54
54
0
0
Information
16
16
0
-1
Financial Activities
59
59
0
0
Professional and Business Services
141
142
-1
5
Education and Health Services
138
140
-2
-1
Leisure and Hospitality
99
99
0
5
Government
123
123
0
1
(p) = preliminary
Source: Bureau of Labor Statistics
Recent News Indy Chamber Efforts Gain Over $1.2 Billion in Capital Expenditure Projects, Over 11,000 New Job Commitments in 2013 The Indy Chamber released its final economic development numbers for Indianapolis and the region for 2013. The Indianapolis region experienced economic growth in both new and retained job commitments and capital expenditures. Read more at IndyChamber.com
Labor Force Estimates, December 2013
U.S. Indiana Marion County
Labor Force
Employed
Unemployed
154,408,000
144,423,000
9,984,000
3,159,417
2,958,980
200,437
462,359
432,805
29,554
Source: Indiana Department of Workforce Development
National Math & Science Education Nonprofit Grows Headquarters in Indy Project Lead The Way, Inc. (PLTW), a national nonprofit that develops and supports hands-on K-12 science, technology, engineering and math (STEM) curriculum for schools across the country, announced plans to expand its operations here, creating up to 30 new jobs by 2016.
Read more at IndyChamber.com
Read more recent announcements on our website at IndyChamber.com
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February 2014 Economic Briefing A summary of the Indianapolis regional economy
Commercial Real Estate
Residential Real Estate Below is Indianapolis regional housing data for December 2013, showing an increase of 10.8 percent in year-over-year closed sales. The region experienced a decrease in the year-over-year closed sales of 3.9 percent.
Indianapolis Regional Real Estate Statistics Dec’13
Dec’12
% Change
New Listings
1,741
1,768
- 1.5%
Closed Sales
2,099
1,894
+ 10.8%
Median Sales Price
$134,900
$128,000
+ 5.4%
Average Sales Price
$176,622
$159,872
+ 10.5%
Indianapolis Region 4th Quarter 2013 Industrial Statistics Current
Year
Quarter
Vacancy
4.9%
h
h
Warehouse Average Rate (NNN)
$3.69
h
h
Net Absorption (YTD)
1,936,226
i
h
11.56 M
h
h
Vacant (SF)
Indianapolis Region 4th Quarter 2013 Suburban Office Statistics
Past Three Month Average for Indianapolis Region
Current
Year
Quarter
Vacancy
18.6%
i
1
Average Asking Rate (SF)
$16.21
1
h
Net Absorption (YTD)
363,011
h
h
Indianapolis Region 4th Quarter 2013 Downtown/CBD Office Statistics Current
Year
Quarter
Vacancy
20.3%
1
1
Average Asking Rate (SF)
$17.68
h
1
Net Absorption (YTD)
-81,842
h
i
Source: MIBOR www.mibor.com
Source: Cassidy Turley www.CassidyTurley.com
Airport Passenger & Cargo Traffic
IndyGo Fixed Route Ridership
The number of air passengers at Indianapolis International Airport slightly decreased in December 2013 as compared to December 2012 by 1.6 percent, while total air cargo increased by 7.4 percent.
IndyGo saw a 3.1 percent increase in YTD ridership from December 2012 to 2013. In current month numbers, Indianapolis has seen a significant increase of 7.5 percent in passengers.
Indianapolis International Airport Air Traffic
IndyGo Fixed Route Ridership
Total Passengers (YTD)
Total Passengers (YTD)
Dec‘13
Dec‘12
Difference
% Change
2012
2013
% Change
7,217,051
7,333,733
-116,682
- 1.6%
9,942,151
10,254,281
3.1%
Air Cargo (YTD in tons)
Total Passengers Current Month
Dec‘13
Dec‘12
Difference
% Change
Dec’12
Dec’13
% Change
1,092,652
1,016,974
75,678
7.4%
740,371
795,639
7.5%
Source: Indianapolis Airport Authority
Source: IndyGo www.indygo.net
For more information, contact Ashley Elrod at
[email protected] or visit the Indy Chamber website at www.IndyChamber.com.
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