![]() Workforceīetween March 2020 and July 2021, the Bloomington metro’s labor force had decreased by approximately 5,000 workers. Some of the challenges discussed by survey respondents are reflected in workforce, housing and supply chain data. ![]() The Chamber survey asked what local factors most impact businesses and found the following:Ĥ6% of respondents noted concerns about workforce talent and recruitment In the BEDC survey, the following challenges were noted:Ĩ1% of respondents noted concerns about the COVID-19 pandemic continuingħ1% mentioned workforce talent and recruitment The BEDC survey asked respondents about factors that threaten their organizations’ health and growth in Monroe County in 2022, and the results mirror many of those found in a similar survey by the Greater Bloomington Chamber of Commerce. Bureau of Labor Statistics Current Employment Statistics 2. ![]() As competition for workers intensifies, wages in the region continue to climb (see Figure 2), with the private industry average hourly wage increasing by 12% since October 2017.įigure 2: Bloomington metro October average hourly wage Notably, personal income-the combined work earnings, dividends, rent and interest, and government transfer payments-will see significant average annual growth of 4.8% between 20, which is comparable to Fort Wayne, Evansville and South Bend, but slower than Indianapolis, Anderson, Columbus, Lafayette and Elkhart. Our forecast predicts average annual job growth of 2.3% between 20, which is comparable to our neighbor to the east, Columbus, but slower than that of Indianapolis, Louisville and Lafayette. Bureau of Labor Statistics Current Employment Statistics Jobs in government (includes public schools, public hospitals) Natural resources, mining and construction Jobs in private industries (largest to smallest in September 2021) Most respondents cited customer demand for products and services and the market for their business or industry as positive contributors to their outlooks. The BEDC survey asked respondents to rate their overall business outlook for 2022 on a scale of zero (negative) to 10 (positive), with an average response of 6.93 (see Figure 1). Respondents represent industries from banking and finance, health care, construction, education, professional services, real estate, and more. Looking ahead to 2022, the Bloomington Economic Development Corporation again asked its members and partners about their own outlook for the coming year. Thirty-one mostly Bloomington-based employers responded, with 80% having fewer than 500 employees. ![]() ![]() There are solutions to these challenges that we can pursue together.Our market faces challenges that range from the continued pandemic to workforce and housing issues.There is a positive business outlook and market forecast.The following local outlook is based on qualitative and quantitative data from employer surveys from the Bloomington Economic Development Corporation (BEDC) and Greater Bloomington Chamber of Commerce, as well as data from the Indiana Business Research Center (IBRC) and their Center for Econometric Modeling Research (CEMR) forecast. While the 2022 forecast is far more positive, challenges remain. At the end of 2020, local employers reported varying outlooks by industry, with concerns about the impact of the pandemic, remote work, Indiana University plans, labor and housing shortages, and more. The outlook for the Bloomington area economy in 2022 is good-a welcome respite from the economic and social roller coaster of the past two years, which has affected us in so many ways. Co-director and Executive Editor, Indiana Business Research Center, Indiana University Kelley School of Business ![]()
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