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Radius Indiana Regional Snapshot


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PCRD Regional Snapshot

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Radius Indiana Regional Snapshot

  1. 1. Radius Indiana Region REGIONAL SNAPSHOT
  2. 2. Overview 01 Demography 02 Human capital 03 Labor force 04 Industry and occupation 05 Conclusions 06 Table of contents
  3. 3. 01 overview Radius Indiana region What is a regional snapshot?
  4. 4. 4 Overview section 01 Radius Indiana Region The Radius Region is comprised of the following eight South Central Indiana counties:  Crawford  Daviess  Dubois  Greene  Lawrence  Martin  Orange  Washington
  5. 5. 5 Overview section 01 What is a regional snapshot? What is the snapshot? This regional snapshot is a demographic and economic assessment of the Radius Region in Indiana. Using county-level data, PCRD analyzed a number of indicators to gauge the overall economic performance of the Radius Indiana Region in comparison to the rest of the state. What is its purpose? The snapshot is intended to inform Radius Indiana leaders, organizations and residents of the key attributes of the region’s population and economy. In particular, it takes stock of the region’s important assets and challenges. With such data in hand, regional leaders and organizations are in a better position to invest in the mix of strategies that will spur the growth of the economy and provide a higher quality of life for residents of the region. What are its focus areas? PCRD secured and analyzed recent data from both public and private sources to generate the snapshot. In order to build a more comprehensive picture of the region, the report presents information under four key categories:  Demography  Human Capital  Labor  Industry When appropriate or relevant, the report compares information on the region with data on the remainder of the state of Indiana. By so doing, the region is better able to determine how well it is performing relative to the state on a variety of important metrics.
  6. 6. 02 demograph y Population change Population pyramids Income and poverty
  7. 7. 7 Demography section 02 Population change In 2012, the population in the Radius Region represented 3.4 percent of the overall Indiana population. The growth in the region’s population from 2002 to 2012 was 2.3 percent.The rest of the state grew by 6.5 percent during that same time frame. Source: EMSI 2014.2 Class of Worker 216,746 221,689 227,106 202020122002 Total population projections Radius Region Rest of Indiana + 2.3% 6,315,645 6,625,015 5,932,261 + 2.4% +6.5% + 4.9% It is estimated that the Radius Indiana Region’s population will grow slightly faster from 2012 to 2020 (2.4 percent or an increase of 5,417 people). Indiana’s remaining 84 counties are expected to grow by 309,370 people (4.9 percent growth) over that period of time. The Radius Region is poised to grow, albeit more slowly than the rest of Indiana.
  8. 8. 8 Population pyramids Population pyramids are visual representations of the age distribution of the population by gender. Demography section 02 In both the Radius Indiana Region and the rest of Indiana, males outnumber females at lower ages (0 to 39).The opposite is true for the population aged 40 and above as it is disproportionately female in both regions. When contrasted with the rest of the state, the population in the Radius Indiana Region is aging more rapidly. Roughly 37 percent of Radius residents are 50 or older, compared Source: EMSI Complete Employment 2013.1 to 33 percent of people in the rest of the state.Additionally, the two oldest cohorts (70-79 and 80+) make up nearly 11 percent of Radius’ population but 9 percent of the rest of the state’s population. These results suggest a need to provide for an aging population while simultaneously exploring ways to retain a younger-aged adult workforce. 6.31 6.67 5.37 5.73 6.75 7.32 5.84 3.64 2.64 6.62 7.11 5.57 5.86 6.93 7.48 5.61 3.05 1.50 8.0 6.0 4.0 2.0 0.0 2.0 4.0 6.0 8.0 00-09 10-19 20-29 30-39 40-49 50-59 60-69 70-79 80+ Percent of Total Population AgeCohort Radius Region - 2012 Femal e Male 6.49 6.80 6.81 6.27 6.68 7.10 5.23 3.03 2.37 6.80 7.13 6.90 6.29 6.66 6.87 4.79 2.45 1.32 8.0 6.0 4.0 2.0 0.0 2.0 4.0 6.0 8.0 00-09 10-19 20-29 30-39 40-49 50-59 60-69 70-79 80+ Percent of Total Population AgeCohort Rest of Indiana - 2012 FemaleMale
  9. 9. 9 Income and poverty Demography section 02 Source: U.S. Census Bureau – Small Area Income and Poverty Estimates (SAIPE) 2003 2008 2012 Total Population in Poverty 10.0% 13.1% 14.9% Minors (Age 0-17) in Poverty 13.9% 18.9% 21.6% Average Real Median Income $37,958 $43,186 $43,127 The average median income across Radius counties increased sharply from 2003 to 2008 but dropped slightly from 2008 to 2012. Meanwhile, the total population in poverty increased by around 5 percentage points from 2003 to 2012, while the proportion of minors in poverty rose nearly 8 percentage points.
  10. 10. 03 human capital Educational attainment Graduation rates Patents
  11. 11. 11 Human capital section 03 Educational attainment Educational attainment is an important indicator of the skills of a population. In 2012, 21 percent of Radius residents (25 years of age or higher) had less than a high school diploma, compared to 14 percent for residents in the rest of the state.The Radius Region had a slightly higher percentage of associate’s degree holders (8 percent) than the rest of the state (7 percent). The proportion of adults with a bachelor’s degree or more was substantially lower in the Radius area when compared to the rest of the state (12 percent versus 23 percent). In general, the Radius Region could be challenged in its ability to capture high quality jobs that require a more highly educated workforce. Source: EMSI Complete Employment 2013.2 5% 16% 41% 18% 8% 7% 5% Radius Region - 2012 3% 11% 35% 21% 7% 15% 8% Rest of Indiana - 2012 Associate’s degree Bachelor’s degree Graduate degree No high school Some high school High school Some college
  12. 12. 12 Human capital section 03 Four-year high school graduation rates In 2009, 85.3 percent of Radius Indiana students successfully graduated from high school after four years.This was 2.8 percentage points higher than the rest of Indiana as a whole. The rate for four-year graduates rose to 89.9 percent in the Radius Region by 2013, a figure that continued to exceed the rate for the remainder of the state. High schools in the Radius Region are outperforming others in Indiana. However, the rest of the state appears to be closing the gap.* Source: 85.3% 89.9% 82.5% 88.9% 20132009 Radius Region Rest of Indiana Radius Region Rest of Indiana *Note: HS grad rates in Radius Indiana could be impacted by large Amish populations. Young Amish individualsare not educated past 8th grade. Three Radius counties (Daviess, Martin, Orange) are in the top 10 in Indiana in terms of Amish population(
  13. 13. 13 section 03 Patents Radius 1.93 Rest of State 4.36 Radius 0.94 Rest of State 2.38 Patenting trends are an important indicator of the level of innovation in a region. Commercializing this innovation can lead to long- term growth for regional economies. When it comes to innovation, Radius residents are lagging behind the rest of Indiana. The launching of high tech, high growth entrepreneurial enterprises in the Radius Indiana Region may be difficult in light of the limited number of patents being issued in the region.* Source: U.S. Patent and Trademark Office Patents per 1,000 Jobs 2000-2011 From 2000 to 2011, Radius counties were issued patents at a rate of 1.93 per 1,000 jobs, while the remaining Indiana counties garnered 4.36 patents per 1,000 jobs. Patents per 1,000 residents 2000-2011 From 2000 to 2011, 0.94 patents per 1,000 residents were issued in Radius counties.The rest of Indiana amassed 2.38 patents per 1,000 residents. Human capital *Note: Patent origin is determined by the residence of the first-named inventor. Since a number of Radius workers commute into the region, the number of patents produced in the Radius region could be high. However, among residents of the region, patent production is relatively low.
  14. 14. 04 labor force Unemployment rates Earnings per worker Drive time to work Laborshed and commuteshed
  15. 15. 15 Labor force section 04 Unemployment rates Prior to the onset of the Great Recession around 2008, the Radius unemployment rate was slightly higher than the rate in the rest of the state. However, the high point of Indiana’s recessionary unemployment rate was substantially higher (10.4 percent) than that of the Radius region (9.7 percent). In the recovery period since 2009, the rates have converged. Both Radius and the state as a whole had unemployment rates of 7.5 percent in 2013. Source: STATS Indiana 5.5% 4.6% 9.3% 7.4% 5.3% 4.6% 10.4% 7.5% 5.7% 4.7% 9.7% 7.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 US Total Radius Region Rest of State
  16. 16. 16 Labor force section 04 Earnings per worker Average earnings for workers in the Radius Indiana Region were well below the level enjoyed by workers located in the rest of the Indiana in 2013. Male workers earned substantially less in Radius counties than in the rest of Indiana. Women in the Radius Region had average earnings that were $2,300 below those of women in other parts of the state. Average earnings for females in the Radius Region were 30 percent below those of male workers. Source: EMSI Complete Employment 2013.2 $38,843 $45,100 $31,428 $44,085 … $33,763 $0 $10,000 $20,000 $30,000 $40,000 $50,000 Radius Region Rest of Indiana Average earnings Average male earnings Average female earnings Note: The earnings figures refer to workers in the Radius IN Region, as opposed to residents of the region.
  17. 17. 17 Labor force section 04 Drive time to work (minutes) in 2011 Average commuting times for workers residing in Radius Indiana counties ranged from 18.7 to 35.1 minutes in 2011*. Residents in Indiana’s remaining 84 counties spent an average of 24 minutes driving to work during the same period. Residents of Crawford County spent the most time driving to work on average, while Dubois County residents faced the shortest commute times. Six of Radius Indiana’s eight counties had above-average commute times for residents. Source: 2007-2011 ACS 5-year estimates Radius Region Rest of Indiana *Note: Most recent data available 35.1 29.8 28.9 25.3 24.7 24.6 21.6 18.7 24.0 0 5 10 15 20 25 30 35 40
  18. 18. 18 Labor force section 04 Laborshed Source: LEHD, OTM, U.S. Census Bureau A region’s laborshed is the geographic area from which it draws employees. In 2011, Radius was home to a total of 73,114 jobs.Almost 30 percent of individuals working in Radius counties at this time commuted from outside counties for work.On the other hand, 70.1 percent of jobs in the region were held by Radius residents. Thus, Radius’ laborshed is largely comprised of the Radius counties themselves. Population 2011 Jobs* Proportio n Employed in Radius 73,114 100.0% Employed in Radius but LivingOutside 21,840 29.9% Employed and Living in Radius 51,274 70.1% In-Commuters Same Work/Home 21,840 51,274 *most recent data available
  19. 19. 19 Laborshed in 2011 Labor force Source: U.S. Census Bureau, OTM, LEHD, PCRD The Radius Region draws its labor force largely from its own counties. Eighty percent of Radius workers come from either Radius itself, or nearby Monroe, Perry, Pike or Spencer counties. Marion County (Indianapolis) comes into the laborshed at the 85 percent threshold, accompanied by Knox, Gibson, andVanderburgh counties in southwestern Indiana. Extending the threshold to 90 percent, many southern Indiana counties enter into the Radius Region’s labor force composition.The new counties represented includeVigo, Sullivan, Owen, Jackson, Clark, Floyd, Harrison andWarrick. section 04
  20. 20. 20 Labor force section 04 Commuteshed Source: LEHD, OTM, U.S. Census Bureau *most recent data available A region’s commuteshed is the geographic area where its residents work. Nearly 46.0 percent of employed residents in the Radius region commute to jobs located outside of the eight-county region. On the other hand, the remaining 54.5 percent of the region’s workforce both live and work in the Radius area. Out-Commuters Same Work/Home 42,787 51,274 Population 2011 Jobs* Proportion Employed Radius Residents 94,061 100.0% Living in Radius and Employed Outside 42,787 45.5% Living and Employed in Radius 51,274 54.5%
  21. 21. 21 Commuteshed in 2011 Labor force Source: U.S. Census Bureau, OTM, LEHD, PCRD Some residents of the Radius Region commute long distances for work. Taking commutes into account, 80 percent of residents work in the Radius Region, nearby counties or regional hubs, such as Marion, Indiana, (Indianapolis) and Jefferson, Kentucky (Louisville). Increasing the threshold to 85 percent of residents introduces Sullivan, Jackson, Crawford, Harrison and Spencer counties into the commuteshed region. Looking at 90 percent of Radius residents, we see more nearby counties enter the commuteshed, as well as two counties that are substantially farther away, namely Hamilton and Allen (FortWayne). section 04
  22. 22. 05 industry and occupation Establishments Employment by industry Cluster analysis Health and arts industries Top occupations STEM occupations
  23. 23. 23 Industry and occupation section 05 Establishments Source: National Establishment Time Series (NETS) – 2011 Database Number of Establishments by Employment Size Year 2001 2011 Stage 0 3,105 6,925 Stage 1 5,846 8,979 Stage 2 1,434 1,403 Stage 3 139 127 Stage 4 25 16* Total 10,549 17,450 The number of establishments in the Radius Indiana Region grew sharply between 2001 and 2011. Growth occurred in Stage 0 and Stage 1 establishments. Stage 0 establishments grew by 123 percent, while Stage 1 establishments grew by 54 percent. At the same time, the number of Stage 2, 3, and 4 establishments actually declined in the region. Stages 2 and 3 lost small percentages of firms, but stage 4 firms decreased by a large fraction (36 percent). An establishment is a physical business location. Branches, standalones and headquarters are all considered types of establishments. Definition of Company Stages 0 1 2 3 4 Self- employed 2-9 employees 10-99 employees 100-499 employees 500+ employees *Note: Other sources report different figures for Stage 4 employment. For example, the most recent statistics available from Hoosiers by the Numbers (using data from Infogroup) report 21 Stage 4 establishments in the Radius IN region.
  24. 24. 24 Industry and occupation section 05 Establishments Source: National Establishment Time Series (NETS) – 2011 Database Number of Jobs by Establishment Stages Year 2001 2011 Stage 0 3,105 6,925 Stage 1 20,960 27,040 Stage 2 36,982 35,817 Stage 3 25,068 20,701 Stage 4 25,136 17,199* Total 111,251 107,682 From 2001 to 2011, the number of jobs grew for some stages of firms but trended downward for others. Self-employment and jobs at small firms showed substantial growth, while medium-sized firms (Stage 2) stayed roughly constant over the time period. However, the largest firms experienced employment declines. Employment shrunk by more than 17 percent for Stage 3 firms and nearly 32 percent for Stage 4 firms.These decreases fueled an overall loss of jobs at the regional level from 2001 to 2011. Aggregate Sales ($) by Establishment Stages Year 2001 2011 Stage 0 301,812,353 450,593,290 Stage 1 2,011,498,315 2,132,459,625 Stage 2 3,517,322,878 3,413,605,064 Stage 3 2,377,702,176 2,441,513,239 Stage 4 1,830,418,831 1,098,913,037 Total 10,038,754,553 9,537,084,255 Like jobs figures, sales numbers grew for some types of firms in the Radius Region but fell for others. Primarily, sales numbers changed for the smallest and largest classes of firms. Self-employed sales rose by 49 percent from 2001 to 2011. For the same period, sales for firms employing 500 or more workers sagged by 40 percent.The other types of firms remained relatively stable and overall sales figures dropped by 5 percent for the region, from $10 billion to $9.5 billion. *Note: according to the most recent statistics available from Hoosiers by the Numbers (using data from Infogroup), Stage 4 employment in Radius IN is 26,646, and Stage 4 aggregate sales in RadiusIN total $2,942,665,000.
  25. 25. 25 Industry and occupation section 05 Top five industries’ employment growth NAICS Description 2008 Jobs 2013 Jobs Change Change (%) Radius Region 52 Finance and Insurance 2,969 3,410 441 15% 56 Administrative, Support, Waste Management and Remediation Services 2,647 3,015 368 14% 61 Educational Services (Private) 751 831 80 11% 62 Health Care and Social Assistance 9,009 9,763 754 8% 71 Arts, Entertainment and Recreation 1,194 1,286 92 8% Rest of Indiana 21 Mining, Quarrying, and Oil and Gas Extraction 9,281 11,977 2,696 29% 61 Educational Services (Private) 71,964 83,730 11,766 16% 56 Administrative, Support, Waste Management and Remediation Services 188,275 211,146 22,871 12% 62 Health Care and Social Assistance 363,170 390,706 27,536 8% 52 Finance and Insurance 137,317 146,900 9,583 7% Source: EMSI 2013.2 Complete Employment By percentage, the fastest-growing industry in Radius Indiana was Finance and Insurance.The rest of the state experienced the largest percentage change in its Mining, Quarrying, and Oil and Gas Extraction industry. Administrative,Support,Waste Management and Remediation Services appear in the top five growth industries for both regions, as do Private Educational Services and HealthCare and SocialAssistance.
  26. 26. 26 Industry and occupation section 05 Top five industries’ employment decline NAICS Description 2008 Jobs 2013 Jobs Change Change (%) Radius Region 21 Mining, Quarrying, and Oil and Gas Extraction 1,721 1,359 -362 -21% 23 Construction 7,557 6,546 -1011 -13% 55 Management of Companies and Enterprises 704 613 -91 -13% 31-33 Manufacturing 21,221 19,531 -1690 -8% 48-49 Transportation and Warehousing 4,196 3,979 -217 -5% Rest of Indiana 23 Construction 201,793 171,562 -30231 -15% 51 Information 46,007 42,110 -3897 -8% 22 Utilities 15,349 14,227 -1122 -7% 42 Wholesale Trade 117,916 111,228 -6688 -6% 31-33 Manufacturing 511,566 485,846 -25720 -5% Construction and Manufacturing were among the five most rapidly--declining industries in both the Radius Region and the rest of Indiana. In the Radius Region, Mining, Quarrying and Oil and Gas Extraction declined the most rapidly, losing 35 percent of its jobs. Management of Companies and Enterprises, andTransportation and Warehousing rounded out the bottom five Radius industries with the most sizable job declines, in percentage terms. Source: EMSI 2013.2 Complete Employment
  27. 27. 27 How to interpret a bubble chart The graph’s four quadrants tell a different story for each cluster. Industry and occupation section 05 Modified from: Emerging Bottom right (weak but advancing) Stars Top right (strong and advancing) Mature Top left (strong but declining) Transforming Bottom left (weak and declining) Contains clusters that are more concentrated in the region and are growing.These clusters are strengths that help a community stand out from the competition. Small, high-growth clusters can be expected to become more dominant over time. Contains clusters that are more concentrated in the region but are declining (negative growth). These clusters typically fall into the lower quadrant as job losses cause a decline in concentration. Contains clusters that are under-represented in the region but are growing, often quickly. If growth trends continue, these clusters will eventually move into the top right quadrant.Clusters in this quadrant are considered “emerging” strengths for the region. Contains clusters that are under-represented in the region (low concentration) and are also losing jobs. Clusters in this region may indicate a gap in the workforce pipeline if local industries anticipate a future need. In general, clusters in this quadrant show a lack of competitiveness.
  28. 28. 28 Industry and occupation section 05 Source: EMSI 2013.2, industry cluster definitions by PCRDNote: Label includes cluster name, LQ 2013, and Employment 2013 Industry cluster bubble chart
  29. 29. 29 Industry and occupation section 05 Source: EMSI 2013.2, industry cluster definitions by PCRDNote: Label includes cluster name, LQ 2013, and Employment 2013 Manufacturing subcluster bubble chart
  30. 30. 30 Bubble chart results Industry and occupation section 05 Source: EMSI 2013.2, industry cluster definitions by PCRD Stars  Agribusiness, Food Processing andTechnology  Apparel andTextiles  Chemicals and Chemical-based Products  Computer and Electronic Product Manufacturing  Forest andWood Products  Mining  Primary Metal Manufacturing Emerging  Biomedical/Biotechnical (Life Sciences)  Business and Financial Services  Defense and Security  Glass and Ceramics  IT andTelecommunications Transforming  Arts, Entertainment, Recreation andVisitor Industries  Education and Knowledge Creation  Energy (Fossil and Renewable)  Fabricated Metal Product Manufacturing  Printing and Publishing Maturing  Advanced Materials  Manufacturing Supercluster  Machinery Manufacturing  Transportation Equipment Manufacturing  Transportation and Logistics Percent Growth in Specialization LevelofSpecialization
  31. 31. 31 Bubble chart interpretation Industry and occupation section 05 Source: EMSI 2013.2, industry cluster definitions by PCRD Star Industries The most highly concentrated industry cluster in the Radius Region is Forest and Wood Products. Its location quotient is 11.42, indicating that this cluster is more than 11 times more concentrated in the region than is the case for the U.S. as a whole. Nearly 10,500 Radius jobs are in this cluster. Other strong clusters of note in the region include Agribusiness, Food Processing andTechnology as well as Chemicals and Chemical-based Products. These and the remaining star clusters in Radius Indiana are important drivers of the region’s economy. Transforming Industries Transforming industries are relatively small and declining. In the Radius Region, the Arts, Education, Publishing, Energy, and Fabricated metal manufacturing areTransforming. Any amount of growth in these industries would require relatively large investments. Maturing Industries A number of industry clusters in the Radius Region are in the Maturing stage.This means they are relatively concentrated, but their growth is trending downward. Overall, this is likely a reflection on a broader nationwide trend of declines in manufacturing. It is worth noting, however, that the Radius Region may find it worthwhile to invest in efforts to shore up the concentration of some of these industries, if they are deemed important to the region (such as Advanced Materials and Transportation and Logistics). Emerging Industries Industry clusters that may be poised for growth are classified as Emerging. In the Radius region, Biomedical, Business Services, Defense and Security, Glass and Ceramics, and IT are designated emerging clusters. These clusters have gained strength over the 2008-13 period and may emerge as some of the important economic forces in the future.
  32. 32. 32 Industry and occupation section 05 Health care and social assistance cluster Region 2008 Jobs 2013 Jobs Chang e % Change Average Earnings Average Establishments 2012* Radius 9,009 9,763 754 8% $38,642 51 Rest of State 363,170 390,706 27,536 8% $49,066 148 From 2008 to 2013, Health Care and Social Assistance jobs grew by 8 percent in the Radius Region, matching the growth rate experienced by the remainder of Indiana. Despite Radius exhibiting a comparable rate of growth in this sector of the economy in the region, average worker earnings were more than $10,000 below those in the rest of the state. Additionally, the Radius eight-county region had substantially fewer establishments in this industry on a per county basis than the rest of Indiana. *most recent data available Source: EMSI Complete Employment 2013.2
  33. 33. 33 Industry and occupation section 05 Arts and entertainment cluster Region 2008 Jobs 2013 Jobs Change % Change Earnings per Employee Establishments per County 2012* Radius 3,625 3,394 -231 -6% $19,496 14 Rest of State 105,059 101,659 -3,400 -3% $26,257 45 From 2008 to 2013, the Radius Region lost some of its jobs in the Arts and Entertainment industry. In the rest of Indiana, the industry shrunk as well, albeit to a lesser degree. Employees working in the arts earned less in the Radius Region than in the rest of Indiana. Furthermore, Radius had fewer Arts and Entertainment establishments per county than the rest of the state. *most recent data available Source: EMSI Complete Employment 2013.2
  34. 34. 34 Industry and occupation section 05 Top five occupations in 2013 Source: EMSI Complete Employment 2013.2 The top five occupations in Radius account for 51 percent of all jobs. Production occupations represent the largest single chunk, at more than 1/8 of all jobs in the region. Next comes Sales and Related Occupations at 11.7 percent. Rounding out the top five are Office and Administrative Support at 10.2 percent, Management at 8.6 percent andTransportation and Material Moving at 7.7 percent of all occupations. Production 12.8% Sales and Related 11.7% Office and Administrative Support 10.2% Management 8.6% Transportation and Material Moving 7.7% All Other Occupations 48.9%
  35. 35. 35 Industry and occupation section 05 STEM and STEM-related occupations STEM (Science,Technology, Engineering and Math) jobs decreased in the Radius Region as well as in the rest of Indiana during the post- recession recovery period. The decline in STEM occupations in Radius outpaced the drop in the rest of the state.This is due, in large part, to the high concentration of STEM jobs in Martin County, the home of the 3,175 3,032 -4.5% Change20132008 Job change in STEM occupations Radius Region Rest of Indiana 73,474 -2.9% 75,686 Naval SupportActivity Crane and Naval Surface Warfare Center Crane. Radius STEM jobs dropped by 4.5 percent compared to a 2.9 percent decrease in non-Radius Indiana counties between 2008 and 2013. Source: EMSI Complete Employment 2013.2
  36. 36. 06 conclusions
  37. 37. 37 Conclusions section 06 Radius IN Region: key opportunities The mixed data presented in this report provide food for thought in terms of how to strengthen and build on the existing and emerging assets in the region.We offer a few comments for consideration by leaders, organizations, agencies and residents of the Radius Indiana Region. Demography • Consider ways to provide the services needed for an expanding aging population. HumanCapital • Assess the human capital/workforce needs of existing firms in the region. Determine how well the human capital skills of the workforce are in sync with the needs of local/regional firms. • Examine ways to draw young adults from the region who have completed a two or four year college, or graduate degrees to remain or return to the area upon graduation. • Focus attention on the sizable percent of adults with only a high school education (41 percent) to ensure they are provided the skills needed to survive in a changing global economy. Economic Development • Consider taking stock of the human capital attributes of workers who commute to work outside of the region.Those endowed with high-to-medium level skills may represent a prime source of labor for new or expanding companies in the region. • Focus attention on the needs and opportunities of first and second stage firms.These will likely serve as generators of new jobs in the region. • Assess how the region can provide a support system that can help strengthen the survival and sustainability of the self- employed. • Determine how best to build on the star and emerging industry clusters in the region. Invest on the clusters that align with the values and long-term aspirations of leaders and residents of the region. Contact Us • The Purdue Center for Regional Development stands ready to assist with more in-depth data or program support to the Radius Indiana Region as needed. Please check the back panel of this report for contact information.
  38. 38. 38 Report Contributors This report was prepared by the Purdue Center for Regional Development in partnership with Purdue University Extension. Data Analysis Indraneel Kumar, Ph.D. Ayoung Kim Report Authors Kevin Camp Bo Beaulieu, Ph.D. Report Design Tyler Wright Adeline Jackson This report was supported, in part, by grant #00048765 from the Economic Development Administration as part of its investment in the Purdue University’s EDA University Center project titled, “Align, Link and Leverage University Assets to Build Regional Economic Ecosystems that Support High-Growth Entrepreneurship.”
  39. 39. For more information, please contact: Dr. Bo Beaulieu, PCRD Director: Or 765-494-7273 The Purdue Center for Regional Development (PCRD) seeks to pioneer new ideas and strategies that contribute to regional collaboration, innovation and prosperity. December 2014