Economic Downturn?

5.30.08 Several media outlets do their best to show the negative side of today’s economic outlook.  Do they tell the whole story?  One Southern Indiana works daily with over 1,200 area companies, and yes, a few see tighter purses and less confidence in investing.  But, the majority of small to medium size Southern Indiana businesses tell a different story – one with a positive twist.  While 1SI admits there are certainly some business sectors (new housing, for example) that have retreated from record highs, there are many strong indicators.  For instance:

+ One Southern Indiana reached a record number of new members (361) and the fewest drops (114) in over 20 years. Plus event sponsorship revenues are up over 30%.

+ March unemployment data shows Clark County at 4.7% and Floyd County at 4.4% (tied with several other Indiana counties for the lowest unemployment rate in the state).

+ Floyd and Clark County companies have added manufacturing employment and increased wage rates for skilled trades – primarily through productivity efficiencies, diversification and entry into global markets.

+ Southern Indiana's unparalleled network of interstates, rail, barge, and air transportation – coupled with the location in the Midwest – is a strong asset when distance and transportation costs (fuel costs) become critical to commerce.

+ Since July 1, 2007, 1SI has announced 16 projects – 12 of those have been existing company expansions and 4 have been new companies (NetShape Technologies, Becker Acroma, PTG Silicones, and Connextions, Inc.).  And of those 12 expansion projects, 7 have been announced since January of this year!

These facts and many more indicate a continued solid economy in Southern Indiana.  "We may be more insulated from national economic trends than other areas of the country," states Michael Dalby, CEO of One Southern Indiana, "but for now the Southern Indiana economy is still powering along."

"We see businesses succeeding all around us," says Kyle Morey, VP, Sales & Strategic Alliances for 1SI, "We want to tell their stories in upcoming communications."

  Do you have a business success or growth story to tell?  Contact Kyle Morey at KyleM@1si.org.