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April 2013 Economic Briefing A summary of the Indianapolis regional economy

Employment by Industry

Unemployment Rates Drop Slightly Throughout Region in March

Indianapolis MSA Employment by Industry (1,000s)

The Indianapolis-MSA unemployment rate saw a decrease of 0.2 percent in March at 8.3 percent. Marion County comes in with a rate of 9.2 percent, down 0.1 percent from February. The U.S. seasonally adjusted rate decreased to 7.6 percent from February 2013 to March 2013. Indiana’s seasonally adjusted unemployment rate remained unchanged in March at 8.7 percent, halting a recent upward trend. The Hoosier State, which has more manufacturing jobs as a part of our private sector than any other state in the U.S. (19.7 percent of Indiana’s private sector), experienced another month of increase in manufacturing jobs, production hours and durable goods production employment. All of which may point to sustained growth and future expansion potential.

March 2013 Unemployment Rates March‘13

Feb‘13

March‘12

Marion County, IN

9.2

9.3

8.9

Indianapolis-MSA

8.3

8.5

8.1

State of Indiana (seasonally adj.)

8.7

8.7

8.2

U.S. (seasonally adj.)

7.6

7.7

8.2

Indianapolis Regional Unemployment Rate Rankings by County Ranking in State (highest to lowest rate out of 92 counties) County

Unemployment Rate March‘13

Rank

Madison

11%

10

Marion

9.2%

48

Morgan

9.1%

50

Shelby

8.6%

59

Hancock

8%

74

Boone

7.7%

77

Johnson

7.5%

83

Hendricks

7.2%

86

Hamilton

6.4%

91

Labor Force Estimates, March 2013

U.S. Indiana Marion County

Labor Force

Employed

Unemployed

154,512,000

142,698,000

11,815,000

3,121,009

2,837,376

283,633

457,681

415,594

42,087

Source: Indiana Department of Workforce Development

Change from Change from Previous Month March‘12

March’13 (p)

Feb’13

Construction

41

39

2

2

Manufacturing

83

84

-1

1

Trade, Transportation and Utilities

192

192

0

3

Wholesale Trade

46

45

1

1

Retail Trade

94

95

-1

1

Transportation and Utilities

52

52

0

0

Information

15

15

0

-1

Financial Activities

58

59

-1

-1

Professional and Business Services

135

134

1

3

Education and Health Services

139

140

-1

2

Leisure and Hospitality

93

92

1

3

Government

123

123

0

0

(p) = preliminary

Source: Bureau of Labor Statistics

Recent News Mayor Ballard Leads Delegation on Mission to India Mayor Greg Ballard and a delegation of local leaders departed on a weeklong economic and cultural trade mission to promote Indianapolis, strengthen relationships and explore economic opportunities in India. Read more about the mission to India at Blog.DevelopIndy.com

Indiana Leads Nation in Manufacturing Area Development Online ranked Indiana in the top spots for their Q1/Winter 2013 report, “The States Leading the U.S. Manufacturing Resurgence.” Indiana’s manufacturing industry ranked in the top ten in each category they studied. They cite Indiana’s low-tax policies, highly skilled work force, central location, and steadfast collaboration with state agencies as the key components for Indiana ranking so high on the list. Find out more at www.AreaDevelopment.com Read more recent announcements on our website at www.IndyChamber.com

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April 2013 Economic Briefing A summary of the Indianapolis regional economy

Commercial Real Estate

Residential Real Estate Below is Indianapolis regional housing data for March 2013, showing an increase of 20.4% percent in year-over-year closed sales. The region also experienced an increase in the year-over-year average sales price of 1.6% percent.

Indianapolis Regional Real Estate Statistics March’13

March’12

% Change

New Listings

3,824

4,144

- 7.7%

Closed Sales

2,334

1,938

+ 20.4%

Median Sales Price

$126,059

$124,800

+ 1.0%

Average Sales Price

$156,111

$153,660

+ 1.6%

Indianapolis Region 1st Quarter 2013 Industrial Statistics Current

Year

Quarter

Vacancy

3.1%

i

1

Rental Rates Wholesale (PSF)

$3.65

h

h

Net Absorption (YTD)

650,374

i

i

7.3 M

i

i

Vacant (SF)

Indianapolis Region 1st Quarter 2013 Suburban Office Statistics Current

Year

Quarter

Vacancy

20.3%

h

h

Rental Rates (PSF)

$16.02

i

i

Net Absorption (YTD)

19,458

h

h

Vacant (SF)

3.97 M

h

h

Past Three Month Average for Indianapolis Region

Indianapolis Region 1st Quarter 2013 Downtown Office Statistics

Source: MIBOR www.mibor.com

Airport Passenger & Cargo Traffic The number of air passengers at Indianapolis International Airport decreased in March 2013 as compared to March 2012 by 6 percent, while total air cargo increased by 7.2 percent.

Current

Year

Quarter

Vacancy

19.3%

h

h

Rental Rates (PSF)

$18.31

h

h

Net Absorption (YTD)

38,470

h

h

Vacant (SF)

2.04 M

h

h

Source: Cassidy Turley www.CassidyTurley.com

IndyGo Fixed Route Ridership IndyGo saw a decrease in passengers of 4.3 percent over the past year from March 2012 to March 2013. In the current month, Indianapolis has seen a decrease of 3.8 percent in passengers.

Indianapolis International Airport Air Traffic

IndyGo Fixed Route Ridership

Total Passengers (YTD) March‘13

March‘12

Difference

% Change

1,691,934

1,800,395

-108,461

- 6.0%

Air Cargo (YTD in tons) March‘13

March‘12

Difference

% Change

265,890

248,135

17,755

7.2%

Source: Indianapolis Airport Authority

Total Passengers (YTD) 2012

2013

% Change

2,497,464

2,390,151

- 4.3%

Total Passengers Current Month March’12

March’13

% Change

842,484

810,735

- 3.8%

Source: IndyGo

www.indygo.net

For more information, contact Ashley Elrod at aelrod@indychamber.com or visit the Indy Chamber website at www.IndyChamber.com.

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Indy Chamber Briefing  

Stats for economic growth in Indy

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