SOUTH BEND, Ind. (November 29, 2017) – Per capita personal income in the South Bend – Elkhart Region grew at more than double the national average in 2016, according to new numbers released by the U.S. Bureau of Economic Analysis (BEA).
Personal income circulating in South Bend - Elkhart Region’s economy increased by $1 billion compared to 2015, resulting in a $1,436-per-person increase in personal income, according to the survey released this week. The region’s 2016 per capita personal income was $42,946, 87.21 percent of the national per capita personal income.
“For the region and its residents to succeed in the global economy, we must execute a regional economic development plan that will drive per capita income to reach or exceed the national average,” said Pete McCown, member of the Regional Development Authority and Chair of the Regional Economic Development Strategy planning committee.
“We are making great progress and are deepening our focus on efforts to help increase the long-term prosperity of the region,” said Regina Emberton, President of the South Bend Elkhart Regional Partnership. Stakeholders from across the region have developed a collaborative regional approach to executing strategies around five key areas to help the region match national per capita income by 2025:
- Educating a world-class workforce,
- Recruiting and retaining great talent,
- Attracting and growing new economy companies in complement to our remarkably strong manufacturing industries,
- Helping entrepreneurs thrive; and
- Promoting inclusion and sparking opportunities for women and minorities.
Per capita personal income is calculated as the total personal income of the residents of a given area divided by the population of the area. In computing per capita personal income, BEA uses Census Bureau midyear population estimates. The South Bend - Elkhart Region includes Elkhart, Marshall and St. Joseph counties in northern Indiana and Berrien and Cass counties in Michigan; a geographic region with just over 725,000 residents. The full release on the BEA website shows numbers across the country.
About the Regional Development Authority
The Regional Development Authority (RDA), comprised of a five-member board representing Elkhart, Marshall and St. Joseph counties, is guided by the Smart Connected Communities plan produced in 2015 for the Regional Cities Initiative and works to advance economic development projects of regional importance.
Board members include:
- John DeSalle,Chair, President of Hoosier Racing Tire Corp.
- Kristin Pruitt, Vice Chair,Vice President and General Counsel of Lakeland Financial Corp.
- Dallas Bergl, Secretary-Treasurer, President & CEO of INOVA Federal Credit Union
- Pete McCown, Member,President of the Community Foundation of Elkhart County
- John Affleck-Graves, Member, Executive Vice President, University of Notre Dame
About the South Bend - Elkhart Regional Partnership
The South Bend - Elkhart Regional Partnership is a collaboration of the economic development partners from Elkhart, St. Joseph and Marshall counties in Northern Indiana and Berrien and Cass counties in Southwest Michigan. The organization supports regional economic development efforts focused on educating a world-class workforce, recruiting and retaining great talent, industry support and attraction, supporting an entrepreneurial ecosystem, and promoting diversity and inclusion. The Partnership also serves as the Administrator for the Regional Development Authority and its Entrepreneurship Committee.