South Bend/Mishawaka and Elkhart/Goshen.To help understand how we came to where we are today, Table 1 and Figure 1 provide data from 1994 to the middle of 2004 that chart the longer-term progress of the Michiana region, of which South Bend/Mishawaka and Elkhart/Goshen are a major part. The index uses 1986 as the base period and employs monthly averages of seasonally adjusted Seasonally adjusted
Mathematically adjusted by moderating a macroeconomic indicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year. index numbers In economics, index numbers are time series summarising movements in a group of related variables. The best-known is the consumer price index which measures changes in retail prices paid by consumers. .
[FIGURE 1 OMITTED]
Employment growth in the South Bend South Bend, city (1990 pop. 105,511), seat of St. Joseph co., N Ind., on the great south bend of the St. Joseph River, in a farming and mint-growing region; inc. as a city 1865. economy mirrored the sluggish growth experienced by the national and state economies. During 2003, South Bend's total nonagricultural employment decreased by 0.2 percent, with manufacturing employment contracting by 1.9 percent and nonmanufacturing employment increasing by a modest 0.1 percent.
Employment growth in Elkhart, for the second year in a row, outpaced South Bend, the nation, and the state. Elkhart's total nonagricultural employment grew by 1.9 percent, with manufacturing expanding by 2.4 percent and nonmanufacturing advancing by 1.5 percent.
The contraction contraction, in physics
contraction, in physics: see expansion.
contraction, in grammar
contraction, in writing: see abbreviation.
contraction - reduction of manufacturing employment in South Bend and its expansion in Elkhart derived largely from each economy's differing fortunes in the transportation equipment sector (as defined by the Standard Industrial Classification--SIC 37). In South Bend, transportation equipment remained strong throughout 2002, ending the period with an 11 percent increase (500 more jobs). This upswing Upswing
An upward turn in a security's price after a period of falling prices. likely resulted from the strong sales following the initial launch of the Hummer H2 sport utility vehicle. But in 2003, Hummer H2 sales weakened weak·en
tr. & intr.v. weak·ened, weak·en·ing, weak·ens
To make or become weak or weaker.
weaken·er n. because of the natural moderation in sales that follows the successful introduction of a new vehicle. Consequently, SIC 37 employment failed to grow. Further, manufacturing employment in South Bend's other durable and nondurable non·du·ra·ble
Not enduring; being in a state of constant consumption: nondurable items such as paper products.
A consumable item: nondurables such as food. manufacturing continued the downward trend of 2002 into 2003, contributing to the overall weakness in manufacturing. In Elkhart, SIC 37, primarily fueled by the robustness of the booming recreational vehicle market, increased by 5,200 jobs from December 2001 to December 2002, a 24.8 percent boost, and added another 1,600 jobs between December 2002 and December 2003, a 6.5 percent change. During 2003, nonmanufacturing employment advanced in South Bend by 0.1 percent. Employment expanded in retail trade (1.7 percent), leisure and hospitality (5.8 percent), and government (2.0 percent). Offsetting most of these gains were employment declines in natural resources and construction (-4.6 percent), wholesale trade (-1.4 percent), professional and business services (-4.8 percent), education and health services health services Managed care The benefits covered under a health contract (-1.4 percent), and other services (-7.1 percent).
Elkhart's nonmanufacturing employment rose by 1.5 percent during 2003 as a result of growth in natural resources and construction (4.4 percent), wholesale trade (1.7 percent), retail trade (1.0 percent), education and health services (4.4 percent), health care and social assistance (6.0 percent), and leisure and hospitality (4.4 percent). Eroding part of these gains were declines in employment in transportation, warehousing, and utilities (-4.8 percent), professional and business services (-2.5 percent), other services (-2.6 percent), and government (-3.5 percent).
The most recent data from the Indiana Department of Workforce Development (through July 2004)indicate cautious signs of optimism. Although employment growth in the Elkhart economy has slowed somewhat during the first half of 2004, employment growth is expected to rebound rebound (rē´bownd),
n/v 1. a recovery from illness.
n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus
rebound adjective because of the continuing strength of the recreational vehicle market. Nationally, the recreational vehicle industry remains very strong. The Recreation Vehicle Industry Association reported that wholesale shipments to the nation's retailers totaled 31,800 units in August 2004, up 16.1 percent over August 2003. August's shipment tally brought year-to-date shipments to 260,400 units, 18.7 percent ahead of 2003. The industry is on pace to ship more than 360,000 units this year, which would be its second-best in twenty-five years. (1)
Accurately forecasting economic conditions for local economies is very difficult for two reasons. First, we have much less economic information available for local economies than for larger economies, and the data we do have tends to be less accurate. Secondly, special situations affecting individual firms, which would have little impact on a regional or national forecast, can have a major impact on a local economy. The uncertainty surrounding these special situations creates uncertainty about the forecast. At the present time we have several special situations that have the potential to impact our local economies over the next couple of years.
Accra Pac Group plans to build a $9 million distribution center next to its existing plants in Elkhart and to hire an additional 150 employees during 2005. The 150 jobs will bring total employment at the aerosol aerosol (âr`əsōl,–sŏl): see colloid.
System of tiny liquid or solid particles evenly distributed in a finely divided state through a gas, usually air. packaging company to nearly 1,000. Since almost all of the income for these jobs comes from outside our area and no local jobs will be lost, the multiplier effect Multiplier Effect
The expansion of a country's money supply that results from banks being able to lend. The size of the multiplier effect depends on the percentage of deposits that banks are required to hold on reserves. will magnify mag·ni·fy
To increase the apparent size of, especially with a lens. the impact.
For the last several years, the Years, The
the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109]
See : Time manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use.
In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected industry has been in a serious slump. In 1998, the industry nationwide shipped 373,000 units. In 2001, the industry nationwide shipped 193,000 units, but shipments were just 131,000 units in 2003.
The slump contributed to the large drop in jobs in 2000 and 2001. Industry production continued to fall in the first eight months of 2004 and it will likely stay at low levels during 2005.
The recreational vehicle industry has recovered strongly from the recession with more than 320,000 units produced in 2003, up from 257,000 in 2001, and the industry should produce more than 360,000 units in 2004. The strong demand should continue in 2005, although at a slightly lower level.
Indiana produces more than 50 percent of the recreational vehicles shipped nationwide and most of these vehicles are produced in northern Indiana Northern Indiana is the region of Indiana including 26 counties bordering parts of Illinois, Michigan, and Ohio. The area is generally sub-classified into other regions. The northwest is economically and culturally intertwined with Chicago, and is considered part of the Chicago . One example of the positive impact on our local economy is the new Forest River expansion in Goshen which will employ approximately 600 workers. Forest River is the largest privately owned RV maker in the country and it is planning to add seven new buildings, each about 94,000 square feet. Since these vehicles are sold nationwide, the multiplier effect of increased production is strong. The RV industry has had an important positive impact on our local economy's recovery from the recession.
Like most local economies, the South Bend/Mishawaka and Elkhart/Goshen economies are greatly influenced by the national economy. The durable goods durable goods
Goods, such as appliances and automobiles, that have a useful life over a number of periods. Firms that produce durable goods are often subject to wide fluctuations in sales and profits. Also called consumer durables. component of the national economy is important as the automobile, recreational vehicle, manufactured housing, and steel industries are major employers. The Elkhart economy, with its substantial manufacturing employment, is especially tied to the national economy. The national forecast calls for real gross domestic product growth of about 3.5 percent, relatively low interest rates, low inflation, increased consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. and increased employment. This outlook should lead to continued growth in both local economies. We should see reasonable growth in employment and a reduction in the unemployment rates to the 3.5 percent to 4.5 percent range during the year in Elkhart/ Goshen and to the 4.0 percent to 5.0 percent range in South Bend/Mishawaka.
Table 1 Employment Index with Unemployment Rates, 1993 to 2004 * Indicator 1994 1995 1996 1997 1998 1999 South Bend/Mishawaka Total Nonagricultural 119.5 124.1 124.1 126 128.6 129.5 Manufacturing 93.4 97.5 92.9 93.1 94.5 92.9 Nonmanufacturing 127.1 132.1 133.3 135.7 138.5 140.3 Unemployment Rate 4.4% 4.3% 4.0% 3.3% 2.7% 2.9% Elkhart/Goshen Total Nonagricultural 125.1 129.2 127.4 128 132.7 136.6 Manufacturing 120.2 122 119.3 119.1 124.1 129.6 Nonmanufacturing 130.7 136.9 136.7 138.5 142.7 145 Unemployment Rate 3.8% 4.5% 3.8% 3.3% 2.6% 2.1% Indicator 2000 2001 2002 2003 2004 South Bend/Mishawaka Total Nonagricultural 129.2 127 124.5 124.3 127 Manufacturing 94.9 85.6 78.3 76.8 76.7 Nonmanufacturing 139 139 137.8 138.2 141.2 Unemployment Rate 3.2% 4.1% 5.0% 4.8% 5.1% Elkhart/Goshen Total Nonagricultural 140 129.9 129.7 132.1 133.4 Manufacturing 133.9 116.4 115.1 117.8 119.5 Nonmanufacturing 148.2 145.8 146.8 148.9 149.9 Unemployment Rate 2.7% 4.6% 4.8% 4.6% 4.3% * All employment figures are seasonally adjusted index numbers with 1986 = 100. The underlying data are derived from a monthly survey of employing establishments and are published by the Indiana Department of Workforce Development. Figures for 2004 cover the first seven months of the year.
(1.) Steve Bibler, "RV Shipments Strong: August Continues Yearlong year·long
Lasting one year.
Adj. 1. yearlong - lasting through a year; "attending yearlong courses"
long - primarily temporal sense; being or indicating a relatively great or greater than average duration or Trend of Brisk Brisk as a proper name may refer to:
Paul A. Joray
Professor of Economics, Indiana University Indiana University, main campus at Bloomington; state supported; coeducational; chartered 1820 as a seminary, opened 1824. It became a college in 1828 and a university in 1838. The medical center (run jointly with Purdue Univ. South Bend
Paul S. Kochanowski
Professor Emeritus e·mer·i·tus
Retired but retaining an honorary title corresponding to that held immediately before retirement: a professor emeritus.
n. pl. of Economics, Indiana University South Bend