Economic report analyzes strengths, weaknesses for the Richmond area

October 26th, 2009

Indiana University East and the Wayne County Foundation have partnered with the Indiana Business Research Center (IBRC) at Indiana University’s Kelley School of Business to compile a report on community and economic benchmarks, which has just been completed and is now being released. The report compares the Richmond area to both a national and a statewide set of peers on a wide range of indicators, ranging from per capita personal income, to industry concentrations to area demographics.

David Frantz, dean of the IU East School of Business and Economics, said that the report can serve as a resource from which Richmond’s policy makers, community organizations, business leaders and the general public can build a consensus for community and economic development. 

“The report is not designed to answer all of the economic issues facing the community,” Frantz said. “It is more of a starting point against which progress can be periodically measured. It is designed to provide additional information to community leaders and to the public to make informed decisions about the future.”

The report signals both the need for progress in the area and highlights the various assets present in the region and the potential to develop with the strengths the area already possess. The analysis of the data and the findings serve as a platform to develop a future plan for economic growth.

Chancellor Nasser Paydar said the report is one of many ways IU East can use university resources to foster economic development within east central Indiana and west central Ohio.

 “We are committed to working with our educational partners to create a better information base for community action and vision,” Paydar said. “We have a great future in front of us in the region, but it needs to reflect a solid understanding of our current situation.”

The full report may be viewed online at www.iue.edu/business/berc. For additional information, contact David Frantz, dean of the School of Business and Economics, at dfrantz@iue.edu.

Copies will also be available at the 2010 Business Outlook Forum on Tuesday, November 10 in Vivian Auditorium, located in Whitewater Hall on the IU East campus. The forum begins at 7:30 a.m.  A panel of Indiana University economists and local presenters will address future trends at the local, state and national levels. The cost is $15 and includes breakfast. For more information on this event or to make reservations, contact Terry Wiesehan at 765-973-8221.

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