The Economic Development Group of Wabash County, Inc. (EDG) announced significant improvement in per capita income in Wabash County as the labor force continues to grow.
Data released by the U.S. Bureau of Economic Analysis indicates that per capita income levels for Wabash County increased by 6.6 percent during 2012. Growth in the Wabash County per capita income substantially exceeded the levels of growth in the State of Indiana (4.9 percent) and the U.S. (3.4 percent). This marks the third consecutive year that growth in the Wabash County per capita income has out-performed the state and the U.S. In 2002 the Wabash County per capita income was 90 percent of the State. With this report as of the end of 2012, the Wabash County per capita income now sits at 97 percent of the State.
In addition, the Wabash County labor force grew again and now number 16,034. With growth in the labor force and growth in employment the Wabash County Labor Penetration rate is now up to 49.547 percent an increase from the 49.436 percent in September. The unemployment rate of 6.8 percent is also better than the 7 percent rate of Indiana and the U.S.
These are strong indications that Wabash County is continuing to improve and that the economic development strategy to expand and diversify the Wabash County economy is moving in the right direction. “We are pleased that these reports indicate that we are moving in the right direction,” said Bill Konyha, President and CEO of Economic Development Group of Wabash County, Inc. “This strategy reduces reliance upon one industry sector and provides us with more opportunities to grow and to provide career ladders for our children and grandchildren.”