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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