Now that all the numbers are in for September, 2009, a case can be made for strength and burgeoning prosperity in Indianapolis and throughout the entire state of Indiana, at least compared to the rest of the United States. Gains in the beleaguered manufacturing sector of Indiana business were cited as the main contributor. The state of Indiana posted the best numbers in the nation for hiring increases during the month of September, and Indianapolis in particular, enjoyed its 30 days of fame with the lowest unemployment rate since January of 2009.
Though none of the economic experts are going out on a limb to declare that an economic corner has been turned, high numbers of new jobs and low jobless rates combine to give Hoosiers reason to be optimistic, and non-Hoosiers thinking about relocating to Indy and Marion and Hamilton counties especially good reason to start checking the Indiana real estate trends in general, and the metropolitan Indianapolis real estate area trends in particular. The jobless rate in Indiana, in fact, dropped for the third consecutive time and came in lower than any other neighboring state.
The strong showing by a company providing medical devices and a windfall for the Indiana auto industry were the largest contributing factors for the state’s good numbers. Inventory of Chrysler, Honda and General Motors vehicles needed to be amped up due to the success of the Cash for Clunkers government program.
The highest number for September’s unemployment in a state was punched in by Michigan, at 15.3 percent, an increase of 0.1%. Other Hoosier neighbors experienced jobless increases as well, with Ohio’s rate at 10.1%, Illinois’ at 10.55 and Kentucky’s at 10.9%. The next highest jobless rates posted in the nation were for Nevada, at 13.3%, Rhode Island at 13%, California at 12.2% and South Carolina at 11.6 percent. The 0.3% drop for Indiana brought its unemployment rate for the month of September to the nation’s low, at 9.6%; not great, but not the worst by any means. The greater metropolitan area of Indiana capital, Indianapolis, however, posted a more than decent 7.7% unemployment rating for September of 2009.
This shining moment for Indianapolis business and economy is not typical. Ball State University‘s Center for Business and Economic Research, Michael Hicks, stated that this is the first time in generations that Indiana has healed faster than its neighbors in a recession malaise. All the experts remain cautious and circumspect. It is still to be seen whether the positive trend will hold, or whether it may have been an anomaly.
To see articles and photos about the cities in the counties with the best economics for September, 2009, click on the links below.