Per capita personal income (PCPI) continues to grow in the South Bend – Elkhart Region, but at a slower rate than in recent years and not as fast as the nation.
The U.S. Bureau of Economic Analysis (BEA) released the 2018 PCPI data in November. From 2017 to 2018, PCPI in the South Bend - Elkhart Region grew 3.66%, compared to the nation’s rate of 4.94% and the region’s 5.58% growth from 2016 to 2017.
More than $34.2 billion of total personal income circulated in the South Bend – Elkhart Region’s five counties in 2018. That was an increase of over $1.3 billion of total personal income compared to 2017, resulting in a $1,655 increase in per capita personal income.
“The South Bend – Elkhart Region has made tremendous progress over the past decade to unify the business, community, and educational partners toward a common goal for a more prosperous future,” said Regina Emberton, president and CEO of the South Bend – Elkhart Regional Partnership.
"The South Bend - Elkhart Region continues to execute the “Ensuring Prosperity” Regional Development Strategy focused on Industry Growth, Entrepreneurship, Workforce Development, Talent Retention, and Inclusion, with a goal of matching national per capita income by 2025. Critical investments in these areas and the recently launched LIFT Network leverage the current momentum to ensure long-term economic sustainability” said Emberton.
Per capita personal income is calculated as the total personal income of the residents of a given area divided by the population of the area. Personal income includes wages, dividends, interest earnings, home rental and business income, and government benefits such as Social Security. In computing per capita personal income, BEA uses Census Bureau midyear population estimates.
The South Bend – Elkhart Region includes Elkhart, Marshall and St. Joseph counties in northern Indiana and Berrien and Cass counties in Michigan; a geographic region with over 728,000 residents. The full release on the BEA website shows numbers across the country.
About South Bend - Elkhart Regional Partnership
The South Bend - Elkhart Regional Partnership is a collaboration of the economic development partners from 47, smart connected communities in Northern Indiana and Southwest Michigan. The Regional Partnership focuses on a long-term systemic approach to advance the region's economy by aligning the efforts of various stakeholders around five key areas: Educating a world-class WORKFORCE, Recruiting and retaining great TALENT, Attracting and growing new economy companies in complement to our remarkably strong manufacturing INDUSTRIES, Promoting INCLUSION and sparking opportunities for minorities and Helping ENTREPRENEURS thrive. The Regional Partnership seeks to unify and collaborate so that together, the communities across the region work together to achieve what cannot be done individually. For more information about the Regional Partnership, visit SouthBendElkhart.org.
Source: South Bend - Elkhart Regional Partnership