Bloomington.

• Author: Conover, Jerry N.

Population Growing

Things are looking brighter in many respects for the Bloomington area economy than they have in recent years. The city's population grew by an estimated 146 residents last year (2006), reversing a multi-year trend during which it decreased by hundreds of people annually. According to Census Bureau estimates, Monroe County grew by 1,140 residents, representing population growth of 0.9 percent, which is more than twice the rate of any other year this decade and the fastest growth among all of Monroe's neighboring counties. The county is forecast to gain about 2,160 more residents by the end of the decade.

Employment Increasing

For most of 2007, total payroll employment in the Bloomington Metropolitan Statistical Area (or MSA, comprising Monroe, Owen, and Greene counties) has been higher than a year earlier, reaching 84,200 jobs in September.

The most recent data for counties represent the first quarter of the year, during which Monroe County's payroll employment was up by 858 from a year earlier, with an increase of twenty-nine establishments. This represents a respectable growth rate for this area.

Manufacturing employment in the county has finally stopped shrinking after several years, with recent months averaging about 100 more manufacturing jobs over the year. This is a very welcome turnaround, especially considering that the county has gained six more manufacturing establishments this year (equaling 113 in the first quarter of 2007). Manufacturing wages reached a record high in current dollars (averaging about $789/week), though in inflation-adjusted terms they've been roughly level over the past year. Either way, the multi-year decline in factory wages in Monroe County appears to have ended this year.

Sectors gaining more than 100 jobs over the year include health care and social services, administrative and support services, transportation and warehousing, and retail. The construction sector lost 223 jobs from the first quarter of 2006 to the same period in 2007, partially reflecting a slowdown in home construction. Some large-scale projects at Indiana University that have begun since then, however, should help reverse this loss.

Monroe County is forecast to gain about 500 to 800 jobs in 2008, with construction picking up as the year progresses. Manufacturing should hold its own, and life sciences firms could add a few hundred jobs if they can find enough skilled workers.

Personal Income: Gaining on the State

Per...