Bloomington forecast 2019.

• Author: Conover, Jerry N.

Local economic output has its ups and downs

The overall economy of the Bloomington Metropolitan Statistical Area (MSA), which includes Monroe and Owen counties, grew by 7.4 percent from 2007 through 2017, a respectable (though modest) rate of growth. Pulling all industries together, the MSA's gross domestic product (GDP) totaled $6.4 billion in 2017, the highest level in over a decade.

Not all industries fared equally well in output growth, however. Of the major sectors, government (including government enterprises) grew at the fastest rate--18.1 percent--over a 10-year span from 2007 to 2017. Not far behind was the educational services, health care and social assistance sector at 14.6 percent. And hot on this sector's heels at 13.8 percent was the arts, entertainment, recreation, accommodation and food services sector--a longtime staple of the Bloomington-area economy.

Looking at more finely detailed industries, professional, scientific and technical services led the way with blistering growth of 65 percent over 10 years. Close behind was management of companies and enterprises at 45 percent. These sectors tend to pay above-average wages, so their impressive growth has been quite helpful to the area's economy.

Some sectors shrank over this 10-year period, including the administrative, support, waste management and remediation services sector (-25 percent), real estate, rental and leasing (-24 percent), and construction (-20 percent).

Population growth

The Bloomington metro area's population grew from 2010 to 2017 by 5.2 percent, higher than the average growth rate for the state as a whole. This suggests the local area continues attracting new residents and encouraging existing residents to stay. The MSA population in 2017 was estimated to be 167,825. Migration to Bloomington (home to Indiana University) from other countries totaled more than twice the area's natural increase (i.e., births minus deaths).

Employment growth

The local metro area added 826 jobs in 2017, mainly in the private sector, with average wages more than $1,800 above the prior year. Among the sectors adding the most jobs were accommodation and food services (+330), administration and...