Fort Wayne: "undiscovered jewel" begins to draw attention.

• Author: Asp, Karen

"We're an undiscovered jewel," says Fort Wayne Mayor Paul Helmke.

That may soon change, thanks to a recent survey by ReliaStar, a Minneapolis-based financial company. The survey rated the nation's 100 largest metropolitan areas on 15 measures of financial security, including unemployment, crime, personal income and wealth potential. Fort Wayne ranked third in the country for offering residents the greatest opportunity for financial security.

Helmke hopes the survey will do two things: help convince existing business to expand in Fort Wayne and help attract new business to the area. Economic-development officials will continue to focus on diversifying the city's economic base, as they have been since 1982.

Prior to that year, International Harvester was Fort Wayne's largest employer. The truck manufacturer dealt a strong blow to the city when it pulled out, laid off about 10,000 employees and left countless numbers of local vendors short of work. It also sent a wake-up call to Fort Wayne.

"If we diversified, we would cut down the likelihood of experiencing a difficult period like that again," says Philip Laux, president and CEO of the Greater Fort Wayne Chamber of Commerce.

Since then, Fort Wayne has built up a strong mix of business. Service tops the list as the fastest-growing sector in Northeast Indiana, Laux says. In addition, automotive, manufacturing, medical and telecommunications companies are major contributors to Fort Wayne's economy.

The city's five largest employers include Fort Wayne Community Schools with 3,856, Lincoln National Corp. with 3,480, Parkview Memorial Hospital with 3,231, General Motors with 2,949 and Dana Corp. with 2,500. Overall, 44 companies in Fort Wayne boast more than 500 employees.

In 1995, Allen County witnessed 47 business-expansion projects that totaled $401.4 million and created 1,744 new jobs. Activity didn't slow in 1996.

This year General Motors began a $300 million expansion of its truck assembly plant. Tokheim Corp., which makes gas pumps, is investing $25.2 million into its Fort Wayne headquarters. The Fill-Rite Division of Tuthill Corp., a manufacturer of gas-measuring and -dispensing pumps, is currently undergoing a $7.4 million expansion. Zollner Corp., headquartered in Fort Wayne, recently announced a $3 million expansion at its aluminum-piston plant.

These companies have discovered that, besides its low cost of living, Fort Wayne's location gives businesses an advantage. Situated on...