Southwest Indiana shines: Toyota helps region grow, but I-69 is key.

• Author: Newcomb, Ken Jr.
• Position: Last Word

The economy of southwest Indiana stands above the national average in all sectors, creating an environment of growth and prosperity.

According to Accra cost-of-living index, the cost of living in the Evansville region is substantially lower than the national average. Both residents and businesses can get more for their money in the Evansville area. Transportation, utilities, health care, food and housing costs are substantially below the national average. Unemployment is also seen as a bright spot, with the region hovering around 2.9 percent compared to a national average in the mid 4 percent range.

Toyota is a strong reason that unemployment is so low. Upon completion of its recent expansion plans, Toyota is almost doubling the size of the new plant and employment should exceed 4,000. Bristol-Myers Squibb and Whirlpool employment remains strong, averaging about 2,800 employees each. Because of the diversity of products and services, the economy is not tied to one major sector and is not prone to the major up-and-down swings of the national economy.

The Vanderburgh Industrial Park in northern Vanderburgh County remains a strong draw for new industry, with 20 percent of the lots being sold since completion of the park one year ago. The park's largest employer to date, Graham Packaging Corp., will be opening this spring. The industrial market in the area remains strong with an approximately 90 percent occupancy rate and only one large box over 300,000 square feet available.

The office sector remains constant, while a softening of prices has occurred in the last four months. Look for this trend to continue, especially in the downtown market as the Old National Bank tower becomes available when construction is complete on the bank's new tower at Main and Riverside overlooking the Ohio River.

The retail sector is especially confusing, as it continues to be in most areas. The big-box moves and vacancies are putting a...