Radius Unveils ‘Economic Dashboard’
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowRadius Indiana has unveiled a new tool designed to measure the strength of the manufacturing industry in its eight-county region in southern Indiana. The economic development partnership says the initial Radius Manufacturing Index shows manufacturing jobs in the region have increased by more than 2,700 in the past five years.
The index was created in collaboration with Thomas P. Miller & Associates. The organization says it will provide cumulative information about 12 facets of the manufacturing industry at levels never before detailed in the region. Researchers collected data from 2013-2015 to create a baseline for subsequent, quarterly measurements.
Indiana Manufacturers Association Chief Executive Officer Brian Burton says southern Indiana’s manufacturing strength is a driving factor in Indiana remaining "the top manufacturing state in the country." In a release, he said the index "will serve as a valuable economic dashboard to help guide future investment and growth."
One of the measurements included in the index is Location Quotient, or the comparative strength of the region against the national average. Radius says the region’s current LQ for manufacturing is 2.82, meaning the local industry is 2.8 times more prevalent in the area than the national average.
Radius says some components of the RMI did show areas for improvement. The organization says, for example, the five-year average manufacturing wage grew at a slower rate than the previous year.
The RMI, Radius says, is the first of three indices being developed to help inform the region about its economic strengths and challenges.