Purdue University Northwest, along with the Greater La Porte Chamber of Commerce and The Michigan City Area Chamber of Commerce, presented their 2016 Economic Outlook for La Porte County. Featuring Director of the Center for Economic Development and Research (CEDaR) Anthony Sindone as the guest speaker, a discussion of La Porte County's current and future economic status took place during the morning period.
One of the main topics stressed during the event was the importance of "thinking regionally" and the positive potential effects it can have on La Porte County.
"If we take a look at La Porte County's GRP (Gross Regional Product) we can see that there has been a decrease from 2012 to 2014," said Sindone. "However while this may initially seem like a negative factor, it does fact have more to do with imports and money being spent outside of La Porte County."
Sindone explained that imports have to do with more La Porte residents spending money outside of La Porte County. Reasons for this have been credited to residents working outside of the county as well as a general increase in income within households.
"In comparison to the rest of the US, we are decent when it comes to construction, the number of jobs we have and the income of farmers," said Sindone. "It's also important to note that while La Porte's per capita personal income did not rise as fast as the rest of the US, La Porte did not experience the same negative effects that the recession had on the rest of the country.
In terms of demographics and the labor force, it was noted that the 20-to-34 year age range showed a downward trend in the number of children they are having, leading to an almost 4% decrease in overall population, along with a larger percentage having part-time jobs as opposed to full-time jobs.
To close out the theme of thinking regionally, Sindone brought up examples of how considering the effects of other surrounding counties such as Lake, Porter, and St. Joseph can improve La Porte County in a variety of ways.
"As I said before, people are leaving to go to work outside of La Porte County and others from outside the county are coming to La Porte. It is very important to be concerned with what is happening outside our county. In one sense, the borders are artificial," said Sindone.
Sindone finished the presentation on an optimistic note, giving hope for the future of La Porte County's success and the successes it can bring given the right preparation.
"We say that education is the ticket to higher income but a college degree by itself is not the only way to economic success," said Sindone. "If we find an occupation in demand and create workers around it, the economy will rise. I don't know what the future holds or what the next big project is but I do know it will bring success. In the 1970's it was the personal computer. In the 90's it was the internet. There will be a next great product or service and we have to be ready for it."