BEDFORD, Ind. (Dec. 6, 2018) – Radius Indiana released an update today to its Radius Manufacturing Index (RMI). The index shows that both the Radius region and the state continue to remain strongly reliant on manufacturing.
RMI was developed by Radius Indiana and gives the organization an analytic tool that monitors several facets to gauge the strength of the manufacturing industry in the region, and provides cumulative information about 12 data indicators of the manufacturing sector.
This third quarter 2018 RMI update reflects data from fourth quarter 2017, and shows how the region is performing in comparison to the state of Indiana. The raw number of the RMI is 58.2 for the quarter, which represents the total scores of the 12 factors included in the index.
For the state, manufacturing jobs increased as a percentage of total employment. In the Radius region, there was a slight decrease in manufacturing employment, dropping to just under 21,000 jobs. However, the region posted a net gain of 300 jobs across all sectors. The decrease in manufacturing may suggest that workforce in the Radius region is continuing to become more skilled and productive, requiring fewer workers to complete the same amount of work.
For the region, the manufacturing wage growth reflected a higher rate than the previous quarter, rising from $44,651 to $45,302.
“Using the RMI allows Radius to continuously learn about the manufacturing sector throughout our region and the entire state,” said Jeff Quyle, president and CEO of Radius. “We believe that tracking this data is an important way to measure our industries’ successful efforts to stay competitive in the sector.”
The Radius Manufacturing Index uses statistics from publicly available sources to provide an estimate of the state of health of the manufacturing sector in the region. The index is a backward-looking tool that reflects conditions approximately six-12 months in the past, based on the dates for some of the statistics used.
Mike Thissen, executive director of Crawford County Economic Development, references the RMI as he looks for opportunities for his county’s industrial park, which is located just off I-64 and 35 minutes from Louisville.
“The RMI is a great bellwether for me to assess our economic landscape and determine if a new or expanding company is the right fit for our location. Manufacturing is an anchor industry here in Crawford County, and we continue to build up that sector. It is important for me to have the latest information on the economic indicators for the region to ensure that I keep our incentive packages fresh and aligned with the market,” said Thissen.
ABOUT RADIUS INDIANA: Radius Indiana is a regional economic development partnership representing eight counties in Southern Indiana: Crawford, Daviess, Dubois, Greene, Lawrence, Martin, Orange, and Washington. Formed in 2009, Radius Indiana also serves as a point of contact in Indiana for Naval Support Activity Crane and leads regional collaboration by leveraging the diverse assets of the region to drive attraction, retention and expansion of business, thereby increasing employment and investment opportunities and quality of life within the region.