BEDFORD, Ind. (Aug. 7, 2019) – Radius Indiana released a quarterly update today to its Radius Manufacturing Index (RMI). The new index showed continued growth in the eight-county region, powered by an increase in the growth rate for manufacturing jobs, an increase in the number of manufacturing establishments and an increase in the percentage of earnings in the region attributed to 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 second quarter 2019 RMI update shows how the region is performing in comparison to the state of Indiana. The raw number of the RMI is 60.26 for the quarter, which represents the total scores of the 12 factors included in the index; the previous RMI was 58.65. The overall state index saw a score of 58.05, compared to a previous 59.94.
“Creating the RMI has given Radius an opportunity to have a unique look at an industry that is so important to our region,” said Jeff Quyle, president and CEO of Radius. “Having this tool available lets us see how the index is changing quarterly and allows us to continuously see how manufacturing affects our region.”
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. Data used for this RMI update was gathered on July 31, 2019, using JobsEQ.
“The Radius Manufacturing Index provides us with a measure of the overall health of our regional economy which relies heavily on our strong manufacturing base,” said Bryant Niehoff, Executive Director of Daviess County Economic Development Corporation. “Manufacturing is certainly growing in Daviess County in the most recent part of the economic cycle. New manufacturing firms like M&C Tech and Eagle Railcar, along with the growth of our existing manufacturers like GPC, IsoFlex Packaging, and NASCO have brought new investment, jobs, and diversification to our local manufacturing sector.”
For the state, the decline in the index appears to reflect the continuing diversification of the state’s economy with growth in non-manufacturing sectors. Manufacturing establishments in the state did increase, but by a smaller percentage than in the Radius region.
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 Southwest Central Indiana to drive attraction, retention and expansion of business, thereby increasing employment and investment opportunities and quality of life within the region.