Gary forecast 2014

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Author: Micah R. Pollak
Date: Winter 2013
From: Indiana Business Review(Vol. 88, Issue 4)
Publisher: Indiana University, Indiana Business Research Center
Document Type: Article
Length: 941 words
Lexile Measure: 1400L

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The economic changes in Northwest Indiana in 2013 have been mixed. While some areas of the economy have rebounded and even exceeded pre-recession levels, such as the health care industry, others still lag far behind, such as manufacturing. For the purpose of discussing the regional economy, the "Gary metro area" of Northwest Indiana is defined by the U.S. Census Bureau as the following counties: Lake, Porter, Jasper and Newton (La Porte County is now the Michigan City metro).

When discussing the economic conditions of this area, one particularly useful tool is the Northwest Indiana Coincident Index which is published monthly by the School of Business and Economics at Indiana University Northwest. (1) This index measures the current pulse of the economy and forecasts the future growth of the region. The Coincident Index is modeled after state and federal coincident indices published by the Federal Reserve Bank of Philadelphia. (2)

Based on the Northwest Indiana Coincident Index, the economy in Northwest Indiana grew 1.6 percent between August 2012 and August 2013. Figure 1 shows the Northwest Indiana Coincident Index since 2008. In August 2013, the index rose to a new high of 136.4. While this is favorable news, this growth is less than the 2 percent growth that was forecasted one year ago by the index. Furthermore, Northwest Indiana grew at a slower pace than both the state of Indiana and the nation during this same...

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Gale Document Number: GALE|A364513585