National study shows the area’s economy is improving

TIPPECANOE CO., Ind. (WLFI) – Greater Lafayette Commerce President Joe Seaman said he’s always believed the area’s economy was improving, but he said there were a few questions left unanswered.

“How do we stack up to someone else?” asked Seaman. “How do we stack up to a community similiar to us in size? How do we stack up to communities that we aspire to be like?”

Now those questions have an answer, thanks to a study from national group, Area Development.

After analyzing data from more than 350 metropolitan areas, Lafayette was ranked 35th in the nation for economic and job growth.

Area Development’s Justin Shea said it’s a good indicator of where the area is headed.

“It shows that the economy is growing, and being ranked 35th shows that it’s growing at a rate that’s higher than other metros,” said Shea.

According to Shea, the results came from government agencies that produce reports on the economic indicators from metropolitan statistical areas.

Lafayette’s MSA includes Tippecanoe, Carroll and Benton counties.

Factors like work force,economic strength, and year-over-year growth were used to calculate results.

Seaman said they are all factors the area has been working to improve.

“All the things that help drive us to the position where we are, we are continually improving upon and getting better at,” said Seaman.

According to the study, the areas ranked highest create healthier business environments in the long run.

Seaman said the area is still working with the quality of life council to make it a place of choice, encouraging new businesses to choose the area.

However, he said the study is more proof the area is improving.

“It says we’re headed in the right direction,” said Seaman. “The good news is that all the hard work and effort is starting to pay huge dividends for us.”

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