Regional Chamber of Northeast Indiana

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President’s Note June 5, 2020

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A NOTE FROM OUR CEO
Bill Konyha | President & CEO

June 5, 2020

We are 35 days from the first meeting of the Policy Committee and 42 days from the first meetings of the four new Subcommittees.  Thus far, our members have identified four issues for us to contemplate as we prepare to begin our process of approving a legislative agenda for 2021.  It is important for us to have a meaningful agenda as we are entering a budget year in which we have experienced significant declines in state revenue.  But there is more; it is also a year in which the state will undertake redistricting, and this process is not only time consuming but fraught with pressure. 
 
Last year while in the middle of a strong economy that was in expansion, with low unemployment rates and increasing labor force participation rates, we convened a meeting between seven of our larger employers across the specter of the economy.  The federal government was encouraging the state to increase the unemployment compensation rates paid by employers when we had a reduction already scheduled to take place.  State Representative Dan Leonard met with these employers and presented a case to retain the current rates instead of either reducing or increasing them.  Representative Leonard presented the facts as they were, including economic forecasts for the near future, and urged us to consider that the elimination of the scheduled decrease would enable the state unemployment reserve to increase from $1 billion to $2 billion and bring stability to the program.  After much discussion, those present indicated that despite a desire to reduce the rate in accordance with the existing law, long term stability was more important than short term reductions in the rate.  The Regional Chamber supported the change in hopes of the desired stability.  Instead, we were visited by the COVID 19 virus. 
 
The economy took a nosedive, and unemployment soared.  Frankly, the unemployment reserve fund has been or will be impacted to the point where we would have been devastated without the action proposed by Representative Leonard and supported by our membership.  As we begin preparations for the next State Budget, we will no doubt ask Representative Leonard to join us again and talk about the steps that we need to take to once again develop our reserves to the point where we need them. 
 
We need to prepare for the upcoming legislative session with an agenda that is both realistic under the circumstances and forward-thinking.  I believe that our Board of Directors’ approval to establish four subcommittees to work with the Policy Committee to develop an agenda is precisely that: forward-thinking.  It increases the opportunity for our private sector members to have an even greater opportunity to work with our delegation to establish an even more favorable climate in which people, businesses, and communities can prosper in the global economy. 
 
Subcommittee rosters are filling, but we need more expertise.  Please consider contacting us and discuss the opportunities to serve on either the 21st Century Talent, World Class Infrastructure, Competitive Business Environment, or Rural Agribusiness subcommittees.
 
 
Copyright © 2019 The Regional Chamber of Northeast Indiana, All rights reserved.

New Study Cites Purdue University Fort Wayne’s $8.9 Billion Impact on Northeast Indiana

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New Study cites Purdue University Fort Wayne’s $8.9 Billion Impact on Northeast Indiana Purdue University Fort Wayne has an $8.9 billion total economic impact on Northeast Indiana annually and fuels 82,450 jobs in the region, according to a new study. Those findings and others are the result of a new assessment of the university’s operations and workforce enhancement effects on business activity by The Perryman Group, a firm with deep expertise in conducting economic impact studies. While the majority of Purdue Fort Wayne’s annual economic benefits, not surprisingly, are centered in Northeast Indiana, the study also found that the university has an $11 billion total annual economic impact on the state of Indiana and fuels 101,999 jobs a year. Purdue Fort Wayne’s impact on the region and the state, according to the study, reflects the annual economic benefits of employed graduates living in Indiana when multiplier effects are considered. Approximately 75 percent of the university’s 60,712 alumni — who attended the Indiana University-Purdue University Fort Wayne, as the university was previously known — live and work in Indiana. “This report by The Perryman Group underscores the significant economic impact and benefits that a thriving university can have on its region, its state, and beyond,” says Ronald L. Elsenbaumer, Chancellor of Purdue University Fort Wayne. “While we have long known our university provides extraordinary economic and social benefits, it is gratifying to have the institution’s impact quantified and confirmed by an independent third party.” Among the highlights of the Perryman Group study:

• Ongoing annual economic benefits of $458 million in total expenditures in Fort Wayne from university operations and student and visitor spending.
• Total ongoing annual economic benefits of $269.1 million in gross product and nearly 3,350 jobs in Indiana, with benefits concentrated in the Fort Wayne area. This includes $38.2 million and 480 jobs generated in the region by student and visitor spending.
• An annual economic impact of $8.9 billion in gross product and 82,450 jobs generated by employed alumni in Northeast Indiana when multiplier effects are included.
• A total annual economic impact of $11 billion in gross product and 101,999 jobs generated by employed alumni in Indiana when multiplier effects are included.

“This report clearly demonstrates the tremendous benefit Purdue Fort Wayne brings to Northeast Indiana and the Indiana economy overall,” adds Chancellor Elsenbaumer. “Our alumni, students, faculty, and staff make up a large and highly educated workforce for our region and are constantly advancing innovation and new technologies. Their work helps make Northeast Indiana an attractive place to earn a college degree and pursue a rewarding career.”

The full report by The Perryman Group is available at pfw.edu/economic-impact/. About The Perryman Group Headquartered in Waco, Texas, The Perryman Group is led by Ray Perryman, Ph.D., one of the nation’s most influential and innovative economists. The firm analyzed Purdue University Fort Wayne using a model developed and perfected over 40 years. The Perryman Group has served more than 2,500 private-sector clients, and has produced more than 1,000 public policy studies. The firm’s previous clients have included numerous U.S. House and Senate committees; more than 50 state and federal agencies; the Bill and Melinda Gates Foundation; and dozens of universities, including The University of Texas and Texas A&M University. About Purdue University Fort Wayne Purdue University Fort Wayne is the largest university in northeast Indiana and is part of the Purdue University system. Purdue Fort Wayne is uniquely positioned to serve the region as a crossroads of intellectual, social, economic, and cultural advancement. Rigorous academic
programs are combined with a focus on student success across degree programs taught by 300 full-time faculty. More than 7,700 degree-seeking students of diverse ages, ethnicities, and nationalities pursue their education on the 700-acre campus. A majority of the more than 60,000 alumni live and work in Indiana contributing to the state’s economy, work force, vitality, and intellectual strength. For more information, visit pfw.edu.

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