indiana at a crossroad?indiana business research center nabe spring conference – march 5 -7, 2017...
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NABE Spring Conference – March 5-7, 2017 – Washington, DC 1Indiana Business Research Center
Timothy F. Slaper, Ph.D.Director of Research
Indiana Business Research CenterKelley School of Business
Indiana University
NABE Spring Conference – March 5-7, 2017 – Washington, DC 2Indiana Business Research Center
Contents• Forecast (outlook) for this year and the next…• What to make of offshoring?
– Trends in FDI related job flows
• International Trade Deals…– Indiana exports by country and industry
• Indiana makes stuff…so what?– Manufacturing job trends– Carrier deal– What happens to the redundant manufacturing workers?
• How can Indiana gain ground?
NABE Spring Conference – March 5-7, 2017 – Washington, DC 3Indiana Business Research Center
INDIANA OUTLOOK
NABE Spring Conference – March 5-7, 2017 – Washington, DC 4Indiana Business Research Center
-2%
0%
2%
4%
6%
8%
2010 2011 2012 2013 2014 2015 2016
Indiana U.S.Personal Income(Year/year growth)
-3%
-2%
-1%
0%
1%
2%
3%
2010 2011 2012 2013 2014 2015 2016
Indiana U.S.Payroll Employment(Year/year growth)
4%
6%
8%
10%
12%
2010 2011 2012 2013 2014 2015 2016
Indiana U.S.
Unemployment RateFrom 2010 to 2012 Indiana’s labor market mostly outperformed the nation as a whole, especially in the early part of the recovery.
• During this period Indiana benefited from strong growth in manufacturing payroll employment
During the recovery from the Great Recession, Indiana’s personal income growth rate was mostly on par or stronger than the national rate.
• However, from 2013:Q3 to 2015:Q4, Indiana’s average personal income growth rate lagged behind the nation’s rate each quarter
NABE Spring Conference – March 5-7, 2017 – Washington, DC 5Indiana Business Research Center
Indiana PCPI lags the nation
$0
$10
$20
$30
$40
$50
$60
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
PCPI
(in
thou
s., c
u$)
Indiana U.S.
NABE Spring Conference – March 5-7, 2017 – Washington, DC 6Indiana Business Research Center
Indiana Forecast
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
2014 2015 2016 2017 2018 2019
Indiana U.S.
Payroll Employment(growth, annual rate) -2% 0% 2% 4%
Total Employ.
Manufacturing
Durables
Fab. Metals
Motor Veh.
N.-Durables
Construction
Services
Retail Trade
Professional
Health Care
Leisure
2016 (Q4) - 2017
• Employment growth expected to track with U.S.
• Over the next year expect 10 of 11 sectors to add jobs.
• But manufacturing is expected to experience annual job losses in 2018 and 2019, in alignment with longer trends.
• Overall, expect about 35,000 new jobs a year through 2019.
NABE Spring Conference – March 5-7, 2017 – Washington, DC 7Indiana Business Research Center
FOREIGN DIRECT INVESTMENTThe jobs that are coming. The jobs that are leaving…or will not be created in Indiana.
NABE Spring Conference – March 5-7, 2017 – Washington, DC 8Indiana Business Research Center
0 200 400 600 800 1000 1200 1400 1600 1800
Marion County (IN)
Madison County (IN)
Boone County (IN)
Lake County (IN)
Gibson County (IN)
Clark County (IN)
Decatur County (IN)
Shelby County (IN)
Montgomery County (IN)
Putnam County (IN)
Hancock County (IN)
Bartholomew County (IN)
Johnson County (IN)
Jackson County (IN)
Allen County (IN)
Morgan County (IN)
Elkhart County (IN)
Porter County (IN)
Hendricks County (IN)
Vigo County (IN)
Rest of State
Announced FDI Jobs by Top 20 Counties, 2014-2016
Total for State 2014 to 2016: About 9,600
Average ≈3200 annually
Source: fDIMarkets
NABE Spring Conference – March 5-7, 2017 – Washington, DC 9Indiana Business Research Center
0 500 1000 1500 2000 2500 3000 3500 4000
JapanFrance
GermanyCanadaIreland
Hong KongAustria
ItalyUK
SwitzerlandSouth KoreaNetherlands
ThailandIsrael
SwedenSpain
South AfricaLuxembourg
Norway
FDI Jobs by Source Country, 2014-2016
Source: fDIMarkets
NABE Spring Conference – March 5-7, 2017 – Washington, DC 10Indiana Business Research Center
0 500 1000 1500 2000 2500 3000
Automotive ComponentsFood Processing
MetalsBusiness Services
Consumer ProductsPlastics
Industrial Machinery, Equipment & ToolsSoftware & IT services
Automotive OEMChemicals
RubberEngines & Turbines
PharmaceuticalsMinerals
AerospaceMedical Devices
Ceramics & GlassCoal, Oil and Natural Gas
Electronic ComponentsAlternative/Renewable energy
All other Industries
FDI Jobs by Industry Sector, 2014-2016
Source: fDIMarkets
NABE Spring Conference – March 5-7, 2017 – Washington, DC 11Indiana Business Research Center
0
500
1000
1500
2000
2500
3000
3500
4000
4500
2014 2015 2016
Num
ber o
f Job
s
FDI Announcements by Year and Source Country, 2014-2016
Japan Germany France Ireland Canada Israel Italy
Netherlands Switzerland South Korea Austria Sweden UK All Other
Source: fDIMarkets
NABE Spring Conference – March 5-7, 2017 – Washington, DC 12Indiana Business Research Center
Total by Industry China India Mexico
South Korea Japan Brazil
Malaysia Canada UK Ireland Italy
Singapore
Total by Country 5510 4603 4407 3715 2917 2017 1725 1084 1060 764 517 452Commercial & institutional building construction (Simon Property) 10,966 1356 3295 2712 1481 1648 474Engines & Turbines (Cummins) 5,514 1620 1312 416 420 205 427 380 21Motor vehicle gasoline engines & engine parts (mostly Cummins) 2,716 600 676 263 410Motor vehicle electrical & electronic equipment (mostly Cummins) 1,867 259 1500Medical equipment & supplies (Zimmer, Hill-Rom, Cook) 1,228 225 237 39 334 264Pharmaceutical preparations (Lilly) 969 350 80 236Paints, coatings, additives & adhesives (Uniseal) 918 125 711General purpose machinery 777 186 268 3 16 13Biological products (except diagnostic) (Lilly mostly) 773 704 69Other motor vehicle parts 758 758Basic chemicals (Vertellus Specialties) 752 214 528Medicinal & botanical (Lilly) 740 130 100 510Software publishers, except video games (Interactive Intellegence) 580 100 26 77 230 16 19Petroleum bulk stations & terminals 102 102
Outward Indiana FDI/job Flows, 2010-2016
Source: fDIMarkets
About 34,000 announced jobs out……but excluding real estate ≈ 23,000
NABE Spring Conference – March 5-7, 2017 – Washington, DC 13Indiana Business Research Center
Outward USA and Indiana FDI/job Flows
Source: fDIMarkets
2015-2016 2010-2016Industry Sector China India Mexico China India Mexico
TOTAL 72152 138047 76078 5510 4603 4407Aerospace 7023 2432 3924Alternative/Renewable energy 217 405 202Automotive Components 5360 819 24907 600 935 2989Automotive OEM 3101 775 1093Beverages 743 6424 4084Biotechnology 1017 158 704 69Building & Construction Materials 1417Business Machines & Equipment 561 734 100Business Services 4637 17490 411 80 156 24Ceramics & Glass 3293 207 281Chemicals 2520 4715 538 339 1239Coal, Oil and Natural Gas 1130 489 130Communications 1031 6427 2797Consumer Electronics 3085 19 1361Consumer Products 1161 12924 1682Electronic Components 5605 1804 4428Engines & Turbines 85 500 368 1620 1312 416Financial Services 1391 1756 600Food & Tobacco 3387 2525 3337
NABE Spring Conference – March 5-7, 2017 – Washington, DC 14Indiana Business Research Center
Outward USA and Indiana FDI/job Flows
Source: fDIMarkets
2015-2016 2010-2016Industry Sector China India Mexico China India Mexico
TOTAL 72152 138047 76078 5510 4603 4407Healthcare 784 1102 462Hotels & Tourism 553 1070 2270Industrial Machinery, Equipment & Tools 3170 6211 958 186 545 268Leisure & Entertainment 683Medical Devices 1097 721 902 225 237Metals 695 915 3367 50Non-Automotive Transport OEM 1313 411Paper, Printing & Packaging 3030 148Pharmaceuticals 1728 542 28 350Plastics 767 334 4132 10 172Real Estate 3192 4296 5882 1356Rubber 1511 1170Semiconductors 5548 7273Software & IT services 3923 50484 3606 100Textiles 468Transportation 592 1125 2038 306Warehousing & Storage 102 102Wood Products 194
NABE Spring Conference – March 5-7, 2017 – Washington, DC 15Indiana Business Research Center
EXPORTSTrade in the pre-Trump Era
NABE Spring Conference – March 5-7, 2017 – Washington, DC 16Indiana Business Research Center
Source: WISERTrade
$- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000
Canada
Mexico
Germany
China
Japan
United Kingdom
France
Italy
Netherlands
Australia
Balance of all other
Indiana Export Destinations, 2016 ($M)
NABE Spring Conference – March 5-7, 2017 – Washington, DC 17Indiana Business Research Center
Source: WISERTrade
$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000
Vehicles, Except Railway Or Tramway, And Parts Etc
Industrial Machinery, Including Computers
Electric Machinery Etc; Sound Equip; Tv Equip; Pts
Plastics And Articles Thereof
Mineral Fuel, Oil Etc.; Bitumin Subst; Mineral Wax
Iron And Steel
Pharmaceutical Products
Optic, Photo Etc, Medic Or Surgical Instrments Etc
Articles Of Iron Or Steel
Printed Books, Newspapers Etc; Manuscripts Etc
Balance of Other
Canada: Exports 2016 ($M, 2-d)
NABE Spring Conference – March 5-7, 2017 – Washington, DC 18Indiana Business Research Center
Source: WISERTrade
$- $2,000 $4,000 $6,000 $8,000
Gear Boxes For Motor Vehicles
Pass Veh Spk-Ig Int Com Rcpr P Eng > 3000 Cc
Mtr Veh Trans Gds Spk Ig In C P Eng, Gvw Nov 5 Mtn
Trailers And Semi-Trailers For Housing Or Camping
Crude Oil From Petroleum And Bituminous Minerals
Parts And Accessories Of Motor Vehicles, Nesoi
Pts & Access Of Bodies Of Motor Vehicles, Nesoi
Trailers & Semi-Trailer F Trans Cds Nesoi
Pass Veh Spk-Ig Int Com Rcpr P Eng >1500 Nov 3m Cc
Civilian Aircraft, Engines, And Parts
Balance of Other
Canada: Exports 2016 ($M, 6-d)
NABE Spring Conference – March 5-7, 2017 – Washington, DC 19Indiana Business Research Center
$- $500 $1,000 $1,500 $2,000
Industrial Machinery, Including Computers
Vehicles, Except Railway Or Tramway, And…
Electric Machinery Etc; Sound Equip; Tv Equip;…
Plastics And Articles Thereof
Miscellaneous Chemical Products
Pharmaceutical Products
Articles Of Iron Or Steel
Optic, Photo Etc, Medic Or Surgical Instrments…
Sugars And Sugar Confectionary
Iron And Steel
Balance of Other
Mexico: Exports 2016 ($M, 2-d)
Source: WISERTrade
NABE Spring Conference – March 5-7, 2017 – Washington, DC 20Indiana Business Research Center
Source: WISERTrade
$0 $1,000 $2,000 $3,000
Compression-Igntn Int Combustion Piston Engine Etc
Gear Boxes For Motor Vehicles
Parts And Accessories Of Motor Vehicles, Nesoi
Pass Veh Spk-Ig Int Com Rcpr P Eng >1500 Nov 3m Cc
Mtr Veh Trans Gds Spk Ig In C P Eng, Gvw Nov 5 Mtn
Supported Catalysts W Prec Metal/Prec Mtl Compnd
Medicaments Nesoi, Measured Doses, Retail Pk Nesoi
Pts & Access Of Bodies Of Motor Vehicles, Nesoi
Suspension Shock Absorbers For Motor Vehicles
Spark-Ignition Int Combustion Piston Eng Pts Nesoi
Balance of Other
Mexico: Exports 2016 ($M) 6-d detail
NABE Spring Conference – March 5-7, 2017 – Washington, DC 21Indiana Business Research Center
Source: WISERTrade
$- $100 $200 $300 $400 $500 $600 $700
Pharmaceutical Products
Optic, Photo Etc, Medic Or Surgical Instrments Etc
Miscellaneous Chemical Products
Industrial Machinery, Including Computers
Aircraft, Spacecraft, And Parts Thereof
Electric Machinery Etc; Sound Equip; Tv Equip; Pts
Vehicles, Except Railway Or Tramway, And Parts Etc
Rubber And Articles Thereof
Art Of Stone, Plaster, Cement, Asbestos, Mica Etc.
Plastics And Articles Thereof
Balance of Other
Germany: Exports 2016 ($M, 2-d)
NABE Spring Conference – March 5-7, 2017 – Washington, DC 22Indiana Business Research Center
Source: WISERTrade
$- $50 $100 $150 $200 $250 $300 $350 $400 $450
Vehicles, Except Railway Or Tramway, And Parts Etc
Pharmaceutical Products
Industrial Machinery, Including Computers
Optic, Photo Etc, Medic Or Surgical Instrments Etc
Plastics And Articles Thereof
Electric Machinery Etc; Sound Equip; Tv Equip; Pts
Miscellaneous Chemical Products
Aircraft, Spacecraft, And Parts Thereof
Special Classification Provisions, Nesoi
Wood And Articles Of Wood; Wood Charcoal
Balance of Other
China: Exports 2016 ($M, 2-d)
NABE Spring Conference – March 5-7, 2017 – Washington, DC 23Indiana Business Research Center
Source: WISERTrade
$- $100 $200 $300 $400 $500
Vehicles, Except Railway Or Tramway, And Parts…
Pharmaceutical Products
Industrial Machinery, Including Computers
Optic, Photo Etc, Medic Or Surgical Instrments Etc
Plastics And Articles Thereof
Electric Machinery Etc; Sound Equip; Tv Equip; Pts
Miscellaneous Chemical Products
Aircraft, Spacecraft, And Parts Thereof
Special Classification Provisions, Nesoi
Wood And Articles Of Wood; Wood Charcoal
Balance of Other
Japan: Exports 2016 ($M, 2-d)
NABE Spring Conference – March 5-7, 2017 – Washington, DC 24Indiana Business Research Center
$0 $2,000 $4,000 $6,000 $8,000 $10,000
Vehicles, Except Railway Or Tramway, And Parts Etc
Pharmaceutical Products
Industrial Machinery, Including Computers
Optic, Photo Etc, Medic Or Surgical Instrments Etc
Electric Machinery Etc; Sound Equip; Tv Equip; Pts
Plastics And Articles Thereof
Aircraft, Spacecraft, And Parts Thereof
Organic Chemicals
Miscellaneous Chemical Products
Mineral Fuel, Oil Etc.; Bitumin Subst; Mineral Wax
Balance of Other
Indiana Exports by Industry, 2016 ($M, 2-d)
Source: WISERTrade
NABE Spring Conference – March 5-7, 2017 – Washington, DC 25Indiana Business Research Center
Source: WISERTrade
$0 $5,000 $10,000 $15,000 $20,000 $25,000
Medicaments Nesoi, Measured Doses, Retail Pk…
Gear Boxes For Motor Vehicles
Antisera And Blood Fractions, Immun Products
Pass Veh Spk-Ig Int Com Rcpr P Eng > 3000 Cc
Civilian Aircraft, Engines, And Parts
Compression-Igntn Int Combustion Piston Engine Etc
Mtr Veh Trans Gds Spk Ig In C P Eng, Gvw Nov 5 Mtn
Trailers And Semi-Trailers For Housing Or Camping
Artificial Joints And Parts And Accessories Therof
Pass Veh Spk-Ig Int Com Rcpr P Eng >1500 Nov 3m Cc
Balance of Other
Indiana Exports by Industry, 2016 ($M, 6-d)
NABE Spring Conference – March 5-7, 2017 – Washington, DC 26Indiana Business Research Center
MANUFACTURING IN INDIANAAre manufacturing jobs gone-gone?
NABE Spring Conference – March 5-7, 2017 – Washington, DC 27Indiana Business Research Center
616159
442412
492085
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Man
ufac
turin
g Em
ploy
men
t
Indiana Employment:Manufacturing on the Decline
Balance MFG
Source: US BLS and IDWD: QCEW
NABE Spring Conference – March 5-7, 2017 – Washington, DC 28Indiana Business Research Center
0%
5%
10%
15%
20%
25%
0
5,000
10,000
15,000
20,000
25,000
Manufacturing Job Losses by County and Change in Manufacturing ShareIndiana's Top 20, 2001-2013
Mfg_delta ShareMfg_d
Source: US BLS and IDWD: QCEW; IBRC analysis
NABE Spring Conference – March 5-7, 2017 – Washington, DC 29Indiana Business Research Center
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
0
500
1000
1500
2000
2500
3000
3500
4000
2007 2008 2009 2010 2011 2012 2013
Perc
ent c
hang
e in
em
ploy
men
t
Empl
oym
ent
333415 -- Air-Conditioning Equip. etc.Indiana Employment
Indiana Indiana_d_%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
0
20,000
40,000
60,000
80,000
100,000
120,000
2007 2008 2009 2010 2011 2012 2013Pe
rcen
t Cha
nge
in E
mpl
oym
ent
Empl
oym
ent
333415 -- Air-Conditioning Equip. etc. USA Employment
USA USA_d_%
Carrier Industry Comparison: US versus Indiana
Source: US BLS and IDWD: QCEW; IBRC analysis
NABE Spring Conference – March 5-7, 2017 – Washington, DC 30Indiana Business Research Center
The Carrier Deal: Awesome or Atrocious?
Trump and Pence negotiated a deal with Carrier to retain workers• How many workers? • How much in incentives?• Who pays?• Who gains?• Lot’s of hand-wringing on both sides of the political poles• At least two economists in the state were asked if it
was a “good deal”
NABE Spring Conference – March 5-7, 2017 – Washington, DC 31Indiana Business Research Center
The back of the envelope calculation (early Dec.)
• Two economists, two rival state universities, two independent calculations
• $30 an hour => state taxes at 3.3% is ≈ $1.00 an hour• $1 million a year in state incentives
– 1920 hours per year * 1000 workers = 1.92 million hours p.a.– $10 million for ten years, $1 M p.a.– $ 1,000,000 / 1,920,000 ≈ $ 0.52 per hour in incentives
• Cost of $0.52 versus benefit of $1.00• The two economists must have used the same envelope
NABE Spring Conference – March 5-7, 2017 – Washington, DC 32Indiana Business Research Center
Fortune article includes other federal revenues, not just the state tax
Doesn’t include additional costs such as unemployment insurance or trade adjustment assistance
Shortly Thereafter (Dec. 13)
NABE Spring Conference – March 5-7, 2017 – Washington, DC 33Indiana Business Research Center
Who is right? The IU/Purdue economists? Or Kwatinetz?
• Kwatinetz (Fortune article) assumed $20 an hour average wage
• Statewide, over $30 an hour• Less than 1,000 “saved” jobs• Closer to 800• Kwatinetz reports $700K per year
incentives• Reduces the per hour cost to
$0.46 for the state
Source: US BLS, https://data.bls.gov/cgi-bin/dsrv?en
Quarterly Census of Employment and WagesOriginal Data Value
Series Id: ENU18000505333415State: IndianaArea: Indiana -- StatewideIndustry: NAICS 333415 AC, refrigeration, and forced air heating
Owner: PrivateSize: All establishment sizesType: Average Annual PayYears: 2005 to 2015
Year Annual hourly average2005 $46,920 $23.942006 $45,349 $23.142007 $45,693 $23.312008 $49,852 $25.432009 $52,061 $26.562010 $53,846 $27.472011 $56,085 $28.612012 $56,367 $28.762013 $61,593 $31.432014 $66,781 $34.072015 $60,406 $30.82
NABE Spring Conference – March 5-7, 2017 – Washington, DC 34Indiana Business Research Center
WHERE DO THEY GO?Only 800 Carrier jobs were saved. Some 1300 will still be lost.
NABE Spring Conference – March 5-7, 2017 – Washington, DC 35Indiana Business Research Center
TEM/PMM
Other Industry
No Wage Record
0
25,000
50,000
75,000
100,000
125,000
150,000
175,000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Num
ber o
f Wor
kers
TEM and Primary Metals Manufacturing 2002 Cohort
33.4%
34.3%
Source: Indiana DWD and IBRC analysis
WhereDidThe
TEM&PMMWorkers
Go?
NABE Spring Conference – March 5-7, 2017 – Washington, DC 36Indiana Business Research Center
Where Did They Go?
Associate degrees
52%Bachelor's degrees
22%
Master's degrees
10%
Awards at least 1 but less than 2 academic years
12%
Cohort Postsecondary Degrees Earned after 2002
Source: Indiana DWD and IBRC analysis
Degree Degrees EarnedAssociate’s 2,629Bachelor's 1,098Master's 521Awards at least 1 but less than 2 academic years 582Awards of less than 1 academic year 167Other 44
Total 5,041
Out of some ≈100,000 workers who no longer work in TEM, ≈ 5,000 went back for additional education and training
NABE Spring Conference – March 5-7, 2017 – Washington, DC 37Indiana Business Research Center
Where Did They Go?
69
85
99
136
199
203
222
241
769
773
18
23
24
31
53
72
73
117
620
804
0 100 200 300 400 500 600 700 800 900
EngineeringMechanic and Repair Technologies
Precision ProductionEducation
Construction TradesLiberal Arts and Sciences
Computer and Information SciencesHealth Professions
Engineering TechnologiesBusiness, Management, and Marketing
PsychologyPublic Administration
Law Enforcement, Firefighting, and Protective ServicesLegal Professions
Engineering TechnologiesComputer and Information Sciences
EducationLiberal Arts and Sciences
Business, Management, and MarketingHealth Professions
Male
Fem
ale
Top Fields of Study for Females and Males
Females:
• Health care• Business
Males:
• Business• Engineering
Technologies
Source: Indiana DWD and IBRC analysis
NABE Spring Conference – March 5-7, 2017 – Washington, DC 38Indiana Business Research Center
Return to Manufacturing
2118
775
233 201 136 131
558
0
500
1,000
1,500
2,000
2,500
Manufacturing Healthcare andSocial Assistance
EducationalServices
Administrativeand Support
Services
Retail Trade Construction Other Industries
Num
ber o
f Wor
kers
Industry Employment after Credential/Graduating
Source: Indiana DWD and IBRC analysis
NABE Spring Conference – March 5-7, 2017 – Washington, DC 39Indiana Business Research Center
Why Leave Manufacturing?
$61,068
$68,554
$37,080
$27,284 $25,396
$37,412
$28,748
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
TEM PMM Hospitals EducationalServices
Ambulatory HealthCare Services
Nursing andResidential Care
Facilities
Administrative andSupport Services
Median Wage after Graduating (Annualized)
Median Wage after Graduating Median Wage 01-02
Median wage (red bar) in 2001/02: $37,944
Source: Indiana DWD and IBRC analysis
NABE Spring Conference – March 5-7, 2017 – Washington, DC 40Indiana Business Research Center
WHAT IS HOLDING INDIANA BACK?
NABE Spring Conference – March 5-7, 2017 – Washington, DC 41Indiana Business Research Center
Occupational (and Educational) Mix
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
-0.07
-0.05
-0.03
-0.01
0.01
0.03
0.05
0.07
Annu
al W
ages
and
Sal
arie
s in
Indy
Diffe
renc
e in
Occ
upat
ion
Shar
e
Indy-USA (left axis) State-USA (left axis) W&S_median (right axis)
Comparing occupation share of Indiana and Indianapolis with the US averages
NABE Spring Conference – March 5-7, 2017 – Washington, DC 42Indiana Business Research Center
Educational Attainment versus PCPI
0
10
20
30
40
50
60
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
Porp
ortio
n of
Pop
ulat
ion
25+
with
a B
ache
lors
or H
ighe
r
PCPI
(cu$
)
Maryland PCPI (left axis)United States PCPI (left axis)Indiana PCPI (left axis)Maryland (right axis)United States (right axis)Indiana (right axis)
NABE Spring Conference – March 5-7, 2017 – Washington, DC 43Indiana Business Research Center
Timothy F. SlaperDirector of Research
Indiana Business Research CenterIndiana University
www.statsamerica.org/ii2/