- October 4, 2019
- BY radius
Radius Releases Regional Update for National Manufacturing Day
BEDFORD, Ind. (Oct. 4, 2019) — Radius Indiana joins the U.S. Small Business Administration and the National Association of Manufacturers in recognizing Manufacturing Day, an annual event on the first Friday of October, which celebrates modern manufacturing and is meant to inspire the next generation of manufacturers.
Manufacturing is the fifth-largest employer in the United States, according to the Bureau of Labor Statistics. Over 21,000 workers are employed in the manufacturing industry in the Radius Region and an average of 231 employees have been added each year in the past three years.
In anticipation of Manufacturing Day, Radius Indiana prepared a quarterly update today to its Radius Manufacturing Index, which gives the organization an analytic tool that monitors several facets to gauge the strength of the manufacturing industry in the region.
The new report showed continued manufacturing growth in the eight-county region, powered by an increase in the number of manufacturing establishments and an increase in the average of earnings in the region attributed to manufacturing. The overall index did see a slight decrease, falling from 60.26 to 57.45, which can be attributed to other regional industry sectors gaining more employees at a high rate, causing the manufacturing sector to not grow as quickly as it has in the past.
Five of the twelve indicators in the index rose during the quarter, five declined, and two remained unchanged. Some of the declining factors represented slower comparative growth in the manufacturing economy, and are signs of continuing manufacturing growth. The Radius region continued to add new manufacturing business establishments during the quarter, for example, but not as many as in the previous quarter.
“Our regional economy maintains a strong foundation of manufacturing,” said Radius President and CEO Jeff Quyle. “The strength in manufacturing appears to be providing the financial fuel to allow other parts of the economy to grow as well, allowing our communities to see increasing diversification of income sources.”
In recent months, several manufacturing companies located in the Radius Region announced expansions and investments that will increase the size of facilities and employment opportunities.
Most recently, Berry Global, manufacturers of a wide variety of plastics, tape and adhesive products for a number of different industries, announced a 40,000-square-foot expansion at its Odon facility. The multi-million dollar investment will create a dozen new jobs in the region.
“Manufacturing is critical to our economy both here in Daviess County and in the Radius Region. With Berry Global’s recent announcement, we are continuing to see strong investment and growth in the manufacturing industry within our region. Berry Global’s investment is a testament to why it’s so important to celebrate this industry and inspire the next generation to explore careers in modern manufacturing,” said Bryant Niehoff, executive director of Daviess County Economic Development Corporation.
Other notable announcements include Indiana Fabric Solutions, a certified Women-owned Bedford business that produces high-quality, reusable sewn fabric packaging products; the company is undergoing a 25,000-square-foot addition that will house new equipment, materials and service capabilities for the industrial sewing company. In addition, Metal Powder Products in Campbellsburg, formerly NetShape Technologies, announced an expansion in response to continued growth in both production and employees. MPP provides custom-engineered powder metallurgy product solutions to customers in a variety of industries located around the world.
Radius Indiana encourages manufacturers to take advantage of regional resources such as the Radius Regional Impact fund, which offers loans and grants to support job creation and business growth. The SBA offers programs that can help grow and strengthen the industry. Visit https://www.sba.gov/offices/district/in/indianapolis to learn about programs and events that are available in your area.
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.