The Indy Job Market Is Going From Strength to Strength
When you think about metropolitan areas with rapid and continued job growth, it's likely that New York, Seattle, and San Francisco come to mind — But you may be surprised to know that Indianapolis’s job market has increased by 42% over the past decade alone, setting a trend that researchers predict will create a positive and lasting impact on the metro’s economic development.
According to a report by Brookings Metro’s Bass Center for Transformative Placemaking, Indianapolis was one of 19 metros in the U.S, that achieved greater-than-expected gains in the concentration of jobs, even while the other large metro areas fell short of expected gains.
The gains achieved in Indianapolis’ job market are even more impressive when you compare the employment statistics of 2004 at 5,075 jobs per square mile, to the 2015 statistic of 7,181 jobs per square mile — raising Indianapolis from the 50th spot out of 94 large U.S. metro areas for job density, to the 33rd spot.
One stark advantage that the Indianapolis employment sector has over other interior metro’s is the retention of urban manufacturing jobs, which many other cities and towns lost during the recession of 2007. There has also been a surge in professional service sector jobs and the gain of corporate headquarters such as eHealth, Inc., who have just announced Indianapolis as the location of their eastern corporate headquarters, creating 500 new jobs.
But it isn’t just urban Indianapolis that is thriving from continued growth, with cities such as Carmel in Hamilton County setting itself apart as a suburban area with increasing job density and offering an excellent quality of life for its residents. The median household income in Carmel has grown by 2.49% in the past year alone, to $109,201, while the real estate market has grown by 4.54%, making it an attractive market for investment.
Although not the whole economic picture, job density data is crucial for predicting future economic development. Investors should look out for areas that provide both high and low wage employment opportunities, as this housing market is likely to be in demand, and most importantly, buoyant. Indianapolis not only provides fruitful opportunities for real estate investment, but it is also extremely affordable, with a median property value of $137,600 and a population growth of 0.572%. If you’re planning on investing in single-family rental homes in Indianapolis — you’re not the only one! — you’ll be pleased to know that Indianapolis has a higher renter population than the U.S. average, at 47.5%.
With all of this promising job and economic growth, it’s never been a better time to invest in Indy. If you’ve been considering investing in single-family homes in the Indianapolis real estate market, we would be happy to assist you with any questions that you may have! You can reach us here, and also check out our podcast for general financial advice and useful tidbits.
All information and materials in this article are for educational purposes only. Opinions expressed in this article are based on information considered reliable, but The Daily Money Show cannot guarantee the accuracy of the information, nor should it be relied upon. The information discussed in this article should not be used as a recommendation to buy or sell securities, nor should it be taken as investment advice. The Daily Money Show is not a Registered Investment Advisor or Broker-Dealer. The Daily Money Show is not an accounting firm and does not give tax advice regarding any security or real estate transaction. You may want to consult with an accountant, attorney, real estate agent, or financial advisor before proceeding with any transaction regarding securities or real estate.