Bloomington’s Future Will Not Wait: BEDC Regional Meeting Calls to Prepare for What’s Next
23 Jun 2026
Economic Development, BEDC
— Stacie Marotta, Membership & Communications Director • Bloomington Economic Development Corporation
The Bloomington Economic Development Corporation (BEDC) hosted the State of the Bloomington Regional Economy on June 18, 2026, at the Monroe Convention Center, drawing a strong crowd of business, civic, education, and community leaders from across the region.
The well-attended event brought together local and state partners for a timely and important conversation: where does the Bloomington regional economy stand today, and what must we do now to prepare for tomorrow?
The program opened with an annual State of the Bloomington Regional Economy report by Phil Powell, Executive Director of the Indiana Business Research Center at Indiana University’s Kelley School of Business. Powell has provided this important economic update to the region in past years, offering local leaders a lively, data-driven look at Bloomington’s strengths, challenges, and opportunities.
Powell’s message this year was clear: Monroe County is holding steady, but the region’s next phase of growth will require focus, collaboration, and intentional action.
“We’re hanging in there,” Powell told the audience, noting that Monroe County’s economic outlook has improved since late 2025, when some indicators raised greater concern. While uncertainty remains, Powell pointed to several signs of resilience across the local economy.
Among the encouraging indicators, Powell reported that Monroe County’s unemployment rate was 2.4 percent, slightly below Indiana’s 2.8 percent (not seasonally adjusted). Employment in Monroe County grew by approximately 0.8 percent during 2025, outpacing Indiana’s 0.2 percent growth and comparing favorably to Tippecanoe County (home of Purdue), which saw a 1.5 percent decline.
Powell identified several sectors that are helping to drive local job growth. Health care employment increased by 6.7 percent, manufacturing grew by 2.8 percent, and construction rose by 12.5 percent. He noted that growth in construction is especially important because it often signals future economic activity and investment.
At the same time, Powell acknowledged areas of concern. Accommodation and food services declined by 2.2 percent, reflecting broader shifts in household spending and travel patterns. Educational services, which represent a significant share of Monroe County’s economy, declined by approximately 1.0 percent. Powell noted, however, that this decline was smaller than the 2.8 percent decrease seen in Tippecanoe County, suggesting that Indiana University and other local educational institutions continue to provide important economic stability for the region despite a challenging national environment for colleges and universities.
Powell also addressed recent shifts in the life sciences manufacturing sector, including Novo Nordisk’s announcement of approximately 400 layoffs at its local manufacturing facility. Rather than viewing those changes in isolation, Powell encouraged the audience to consider them within the broader evolution of life sciences manufacturing. As companies invest in new technologies, expand production capacity, and adapt to changing market demands, the types of jobs, skills, and workforce needs required by the industry continue to change. That transition reinforces the importance of preparing the region’s workforce for the next generation of life sciences opportunities
Wages were one of the strongest warnings in Powell’s presentation. While Monroe County has seen employment growth and total wages have increased, average hourly earnings are concerning. Powell reported that average hourly earnings in the Bloomington metropolitan area declined by 3.6 percent between April 2025 and April 2026, while Indiana saw a 3.8 percent increase and West Lafayette saw an 8.2 percent increase.
Powell emphasized that the economic value local workers can deliver on an hourly and daily basis is falling further behind the state and peer metropolitan areas. Raising regional wages, he said, is not only about recruiting new companies. It is also about retaining more Indiana University graduates, connecting them to quality local jobs, and strengthening the local economy from within.
That point became one of the central themes of his presentation. Powell encouraged local leaders to think carefully about how Bloomington can better retain talent, especially graduates who already have a connection to the community. He noted that many college graduates prefer to begin their careers where they went to school, creating an important opportunity for Bloomington to convert Indiana University student talent into long-term workforce strength.
Powell also highlighted positive movement in business formation. Monroe County’s number of establishments grew by 1.5 percent in 2025 compared to 0.7 percent statewide. He pointed to employment growth in management of companies and enterprises, along with early momentum from the Trades District, and the IU Founders and Funders Network Summit, as signs that Bloomington is developing a stronger entrepreneurial foundation.
A major portion of Powell’s remarks focused on the importance of “creative collision,” the idea that innovation happens when talented people, businesses, researchers, entrepreneurs, and community partners are physically and strategically connected. He encouraged leaders to think about economic development in terms of key geographic assets, including downtown Bloomington, the Trades District, the convention center, the airport, and Indiana University.
Powell described Indiana University as one of the region’s most powerful economic engines, not only because of its graduates, but because of its research capacity, intellectual property, innovation, and entrepreneurship. He encouraged the community to strengthen its connection to IU’s research enterprise and to continue building the conditions that allow new ideas to become new businesses.
He also challenged the region to look outward. Powell suggested that Bloomington should recruit a select group of fast-growing mid-sized companies that align with the region’s strengths. These companies, he said, can bring new energy, higher wages, and industry momentum while complementing the innovation already growing locally.
Powell closed with a broader challenge: for Bloomington and the Uplands region to answer the state’s call to build, execute, and promote a stronger regional economic strategy. Referencing the BioHeartland strategy implemented by Central Indiana leaders, Powell encouraged local leaders to define the region’s strengths, align around shared priorities, and position Monroe County and surrounding counties for future investment.
The State of the Bloomington Regional Economy was more than a report. It was a call to action.
Get involved. Stay engaged. Support the work that makes this region ready for what comes next.
A follow-up article will highlight the featured presentation and fireside chat, including insights from Josh Richardson, President of the Indiana Economic Development Corporation, and Trevor Foughty, Chief Operating Officer of Applied Research Institute.
Additional coverage will also follow on the BEDC Report presented by Board Chair Valerie Peña and Interim CEO Clark Greiner.
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