It’s Your Business: BEDC Chief Shares Local Economic Development Trends to Watch in 2022

7 Jan 2022


News

Economic development works to create conditions that enable our neighbors to achieve their individual and economic potential. Much is happening in this field across our community. Here are a few trends to watch in 2022. 

Local jobs and private sector investment have grown among our traded sector companies, which bring income into our community by selling outside of our region. More than 2,000 new local hires and $82 million in capital expenditure commitments, which contribute to local tax revenue growth, were made by local employers through Bloomington Economic Development Corp.-supported expansion projects that were public in 2021. Average hourly wages stood at $22.81 for the Bloomington metro by October 2021. Overall, the flow of business retention, expansion and attraction projects and leads has remained strong. 

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