Talent + Housing = Employment and Economic Vitality

As seen in the Herald Times - September 2024
By Jennifer Pearl, President, Bloomington Economic Development Corporation

Our people are our strength. Monroe County is a hub on the innovation and talent corridor that runs from Indianapolis to NSWC Crane, at the crossroads of the corridor that connects Brown County to Owen County. Over 93,000 individuals working in Monroe County. While roughly 17% of Monroe County’s workforce commutes into the County, our largest employers report half of their staff come from surrounding counties. Over 48% of Monroe County’s population has a bachelor’s degree or higher, compared to over 33% of the US population (Source: US Census Bureau).

At the same time, Monroe County’s working age population is being offset by growth in its aging and age 65+ population. As we face a wave of retirements, this poses challenges for community succession planning. The County added just over 5,000 people aged 65+ from 2012-2022, with a relatively flat overall population (Source: US Census S2301 employment status table). Projections by the Indiana Business Research Center (IBRC) at Indiana University forecast a slight population decline between 2020 and 2030, with the 65+ demographic expected to grow by another 4,000 people by 2030 compared to 2020. Gains in labor force participation amongst some groups like women have been offset by losses in other segments. Meanwhile, Bloomington continues to produce highly educated graduates who tend to leave the area for opportunities elsewhere. (Source: Andrew Butters, Indiana University Business Research Center)

We can help our current neighbors thrive IN Monroe County, care for our older citizens, and foster the next generation.

Housing and jobs are central to addressing these trends, however housing costs and availability remain a challenge, especially for single family homes. Cost-burdened Talent + Housing = Employment and Economic Vitality households spend more than 30% of income on housing and utilities (Source: State of the Nation’s Housing 2024, Harvard Joint Center for Housing Studies). This is the situation for many of our neighbors. Monroe County’s July 2024 median home price was $318,350, while the County’s median household income is $65,043 (Source: US Census). We must ensure home ownership is not out of reach for our neighbors.

Housing, workforce, and job growth go hand-in-hand. Workforce is among the top two issues identified by site consultants, who help employers find new locations for their business. Labor shortages were named the #1 workforce issue for 2024, followed by affordable housing and upskilling (source: Site Selection Magazine).

Ensuring our neighbors can attain housing in Monroe County has benefits beyond helping individuals and families. It improves quality of life by reducing longer commutes, mitigating environmental impacts of commuting. Commuting employees pay more in transit and time when moving outward to find attainable housing. Local, attainable housing limits sprawl from workers looking further afield for affordable homes. Housing for young families ensures our schools remain vibrant. Housing is also important for local business and local government revenue. If the number of taxpayers stays stagnant, then the cost per taxpayer increases by more than any increase in property value. This impacts local government services, which has a cyclical impact on quality of life.

We have the ability to change these trajectories by targeting needed types of housing in our comprehensive plans, ensuring zoning and infrastructure upgrades are in place to facilitate housing development, continuing to attract and grow quality employers in our communities, and investing in amenities that continue to make Monroe County a great place to be. There’s a lot we can do together. Shared vision, leaning into our strengths, and coordinating our investments is key.