2 Indications the Local Economy is Strong
Is the local economy strong? I think these data tell us it is, but it can be hard to tell because much of the coverage is national or state-wide, reaching us with trends that may not be shaping local economic activity. Examples of this include:
“The Great Resignation” the future of work, and surrounding myths (https://www.theatlantic.com/ideasI /archive/2021/12/great-resignation-myths-quitting-jobs/620927/)
The Pandemic Recovery is Slow (https://fortune.com/2021/09/10/real-unemployment-rate-joblessness-covid-economic-recovery/)
Therefore, I give two economic indicators unique to the Monroe County economy, data helping local decision makers such as the County Council to determine the health of the local economy.
First, the Food and Beverage Tax revenue shows, over time, the economic activity of local businesses.
Source: Monroe County Council, see data at https://www.co.monroe.in.us/council/
COVID-19’s impact is evident on Food and Beverage tax revenue. You can see the dip from the onset of the COVID-19 pandemic in March 2020, and you can see by the summer of 2020 the numbers were already rebounding. You can see the dip in the winter of 2021 from the Delta Variant, and again you can see a reduction from the Omicron variant in the fall of 2021.
The recovery starting in summer 2020 is encouraging. I believe Monroe County’s dedication to supporting local businesses throughout the pandemic with grants is evident.
Please note that these are nominal dollars, and they do not reflect the impact of inflation.
Second, the Innkeeper Tax revenue shows trends in accommodations such as hotels, bed and breakfast, and private stays like AirBnb or others.
Source: Monroe County Convention and Visitors Commission, https://www.co.monroe.in.us/egov/documents/1646142074_52847.pdf
COIVD-19 again had an impact on the economy via accommodations. There is a significant dip in spring 2020 and again in the fall of that same year. You can also see the impact of the Omicron variant in the fall and winter of 2021 into 2022.
What’s more remarkable than the dips are the recoveries. Look at March 2020, September 2020, February through June 2021. This gives hope for the coming spring and fall in Monroe County.
These data highlight the impact of Indiana University on our community. Look at the swings during Spring and Fall semesters where accommodations during sporting events, graduation, and others see room capacity throughout.
Last, tourism experts thoroughly research the importance of the tourism industry to the local economy. For this analysis, please visit https://www.visitbloomington.com/about-us/impact-of-tourism/, and continue to watch the Monroe County Convention and Visitors Commission (https://www.co.monroe.in.us/department/board.php?structureid=171).
