Report on state of the Bloomington economy released

The Bloomington Economic Development Corporation presented the fourth-annual “State of the Bloomington Regional Economy” report last week at the Bloomington-Monroe County Convention Center.

The BEDC is a nonprofit, public-private partnership dedicated to the development of quality jobs in Monroe County, according to a press release.

A meeting was organized Wednesday  to present the data to almost 200 attendees at the convention center.

The report highlighted developments across Monroe County.

It included updates on Bloomington’s Certified Technology Park, which encompasses 65 acres of downtown and is home to several technology companies.

The City of Bloomington currently owns 12 of those acres.

A redevelopment plan for the technology park aims to attract technology jobs and enhance public amenities such as green space.

The state awards CTP designation to communities that are partnering with a research institution and that meet certain criteria.

These criteria include a commitment from a technology business to create jobs in the park and the existence of a business incubator, according to bloomington.in.gov.

The report also noted that the number of downtown businesses has increased 30 percent in the past 15 years, and the local per capita income is up 4 percent since 2010, according to the release.

In 2012-13 17 businesses expanded, 128 opened and 87 closed in downtown Bloomington, according to the report.

There are 906 businesses for a total of 13,100 employees working in the downtown area, according to the report.

The report noted the city and county government are two large employers.

Downtown includes the area between the boundaries of Second Street, Indiana Avenue, 11th Street and Rogers Street, according to the report.

The report also showed $45 million in private money was invested in downtown Bloomington in 2013-14 and that tourism grew by 16 percent from 2009 to 2013.

Existing home sales in Bloomington were up 9.3 percent in 2013, the report said.

It noted that foreclosure rates in Monroe, Greene and Owen counties have improved for a rate of 1 in 8,000 in February 2014.

Indiana had a rate of 1 in 1,000 for the same month.

Rebecca Kimberly