Portage, Indiana, is the state’s largest city with 38,513 people as of 2023. It’s seeing a big change in its economy. The city is in Porter County, home to 175,335 people, and is ready to grow in manufacturing, retail, and healthcare.
The economy in Portage, Indiana, is expected to grow by 2.5% in 2023. This is higher than the national average of 2.3%. The city is investing in new infrastructure, technology, and community projects. These efforts are led by the Portage Economic Development Corporation (EDC) and Mayor Sue Lynch’s team.
As the economy in Portage Indiana 2023 grows, the city is becoming a key player in the region. It has a diverse workforce and a strong job market. With an unemployment rate of 3.5%, Portage is attracting businesses and people. This will help the city’s economy and make it a great place to live and work.
Current Economic Overview and Market Trends in Portage
Portage, Indiana, is a lively city in Porter County with a strong economy. The portage indiana job market is helped by a skilled workforce. The portage indiana business climate encourages growth and new ideas. Recent data shows the economy is doing well, with good signs for the future.
Employment Statistics and Labor Force Analysis
In 2023, Porter County had a labor force of 86,290. The employment rate was 96.3%, and unemployment was 3.7%. The county’s income per person in 2022 was $63,557, beating the state average. Portage’s main industries are manufacturing, healthcare, retail, and construction, offering a wide range of jobs.
Key Economic Indicators for 2023
- The Northwest Indiana Coincident Index hit a record 110.0 in February 2023, showing strong economic health.
- The economy grew 2.9% in the first three quarters of 2023.
- In March 2023, unemployment rates were: Lake County 6.9%, Porter County 4.9%, and LaPorte County 5.6%.
Regional Business Climate Assessment
Portage and its area have a great business climate. The median household income is $84,352, and poverty is 8.9%. The Northwest Indiana Business Roundtable and Construction Advancement Foundation work to improve the business environment. They help ensure a supportive place for all businesses to thrive.
| Indicator | Value |
|---|---|
| Population Growth (2018-2023) | 0.03% |
| Median Household Income (2018) | $55,744 |
| Average Household Income (2018) | $72,779 |
| Median Home Value (2019) | Varied with Yearly Increase |
| Industrial Lease Rates (1Q 2019) | $5.77 per square foot |
| Construction Job Growth (February 2019) | 10.7% |
| Industrial Vacancy Rate (1Q 2019) | 5.4% |
| Office Vacancy Rate (1Q 2019) | 6.6% |
Industrial Development and Manufacturing Growth
Portage, Indiana, has seen a big jump in industrial growth and manufacturing. This makes the city a key economic center. Manufacturing is a big part of the local economy, with 11.2% of jobs and 19.5% of earnings in Porter County. Workers in manufacturing earn an average of $103,006, the highest in any sector.
The city’s location and good transportation help attract and support industrial growth. The Ameriplex at the Port, a 385-acre business park, is quickly filling up. It now has 22 businesses, showing Portage’s strong industrial scene.
The South Shore Portage/Ogden Dunes rail station area is getting a big upgrade. It’s part of a double-track project by the Northern Indiana Commuter Transportation District (NICTD). This shows Portage’s focus on better connectivity and industrial growth.
Portage also has a plan for sustainability in its industrial operations. It works with big industrial players to support green initiatives. This meets the growing need for eco-friendly manufacturing.
But Portage’s growth isn’t just about industry. It also has a lively mixed-use area called Founders Square. It has upscale homes, shops, restaurants, and fun activities. Plus, the Imagination Glen Park offers top-notch outdoor fun, improving life for everyone.
The State of Indiana and Portage offer incentives to help businesses grow. With a population of about 40,000 and more people moving in, Portage is set to keep growing. It’s all about portage indiana economic development and portage indiana gdp growth in the future.
This May Also Interest You:
Rapid Ripped Keto ACV Gummies: Boost Your Ketosis
Greenpeace Vessels NYT Crossword Clue & Final Answer
Fivesomes NYT Crossword Clue & Final Possible Answer
Real Estate and Housing Market Analysis
Portage, Indiana’s housing market is strong, with a median home value of $242,300 in 2022. The city has 73,137 housing units, with 73.1% owned by residents. In 2023, Porter County issued 627 residential building permits, worth $212,619,000. Single-family homes made up 76.4% of these permits.
Residential Property Values
The housing market in Portage is growing, with property values rising steadily. The Northwest Indiana REALTORS Association reports an average sale price of $310,343 for single-family homes in October 2024. This is a 10% increase from the previous year. Condos and townhomes also saw significant price increases, with condos averaging $262,415 and townhomes at $282,420.
Commercial Real Estate Developments
Portage’s commercial real estate is also booming. The city has 2,319 homes for sale, a 19% increase from last year. This includes 410 new construction houses and 424 luxury homes, both showing significant growth.
Construction and Building Permits
Construction in Portage is thriving, with 627 residential building permits issued in 2023. These permits had a total construction value of $212,619,000. Single-family homes made up 76.4% of these permits, showing strong demand.
| Location | Median Home Listing Price (June 2024) | Unemployment Rate |
|---|---|---|
| Fort Wayne, Indiana | $335,000 | 3.3% |
| Canton-Massillon, Ohio | $255,000 | 4.1% |
| Akron, Ohio | $265,000 | 4.0% |
| Manchester-Nashua, N.H. | $598,000 | 2.5% |
| South Bend-Mishawaka, Ind.-Mich | $320,000 | 4.2% |
Economy in Portage Indiana 2023: Workforce and Employment Sectors
Portage, Indiana, has a diverse and strong workforce. Key sectors like manufacturing, healthcare, retail, and food services employ over 41% of workers. These industries drive the local economy.
Most adults in Portage have a high school diploma or higher. About 30% have a bachelor’s degree or more. The Center of Workforce Innovations helps match the workforce with economic needs.
Employment stats from 2023 show the area’s focus on workforce development:
- WIOA Adult job placement after exit: 80%
- WIOA Dislocated Worker job placement after exit: 79%
- WIOA Youth (age 14-24) job placement after exit: 79%
- Median earnings for WIOA participants in Q2 2023:
- Youth: $3,576
- Dislocated Worker: $8,158
- Adult: $7,132
The Career Technical Education (CTE) program has also seen great success. 85% of participants find jobs after the program. 20% earn recognized credentials, and 46% get dual-credit.
Portage’s efforts in workforce development and diverse sectors make it a key player in the portage indiana job market. It’s set for economic growth in 2023 and beyond.
Infrastructure Development and Community Investment
The city of Portage, Indiana, is working hard to improve its infrastructure and invest in the community. This is all to support economic growth. The Northwestern Indiana Regional Planning Commission is leading the way in transportation planning and improvements.
Transportation and Logistics Improvements
Portage has received a $280,000 grant from the Department of Transportation’s Safe Streets and Roads for All (SS4A) program. This money will help the city create safety plans for pedestrians, cyclists, and drivers. It aims to make the city more welcoming for businesses and residents.
Public Works Projects
Portage is also focusing on public works projects to better its infrastructure and quality of life. These projects are expected to create 51 new jobs and bring in $14,050,000 in private investments. This will help strengthen the local economy.
Economic Development Initiatives
The Northwest Indiana Regional Development Authority is working to boost regional economic development, including in Portage. Their efforts, along with the city’s infrastructure investments, aim to make Portage more attractive for businesses and residents. This will help create a strong economy in the future.
