As your state representative, supporting economic growth in our community has consistently been a top priority. I am extremely proud of the progress Indiana has made in recent years to lower our state’s unemployment rate. In fact, Indiana’s unemployment rate has fallen to its lowest point in eight years.
Recent statistics from the Indiana Department of Workforce Development exemplify the hard-working citizens we have in the Hoosier state. For example, Indiana’s labor force participation rate increased to nearly 64 percent in July, and more Hosiers are working today than ever before.
Indiana has continually maintained a lower unemployment rate than the national average which currently sits at 5.2 percent. Right here in House District 67, our local counties had an average unemployment rate of about 4.4 percent in the month of August. In particular, Decatur County was among the top 20 percent of counties with the lowest unemployment rate. At 3.6 percent, this is the lowest Decatur County has seen in 13 years.
The most significant increase in job growth statewide came from the leisure and hospitality sector as well as the construction and manufacturing sectors. One way state leaders have encouraged this impressive economic growth is by maintaining the state’s AAA credit rating. Indiana has held this rating with all three major credit agencies since April 2010. This AAA rating affects universities and localities that need money for projects, and because of this rating, the state has been able to take out bonds with lower interest rates.
I also supported legislation this session which would require the Indiana General Assembly to pass honestly balanced budgets going forward, meaning that the expense appropriations in the biennial budget may not exceed the estimated revenue during that budget period. In order to become law, this legislation will need to also be agreed upon next session and then be ratified by a majority of the state’s voters.
While the state has recently managed its finances well, adding such a requirement will only further strengthen our fiscal integrity for future generations of Hoosiers. In addition, this legislation provides Hoosier workers and their employers with the confidence that they will receive the pension benefit they have been promised.
Both the AAA credit rating and balanced budget amendment work to benefit Hoosier consumers and attract new business investment to Indiana. It is essential that we continue to exercise fiscal responsibility in order to ensure a stable economic future. As your advocate at the Statehouse, I will continue to support legislation that grows our state and local economies. I encourage you to contact my office with any questions you might have on these or any other topics.
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