With an estimated population of 853,000 in 2015, Indianapolis is the second most populous city in the Midwest, after Chicago, and 14th largest in the U.S. The city is the economic and cultural center of the Indianapolis metropolitan area, home to 2 million people, the 34th most populous metropolitan statistical area in the U.S.
Anchoring the 26th largest economic region in the U.S., the city’s economy is based primarily on business services, transportation and logistics, education, financial services, hospitality and tourism, and distribution services.
As of February 2017, unemployment rates have been at 4.2% in comparison with December 2016 of 3.6%. Unemployment rates for Indianapolis has overall fluctuated below 5% in the past years, while employment rates have gone up at a consistent rate. With a metro population of 1,991,200 and a job growth of 2.5%, Indianapolis ranks number 21 on Forbes List as best places for business and careers. Indy Partnership reports 11,000 new jobs in 2016 and more than $1 billion in capital investment. Nearly one of every three new jobs came from the IT field, and that’s a growing trend here in Indiana. Additionally, the city is committed to developing tech talent looking to enter its growing tech scene through supporting local initiatives; like Plan 2020 and the Global Cities Exchange. They recognize the advantage that our less congested city brings when it comes to young, ambitious graduates trying to jump start a tech career and get noticed by the high-quality business leaders that fill Indianapolis. The tech industry in Indianapolis boasts an outrageous 50.4% employment growth over the last decade as well as a 10.6% growth rate in the more broad category STEM occupations.
With generous incentives, a favorable bond rating and stable outlook, low corporate, gasoline, and individual income taxes, the Hoosier State is the least expensive for cost of doing business as well as ranking 4th for cost of living in the United States. In terms of housing markets, Indianapolis is as steady as they come, due to it’s similarly stable economy showing few drastic peaks or troughs in recent history.
With a healthy median income, home prices in the metro area are less than half the national median home price with 93.3% of homes considered “affordable,” and flat farm land as far as the eye can see in the surrounding areas, there’s room for development and expansion in all directions.
Indianapolis is praised year after year for their below-average unemployment rate and strong projected employment growth rate, creating a favorable outlook for jobs in the city. Coupled with comparable entry-level median salaries and a cost of living consistently below national average, Indy is a city genuinely affordable at any price point.
Overall, Indianapolis is a steadily growing city in Indiana. From stable jobs and income to a city that has a blossoming social life, Indianapolis has definitely plenty to offer.