- 5,167 more businesses
- 330,934 more employees
- 39.3% increase in total wages
- $8,286 in additional annual wages per employee
- 21.7% increase in wages per employee
Since 2009, the number of businesses in Indiana has grown by 3.4% (6.1% less than the national average of 9.5%). Employment in Indiana has grown by 14.4% (slightly less than the national average of 14.4%). Wages have grown by 21.7% since the end of the Great Recession. This wage growth is 0.8% less than the national average of 22.5%.
The average weekly wage in Indiana of $893 is 16.1% below the national average of $1,064. The gap between the national average has widened from 15.6% a widening of 0.5% since the end of the recession.
The Retail trade sector has the most businesses in the state of Indiana . Since the end of the recession, the number of businesses has declined from 20,683 to 20,370, a loss of 1.5%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||13,085||12,016||8.9%|
|Finance and insurance||9,963||9,995||-0.3%|
|Real estate and rental||6,161||5,883||4.7%|
|Transport and warehousing||5,659||5,398||4.8%|
|Arts and entertainment||2,188||2,042||7.1%|
|Agriculture and forestry||1,855||1,389||33.5%|
|Mining and oil extraction||328||335||-2.1%|
Three of the top 6 sectors with the most businesses in Indiana had net reductions in their numbers since 2009. In addition to the Retail trade sector (mentioned above) Construction (-10.5%) and Other services (-0.5%) also lost businesses. Manufacturing lost 4.6% of its businesses. The best growth in new businesses was in the Healthcare and Accommodation and food services sectors, growing 6.5% and 8.9% respectively.
The Manufacturing sector employs the most workers in the state of Indiana. The number of jobs has increased 20.3% since the end of the recession from 441,623 to 531,312. The table below illustrates the change in employment in each sector:
|Accommodation and food services||266,532||233,714||14.0%|
|Transport and warehousing||122,303||102,841||18.9%|
|Finance and insurance||96,886||94,880||2.1%|
|Arts and entertainment||41,974||42,962||-2.3%|
|Real estate and rental||34,872||32,868||6.1%|
|Agriculture and forestry||15,329||12,449||23.1%|
|Mining and oil extraction||5,744||6,291||-8.7%|
Three of the 4 sectors with the lowest employment levels lost employees since the end of the recession. Information lost 16.4%, Utilities lost 10.2% and Mining and oil extraction lost 8.7% of their respective employees.
The sector with the highest wages is the Company management sector at $1,886. Prior to the recession, the sector’s average weekly wage was $1,388. This is an increase of $498 per week or 35.9%. The table below illustrates the change in average weekly wages in each sector:
|Mining and oil extraction||$1,368||$1,112||23.0%|
|Finance and insurance||$1,331||$1,003||32.7%|
|Transport and warehousing||$871||$727||19.8%|
|Real estate and rental||$846||$633||33.6%|
|Agriculture and forestry||$737||$580||27.1%|
|Arts and entertainment||$626||$544||15.1%|
|Accommodation and food services||$307||$248||23.8%|
Wages in all sectors grew well enough to grow within 0.8% of the national average wage growth. The Finance and insurance sector increased 32.7% and the Real estate and rental sector grew 33.6% since 2009.
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Wholesale trade agents and brokers which has grown 114.0%. The top industry that has contracted the most is Offices of physicians which has contracted by 17.4% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Wholesale trade agents and brokers||5,935||2,774||114.0%|
|Computer systems design and related services||4,334||2,789||55.4%|
|Residential building construction||3,288||3,891||-15.5%|
|Insurance agencies and brokerages||3,269||3,006||8.7%|
|Management consulting services||3,185||2,405||32.4%|
|Offices of physicians||2,535||3,070||-17.4%|
|Offices of lawyers||2,515||2,577||-2.4%|
|Gasoline stations with convenience stores||2,351||2,067||13.7%|
|Accounting and bookkeeping services||2,302||2,255||2.1%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is Motor vehicle body and trailer manufacturing which has grown 107.0%. The industry that has lost the most employees is Supermarkets and other grocery stores which has contracted by 2.7% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|General medical and surgical hospitals||113,438||101,663||11.6%|
|Temporary help services||82,199||42,352||94.1%|
|Offices of physicians||52,885||46,442||13.9%|
|Nursing care facilities, skilled nursing||46,444||46,307||0.3%|
|Motor vehicle body and trailer manufacturing||41,686||20,141||107.0%|
|Supermarkets and other grocery stores||37,780||38,818||-2.7%|
|General freight trucking, long-distance||35,823||34,620||3.5%|
|Management of companies and enterprises||34,483||27,518||25.3%|
|General warehousing and storage||29,311||19,350||51.5%|
|Colleges and universities||25,799||23,942||7.8%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is Spectator sports which has grown 80.4%. The average weekly wage in the Druggists’ goods merchant wholesalers industry has grown by 11.1% since the recession. This is the industry with the lowest wage growth among top industries in Indiana . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Investment banking and securities dealing||$3,153||$2,407||31.0%|
|Pharmaceutical and medicine manufacturing||$2,768||$2,176||27.2%|
|Computer and software merchant wholesalers||$2,134||$1,691||26.2%|
|Druggists’ goods merchant wholesalers||$2,100||$1,891||11.1%|
|Internet publishing and web search portals||$2,027||$1,190||70.3%|
|Electric power generation||$1,978||$1,518||30.3%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
The biggest percentage change in the number of businesses has been in businesses with 500 to 999 employees. The number of businesses with this number of employees has grown from 208 to 291, which is an increase of 39.9%.
The smallest percentage change in the number of businesses has been in businesses with 5 to 9 employees. The number of businesses with this number of employees has grown from 27,786 to 28,346, which is an increase of 2.0%.
Table: Change in the number of Businesses by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||88,394||85,182||3.8%|
|More Than 1,000 Employees||139||123||13.0%|
The biggest percentage change in the number of employees has been in businesses with 500 to 999 employees. The number of employees in companies this size has grown from 139,672 to 198,620, which is an increase of 42.2%.
The smallest percentage change in the number of employees has been in businesses with 5 to 9 employees. The number of employees with this number of employees has grown from 182,277 to 185,995, which is an increase of 2.0%.
Table: Change in the number of Employees by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||138,598||130,733||6.0%|
|More Than 1,000 Employees||319,227||250,888||27.2%|
The biggest percentage change in the average weekly wage has been in businesses with 500 to 999 employees. The average weekly wage in companies this size has grown from $861 to $1,233, which is an increase of 43.2%.
The smallest percentage change in the average weekly wage has been in businesses with 1,000 or more employees. The average weekly wage in companies this size has grown from $1,262 to $1,555, which is an increase of 23.2%.
Table: Change Average Weekly Wage by Size Since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||$941||$694||35.6%|
|More Than 1,000 Employees||$1,555||$1,262||23.2%|
This page, created and maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt Tietjen has spent the bulk of his career working with and using data to grow businesses. As the SVP of Operations at TheStreet and the head of Audience & Product at Purch, data helped us create products and content strategies to grow the businesses. My LinkedIn Profile is here.