Despite some election talking points, Northwest Indiana residents are seeing a "pretty good" economy, according to Micah Pollak, an associate professor of economics at Indiana University Northwest.
"Over the last year, pretty much every economic indicator you look at has been exceptional, and I think we really don't appreciate fully how good our economy currently is," Pollak told Lakeshore Public Media. "It's arguably the best in many decades."
Pollak says inflation is essentially under control, interest rates are stable and economic growth has been "incredibly strong." "We have heard a lot about inflation, and as high as inflation has been, raises have risen faster than that," Pollak said. "So the purchasing power of the average household in Northwest Indiana is now higher than it was pre-COVID."
And he says the labor force and employment are back up to record levels. He believes that's driven by the higher wages, as well as a more flexible work environment.
"A lot of businesses are recognizing that you need personal time off, you maybe come in late because you have kids, and more flexibility in your day-to-day work and also how you perform it — like, maybe, an option to do remove one or two days a week — and making the work environment be less strict and a little bit more worker-friendly," Pollak said.
More than 1,800 more Lake County residents are believed to be working, compared to a year ago, according to the latest labor force estimates provided by the Indiana Department of Workforce Development. The number of Porter County residents believed to be working is up by more than 600.
