Bloomington’s unemployment lower than statewide

Indiana’s unemployment rate remains the lowest in the six-state Midwest region, despite the region’s unemployment rate increase from 4.9 percent in December 2006 to 5.5 percent in 2007, according to the U.S. Bureau of Labor Statistics.\nAs of December, the unemployment rate for Indiana is at 4.6 percent. This is lower than neighboring states such as Ohio with a rate of 6 percent and Illinois at 5.5 percent.\nIndiana’s unemployment is similar to the national rate, which was recorded by the U.S. Bureau of Labor Statistics at 4.9 percent in January 2008. \nBloomington’s unemployment rate is more than one percentage point lower than that of the entire state. The U.S. Bureau of Labor Statistics reported Bloomington’s unemployment rate at 3.7 percent in December 2007.\nRon Walker, president of the Bloomington Economic Development Corporation, said the strong life science and technology sectors in Bloomington contribute to the city’s low unemployment rate.\n“We are an economic hub,” Walker said. “We can absorb unemployment better than surrounding areas.”\nWalker said that despite facing large layoffs such as the recent announcement of closing Bloomington’s General Electric plant, the growth and strength in the life science sector of Bloomington’s economy keeps the unemployment rate low. \nAnother contributing factor to Monroe County’s success is the relatively stable economy, Walker said.\nHe said Bloomington’s two leading employers for the city are Indiana University and medical device company Cook, Inc. \nAccording to the IU Factbook for 2007-08, IU employs 10,844 full-time workers and 192 part-time workers. These figures do not include academic faculty members.\nWithin the life science sector, Cook, Inc., comes in as the second most influential local employer, Walker said. \nDavid McCarty, global director of public relations for Cook, Inc., said the various affiliates of the company located in Bloomington employ more than 2,000 individuals. \nDanise Alano, assistant director of economic development for the City of Bloomington, said that the growing life sciences sector in Bloomington, which Cook, Inc., is part of, contributes to the city’s low unemployment rate. \n“It’s pretty exciting that (Cook, Inc.) started here in Bloomington,” Alano said.\nCook, Inc. is an umbrella corporation; many of its branches manufacture various medical products. McCarty said that among affiliates located in Bloomington, Cook Pharmacia and Sabin Corporation are the largest employers. Cook Pharmacia manufactures biopharmaceuticals and Sabin produces plastic parts for medical equipment. McCarty said one of the reasons Cook, Inc., chose Bloomington for its hub was the IU School \nof Medicine. \nNot only is Bloomington home to major employers and a city with strong economic stability, Alano said, its corporations and business have strong roots in the community.