TERRE HAUTE, Ind. (WTHI) - Nationwide, there is still a lot of concern when it comes to the economy. Despite all of this, there is good news. According to Inside Indiana Business, the state of Indiana's economic position is likely to recover strongly.
The Indiana Economic Development Corporation said 2020 was the fourth straight record year for economic development deals. The corporation said they had 31,000 job commitments statewide.
The smaller economic shutdowns in the Wabash Valley, compared to other states, are one of the reasons the region was able to recover more quickly.
Leisure and hospitality sectors were the hardest hit in terms of jobs lost, but, new infrastructure, including a new casino and convention center will provide more jobs and hopefully bring more people to the area. This will help increase tourism and fuel the Terre Haute economy.
"The pieces are beginning to fall into place," Gerry Dick, host of Inside Indiana Business said. "The big question and the big challenge is how does Terre Haute, how does the Wabash Valley, how do they take advantage of that and really begin to attract people who want to come visit?"
Additionally, the state of Indiana saw some growth in the real estate market. West Central Indiana specifically saw an increase in sales of over thirteen percent. We currently lead the state in terms of sold real estate year over year.
"The need for housing does not stop during a global pandemic," explains Bernice Helman, Vice President of Coldwell Banker Realtors. "The demand was strong and the home became more important than ever."
Although we are seeing some positive trends, the main issue this area is facing is lack of inventory as the state sees historical lows for listings available. In other words, there are not enough homes for sale in this area for the number of people wanting a home. This is good news for sellers, not so good news for home buyers.