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Indiana Economic Update  

2024-03-17 – BE&O A&B

Inflation rose slightly last month, while Indiana’s unemployment rate continues to fall. 

Inflation rose 3.2% in February compared to the same month last year. While that is not ideal, NASDAQ Analyst Jane King says that pain is offset by Indiana adding over 10,000 new jobs in the latest unemployment report. According to the latest data, the unemployment rate in Indiana fell to 3.5%.   

The Indiana Department of Workforce Development says most new jobs came in healthcare, tech, and construction. Currently, over 2.8 million workers are employed in the private sector in Indiana.   

King says some farmers have expressed concerns as fuel and fertilizer prices rise. This could impact crop prices and profit margins for farmers. 

Indiana saw a 13% rise in new business applications in 2023. That is good enough to rank 14th among states. 

Finally, the cost to charge an electric car in Indiana is $0.45 per kilowatt hour. That is right at the national average despite Indiana being one of the slowest states to adopt electric vehicle usage.