The Kokomo metropolitan area had one of the fastest-growing economies in the nation in 2012, according to new data released by the United States Bureau of Economic Analysis. Kokomo’s economic (measured by Gross Domestic Product) grew 8.4 percent last year, making it third in the state and eighth in the nation.
Mayor Greg Goodnight called the report welcome news for the City of Kokomo and said it is an indication that the city is heading in the right direction.
“We’re working hard to improve our community and make Kokomo a better place for residents and businesses,” Mayor Goodnight said. “Our local businesses have noticed our efforts and have invested in their Kokomo facilities and workforce. These investment decisions will positively impact our community for years and decades to come.”
Last year saw a spate of new announcements and investments from Kokomo’s manufacturing community. For example, Chrysler continued to invest hundreds of millions of dollars in new manufacturing equipment; Haynes International announced a $23.5 million investment to expand its manufacturing capacity; Carney Echelbarger relocated to Kokomo and invested
$700,000 in its new facility; and EAC Corp relocated to Kokomo and invested more than $200,000 in new equipment. Additionally, Kokomo’s jobs increased by 1,400 from 2011 to 2012.
“As positive as these announcements are, we also know that they are just the beginning,” said City of Kokomo Development Director Steve Whikehart. “We will continue to promote economic development and improve quality of life in our community, by building partnerships, by investing wisely and by demanding more of ourselves, in everything we do.”
Source: City of Kokomo