2001 Comprehensive Annual Financial Report

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intermodal ~railltruckloceanlinland waterway} transfer point in the country, is a significant advantage to St. Joseph County. St. Jase h Coun l Sauth Bend -Economic Conditions and Uutlook St. Joseph County, with its 200D U.S. Bureau of the Census population of 265,559, boasts a strong history of manufacturing which continues today. As a complement to that, the service industry and retail trade has also flourished, creating a balance that serves the community well. The County has experienced a net growth in population of 26,945 11.3% increase} between 1960 and 2DDD. After experiencing a reduction of 2.6% during 1969 to 1983, at which time the entire Midwest was at the depth of its economic restructuring and recess, the County's population increased 4.D% between 1983 and 1990 and another 7.5% between 1990 and 20DD. The total labor force in January 2002 of 136,290 in St. Joseph County is typical of the Midwest: well trained with a strong work ethic. Approximately 79% of the area's adult population are high school graduates or higher has compared to the national average of 75%} with an estimated 19% with a Bachelor's Degree or higher. There are ten colleges, universities and technical schools within South Bend and the surrounding area including the University of Notre Dame, Indiana University of South Bend, Saint Mary's College, Bethel College and Ivy Tech State College. At the high school level, there are school-to-work transition programs that help prepare students for the world of work. The employment trend in the County shows an average annual increase of 1.7% per year between 1990 and 1999 as compared to the national average per year of 1.5% for the same period. St. Joseph County is currently experiencing an average unemployment rate of around 3.5%, which compares favorably to the January 2001 national and State of Indiana rates of 4.7% and 3.7°/fl, respectively. The 1999 employment profile for St. Joseph County provides a good overview of the economic make-up of this community. Employment statistics for the County's major economic sectors covering 6,484 business establishments}, as well as growth since the last major recession of 1990-1991, are as follows: Economic Sector Construction Manufacturing Transportation, Communication & Public Utilities wholesale Trade Retail Trade Number Employed 6,900 22,080 Finance, Insurance & Real Estate Agricultural Services & tither Services Governmental excluding Federal} 5,240 8,150 25,170 7,040 41,563 12,109 % of Total Chan e since 1991 5.4% 1.77% 17.2°/a 4.1% 6.4% 19.6% 5.5% 32.4% 9.4% 0.96°/a 0.06% 1.95 1.48% 0.91 3.25% 2.21 % St. Joseph County presently has an estimated 98,500 households with per household income as follows: 12% with household incomes that exceed $75,000;18% with incomes $50,000 to $75,000; 25% with incomes $35,000 to $49,999;18% with incomes $25,000 to $34,999;15% Vlli