2002 Comprehensive Annual Financial Report

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entire Midwest was at the depth of its economic restructuring and recess, the County's population increased 4.0% between 1983 and 1990 and another 7.5% between 1990 and 2000. The total labor force in December 2002 of 135,020 in St. Joseph County is typical of the Midwest: well trained with a strong work ethic. Approximately 82.4% of the area's adult population are high school graduates or higher (as compared to the national average of 75%) with an estimated 23.6% 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. St. Joseph County is currently experiencing an average unemployment rate of around 4.6% which compares favorably to the December 2002 national and State of Indiana rates of 6.0% and 4.8%, respectively. The 2002 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 are as follows: Economic Sector Construction Manufacturing Transportation, Communication & Public Utilities Wholesale Trade Retail Trade Finance, Insurance & Real Estate Services Governmental (excluding Federal) Number Emplo,~d % of Total 7,241 5.62% 21,569 16.74% 4,638 3.60% 8,556 6.64% 25,461 19.76% 6,391 4.96% 41,644 32.32% 11,932 9.26% 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% with incomes $15,000 to $24,999; and the remaining 12% with household incomes under $15,000 per year. The median household effective buying income (disposable income after taxes) in the County in 2000 was $40,420, which equated to more than $4.36 billion in effective buying income for this area. Health and education lead the employment statistics for St. Joseph County. The largest employers in the County as of December 2002 were as follows: University of Notre Dame (4,100); Saint Joseph Regional Medical Center (3,358); South Bend Community School Corporation (3,000); Memorial Health Systems (3,300); Honeywell Incorporated (1,913); St. Joseph County Government (1,631); Indiana University of South Bend (1,481); Martin's Super Markets (1,435); City of South Bend (1,300); Meijer Incorporated (1,225); Penn-Harris-Madison School Corporation (1,215); AM General Corporation (2,300); First Source Bank (969) and Madison Center and Hospitals (815). vii