Per capital personal income in the South Bend – Elkhart region dropped to 83.7% of the national rate, according to recent data.
According to U.S. Bureau of Economic Analysis data, per capita personal income in the South Bend – Elkhart region grew less than a percent in 2023 from 2022. The Region fell behind the national rate of 5%.
Bethany Hartley, South Bend – Elkhart Regional Partnership president and CEO, said the 2023 data reflects a regional economy adjusting to post-pandemic realities. According to Hartley, stimulus spending and strong manufacturing output, particularly in the RV sector, fueled the boost in 2022 and the Region is now seeing a recalibration.
“While the return to 83.7% of the national per capita income average marks a step back from the 2022 peak, it also signals a return to more sustainable, earnings-driven growth,” Hartley said in a press release. “This report underscores the importance of diversifying our economy and investing in workforce resilience to weather future economic cycles.”
Nearly $42.5 billion of total personal income circulated in the South Bend – Elkhart region’s five counties in 2023. That was an increase of more than $153 million of total personal income compared to 2022, resulting in a slight increase in per capita personal income.
Per capita personal income is calculated as the total personal income of the residents of a given area divided by the population of the area. Personal income includes wages, dividends, interest earnings, home rental and business income and government benefits such as Social Security.
The South Bend – Elkhart region includes Elkhart, Marshall and St. Joseph counties in northern Indiana and Berrien and Cass counties in Michigan. The geographic region is home to over 731,000 residents.
