Bloomington Leader

The School of Business and Economics at Indiana University Northwest, in partnership with the Legacy Foundation of Lake County, held the 2024 Futurecast event on November 15 in Merrillville, Indiana. The panel featured experts such as Brian Vander Schee and Russell Rhoads from IU Kelley School, Carol Rogers from the Indiana Business Research Center (IBRC), and Micah Pollak from IU Northwest. Cynthia Roberts moderated the session.

Mark Russell from the Indianapolis Urban League often collaborates with economists at IBRC for statistics about Indiana. "The IBRC is right on the second floor of our three-story headquarters in Indianapolis," he said. Phil Powell, Executive Director of IBRC, emphasized their mission to provide economic insights across Indiana.

"For nearly 100 years, we’ve been bringing faculty together to offer business and government leaders guidance on where the economy of the nation, state and city are headed," Powell noted. The center's Futurecast events have been a platform for sharing insights since their inception in 1925.

Last year’s events attracted over 1,400 attendees statewide. "We see members of the General Assembly, mayors, business and nonprofit leaders…they’re coming to us to understand where the economy has been and where it’s going," Powell added.

Russell highlighted how IBRC data helped shape a grant application for their New Beginnings Program. He explained that data on supply chain strength justified investing resources into commercial truck driving licenses for participants.

"We don’t just use data for our own edification but also for clarity," Russell said. The center uses a statistical model considering over 100 variables to produce reliable forecasts according to Powell.

Jen Pearl from Bloomington Economic Development Corp praised IBRC's role in supporting economic growth initiatives like their Economic Vitality Project. "The IBRC is a deeply trusted partner for economic analysis," she stated.

The annual Futurecast report is published each winter in the Indiana Business Review by IBRC since 1926. It provides insights such as consumer activity's impact on keeping economies strong which are available online.