As it turns out, the answer to this question is a lot! Without employees, industrial properties can’t fill their warehouses with workers, can’t drive their products to their destinations and can’t meet their client’s expectations. Indiana is enjoying a low unemployment rate, but that’s putting a crunch on the companies looking for labor. As companies go into their busy holiday season, this is becoming even more important.
Recent labor stats
According to the most recent numbers from the BLS, Indianapolis is among the fastest growing metros.
- The Indianapolis MSA has an unemployment rate of 2.9 percent and an annual job-growth rate of 3.1 percent. This is 1.6 percentage points above the national job growth rate of 1.5 percent.
- This growth rate is so high, that it ranks in the top 10 of JLL-tracked metros. Indianapolis is the only Midwestern city to crack the list, which is dominated by southeastern markets.
- It is not surprising that Indianapolis saw such strong growth. The labor force and total employment are both at record high levels, keeping the unemployment rate low. Nearly 32,000 jobs have been added to the market since last year.
You can download the stats from JLL Indianapolis to learn more.
How can employers gain an edge?
The JLL Indianapolis Industrial Team recently held an event in conjunction with Hendricks County Economic Development Council, KSM Location Advisors, and Cabot Properties. KSM Location advisors delivered positive news to the group. Luckily, by comparison, the Indianapolis metro fares better than other areas thanks to a strong labor force. Some of the things employers may consider is offering flexibility, increasing their soft benefits, and adding other tangible benefits like transportation credits or gift cards. In addition, KSM Location Advisors say employers offering $13.00 per hour will draw from a significantly higher quality labor pool than just $11.00 or $12.00 per hour.