Monday, January 4, 2021
Ever since the national economy weakened last spring due to the COVID-19 pandemic, Indiana has been steadily recovering at a rate far outpacing most other states.
After reaching an unemployment rate as high as 17.5% in April, Indiana has a current unemployment rate of only 5%. This rate is significantly lower than the national unemployment rate of 6.7%, per the U.S. Bureau of Labor Statistics.
The number of employed Hoosiers is understandably still lower than before the pandemic, but over 500,000 Hoosiers have found new employment after the economy hit its low point in April, showing the resiliency of our state's businesses and workers.
New numbers released earlier this month show that Indiana's economy roared back in the third quarter of 2020, growing at the fourth-fastest rate in the nation. Our economic output grew at 43.3% annually, far surpassing the national growth of 33.4%, according to the U.S. Bureau of Economic Analysis.
While we know many of Indiana's small businesses are still struggling, it is encouraging to see how quickly Hoosiers have been able get our economy moving in the right direction again. This improvement is a testament to the strength of the entrepreneurs and workers that reside in our state.