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Indianapolis ranks 25th in the nation in metro GDP, and ranks considerably higher than several cities which are larger and is neck and neck with cities that are considerably larger than it.
At $126 billion Indianapolis is tied with Riverside/San Berndaino and just a smidge below Pittsburgh, and not too far behind Charlotte, although Charlotte is growing much faster than Indy.
Indy is also ahead of its peer and rival cities:
Tampa
Cincinnati
Kansas City
Columbus
Sacramento
Austin
Nashville
Milwaukee
Indianapolis is just barely 2 million people in the metro area by the most recent estimates, what makes it punch so far above its weight in GDP?
It doesn't seem to punch above it's weight. It's closest cities are Cleveland and Pittsburgh, and both MSAs have around the same population.
Riverside/San Bernandino is just homes in the desert. It's really LA Just cheap housing for LA commuters, with no corporate base. The other cities you list seem to basically be in line with Indy.
I've wondered about this too. Retail, logistics, pharmaceuticals, financial, agriculture, and especially energy seem to be large contributors. Simon Property Group is the largest real estate investment trust in tge country. Simon owns many of the upscale malls and shopping centers in various cities across the country. The fact that Indianapolis has a very diverse economy makes it a hot market for the Midwest. While it's not growing as fast as the Southern metros, it's economy is doing quite well compared to Cleveland, Cincinnati or Pittsburgh.
I've wondered about this too. Retail, logistics, pharmaceuticals, financial, agriculture, and especially energy seem to be large contributors. Simon Property Group is the largest real estate investment trust in tge country. Simon owns many of the upscale malls and shopping centers in various cities across the country. The fact that Indianapolis has a very diverse economy makes it a hot market for the Midwest. While it's not growing as fast as the Southern metros, it's economy is doing quite well compared to Cleveland, Cincinnati or Pittsburgh.
I think this may be key. Indiana has been known to have some pretty lax tax incentives for businesses, probably a good reason why many are relocating and growing there, and trust me outside of Indianapolis and Fort Wayne Indiana isn't growing much, most of the state is pretty stagnant and some areas are shrinking.
I was surprised to see Indy so close to Charlotte in GDP, since Charlotte is supposed to be one of the largest financial cities in the country due to so many banks having their headquarters there, but after examining the growth I see that Charlotte is growing a good deal faster than Indianapolis.
For all the praise and growth Austin is seeing its GDP sure doesn't reflect that. Barely over $100 billion, but it is growing at a good pace. Most Midwest metros seem to be growing pretty slowly, even Chicago's growth is nothing to brag about.
Quote:
Originally Posted by NOLA101
It doesn't seem to punch above it's weight. It's closest cities are Cleveland and Pittsburgh, and both MSAs have around the same population.
Riverside/San Bernandino is just homes in the desert. It's really LA Just cheap housing for LA commuters, with no corporate base. The other cities you list seem to basically be in line with Indy.
Cleveland and Pittsburgh both have over 200,000 more people than the Indianapolis metro area and both are considerably older, though they are rust-belt cities, I don't think Indianapolis has a strong history in industry.
Indianapolis is much higher than its peer cities and even higher than Cleveland and Cincinnati and Kansas City which are all larger than it.
It's really not, and the fact that almost all of its peers have significant in-state competition while Indianapolis doesn't is probably the only contributing factor.
It's really not, and the fact that almost all of its peers have significant in-state competition while Indianapolis doesn't is probably the only contributing factor.
It actually is. Several billion dollars more GDP than metro areas with over 200k more people is pretty significant.
You can lay claim to in state rivalry but I call that a lack luster defense of these cities, and that's something you can't prove, it's all conjecture.
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