By JESSICA BRICKER
While there was a lot to highlight out of 2021 when it came to economic development in Wells County, concerns persist as the community continues to navigate the longterm financial implications of a pandemic.
Wells County Economic Development Director Chad Kline presented the 2021 annual report of his organization to multiple governmental bodies in January. The report covered a spectrum of topics, from unemployment figures, investments committed by local companies, new home construction and population trends.
Wells County’s average unemployment rate fell to one of the lowest in the state to close out 2021,” Kline’s report said. “Wells County unemployment rates ranked near the bottom 20 percent of the state through much of the year; however, ranked in the bottom five counties in the last three months of the year. Wells County started the year with a 3.4 percent unemployment rate and finished the year at 1.4 percent.”
The report added: “Wells County total unemployment started strong in January 2021 with 13,887 individuals employed; however, fell throughout the year to finish with 13,787 employed in November 2021. Throughout 2021, Wells County’s total workforce continued to fall below pre-COVID employment levels, losing approximately 400 from the workforce compared to 2019.”
Kline told the county commissioners that could be for a variety of reasons, including early retirement, childcare issues and deaths. That figure is something the organization will keep an eye on, he added.
He has concerns about a recession, the stock-piling of materials due to long lead times, and workforce numbers.
“It’s an unsustainable economy right now with the increases in inflation, the increases in wages, the lack of people available. So it’s resulting in (those concerns), and then the product price is going up,” Kline told the commissioners. “We’re not making people any more richer, that’s for sure.”
It’s a concern for a lot of businesses, Kline said. But his organization will be ready to pivot if needed.
Other highlights from the report include:
• New investment last year totaled $34 million, bringing 135 new jobs and $4.7 million in new payroll. The bulk of that comes from 20/20 Custom Molded Plastics, which has announced plans to invest $23.5 million in new equipment and relocated equipment from an Ohio facility. This will bring 125 new jobs to the city. Other contributors to those numbers that Kline highlighted are TI Automotive in Ossian and Bluffton’s Star Engineering and Machine Co.
• The county’s per capita personal income ranks fourth in the region behind Wabash, Huntington and Noble counties. In 2020, it was $45,704. It has grown 7 percent since 2019, Kline’s report noted. That’s higher than the region’s average and the national average.
• The county saw a 3.2 percent decrease in real gross domestic product from 2019 to 2020.
• The county’s total assessed value increased 5 percent from 2020 to 2021. “Since 2018, Wells County has seen a 16.5 percent increase in assessed value, or approximately $286 million,” the report said.
• For the first time in several years, Kline said, rural growth outpaced urban growth in Wells County by four new home starts. There were 56 total new home starts in 2021, compared to 66 in 2020.
• More than 100 visits were held with current businesses “to discuss expansions, program alignment, logistics, and retention challenges.”
• The organization received 85 site leads, which led to 20 responses for potential sites.
• While presenting the report to Markle town officials, Kline said he is working with Mike Grant to make sure the town is represented in the countywide plans, including highlighting the town’s antique mall as a tourism attraction.
jessica@news-banner.com
