Understanding Indiana's Economic Landscape
Shabbir Qutbuddin is the Assistant Vice President for the School of IT and Entrepreneurship at Ivy Tech Community College. His academic background includes a master’s in human resource management at Purdue University and a bachelor’s in civil engineering at NIT Bhopal.
As a Class VII fellow, I attended an engaging and insightful lecture focusing on the multifaceted aspects of Indiana’s economy at Electric Works in Fort Wayne, Indiana. The lecture, rich with knowledge and thought-provoking discussions, provided a deep dive into Indiana's economic landscape, historical context, and vision for its future. The lecture also deepened our understanding of the state’s growth strategies and approaches toward economic development, innovation districts, and community revitalization. The day’s agenda was meticulously crafted to provide an exhaustive synopsis through diverse perspectives and first-hand experiences. The experience was multifaceted, involving visual presentations, interactive discussions, and an informational tour.
The lecture kicked off with an enlightening video by Mitch Daniels on the State of Indiana’s Economy. Daniels emphasized the significance of understanding the economic indicators and drivers that fuel the state’s economy.
Tom Guevara, Director of the IU Public Policy Institute, thoroughly analyzed Indiana's economic trajectory through his presentation, "The Past, Present, and Future of Indiana’s Economy," covering detailed historical and current economic drivers, including population trends, workforce participation, and productivity. Guevara emphasized the value of advanced science and engineering degrees, research and development (R&D) contributions, and productivity enhancements for boosting economic growth. One of the standout moments was Guevara’s discussion on the importance of perception in economic development, highlighting John Smythies’ quote: “What we see does not depend entirely on what is out there but also to a considerable extent on what the brain computes to be most probably out there.”
Guevara's presentation underlined vital statistics and trends, including:
Indiana faces a significant challenge, with 35 counties projected to lose 10% to 31% of their population by 2050.
The pool of workers has been slowly declining, with workforce participation dropping from 68.5% in 1999 to 62.6% in 2024.
Despite productivity improvements, wage growth has lagged, highlighting a need for economic strategies that better align productivity gains with wage increases.
Indiana's investment in research and development (R&D) is crucial, with a positive correlation between R&D spending and GDP growth.
Guevara's insights emphasized the need for economic development that balances innovation with inclusive growth and fosters educational investments and workforce development.
Brenda Gerber Vincent, Chief Impact Officer at Greater Fort Wayne Inc., discussed "Growth of a City Through Leadership, Collaboration, and Public-Private Partnerships." She shared how leadership and collaboration have been pivotal in Fort Wayne's growth, driving urban and economic development. She described the role of public-private partnerships in facilitating community development and economic vitality. Vincent highlighted projects that have revitalized downtown areas, enhanced public amenities, and attracted new businesses. She stressed that change requires aligning the interests of diverse stakeholders, enabling community engagement, and ensuring that economic benefits are broadly shared. This collective approach has boosted Fort Wayne’s economy and enhanced its cultural and social spirit.
During lunch, we had the opportunity to engage with State Senator Travis Holdman and State Representative Kyle Miller. This informal session provided valuable insights into the legislative viewpoints and efforts to support economic development in Northeast Indiana. Holdman and Miller discussed ongoing measures to support growth and the importance of regional collaboration in policy-making. The discussions stressed the critical function of legislative support in driving regional economic change.
The afternoon session focused on community revitalization efforts and the READI program in Northeast Indiana. Eric Doden, Owner/Partner of Domo Development & Past President of IEDC; Patricia Miller, Co-Founder of Vera Bradley & Past Secretary of Commerce at the State of Indiana; and Ryan Twiss, Vice President of Regional Initiatives at Northeast Indiana Regional Partnership, shared their experiences and insights on transforming communities through investments and development initiatives, including:
Strategies for revitalizing local communities through targeted investments in infrastructure and quality of life advancements.
Promoting a culture of innovation and supporting new business ventures are essential elements of regional economic development.
The importance of regional partnerships in attaining sustainable growth and addressing workforce challenges.
Their coordinated efforts have significantly improved infrastructure, housing, and business development, contributing to a more vibrant and resilient regional economy.
The day was concluded with a tour of Electric Works, symbolizing Fort Wayne’s innovative spirit and economic transformation. This redevelopment project exemplifies how adaptive reuse of industrial spaces can evoke economic development, investments, and community engagement. The tour highlighted the various components of Electric Works, showcasing its potential as a catalyst for economic revitalization.
In conclusion, the June class discussion on the economy at the MDLF Fellowship was an enriching experience that highlighted the complex dynamics of Indiana's economic landscape. The discussions emphasized the need for a balanced approach to economic development that leverages innovation, strategic growth, and public-private partnerships. From understanding economic metrics to examining the impact of neighborhood revitalization efforts, the lecture highlighted the importance of collaboration and strategic planning.
Throughout the day, the MDLF core values were evident in every session. Personal responsibility was a theme in economic development and leadership as we were encouraged to address community challenges proactively. Individual liberty was emphasized through innovation and entrepreneurship, enabling individuals to pursue new ventures and contribute to economic vitality. The implication of private enterprise was accentuated by successful public-private partnerships and the role of businesses in driving economic progress and community development.
Being an MDLF Fellow is a transformative experience. The MDLF's support system is invaluable as you are part of a dynamic network dedicated to leadership and innovation. It is an opportunity to learn from distinguished leaders, policymakers, industry experts, and peers, gaining insights that can be applied to real-world challenges. The fellowship equips us with the tools to drive positive change in Indiana. It embodies a commitment to personal and professional growth, promoting an environment where ideas can be exchanged and new approaches devised.
As fellows, we left with a deeper appreciation of Indiana's economic complexities and prospects and a continued commitment to contributing to its growth and prosperity.
Class VII Fellows on the rooftop of Electric Works overlooking the vibrant city of Fort Wayne, IN.