A snapshot of Elkhart's economy with a national backdrop

 

ELKHART, Ind.--- The Greater Elkhart Chamber of Commerce hosted its Economic Update event Wednesday at the Lerner Theater Crystal Ballroom. The event gave attendees a snapshot of the economy both nationally and locally.

"We hear the headline, 'as Elkhart, Indiana goes, so goes the country,'" said Danny Reynolds, owner of Stephenson's.

As Elkhart goes, so goes the country, something Levon Johnson, president and CEO of the Greater Elkhart Chamber of Commerce, has also heard.

"Traditionally, Elkhart's been a bellwether for the economy nationally. In particular, because of our industrial base. We're one of the leading manufacturing centers in the country," Johnson said. "And so, typically, we move economically a little bit ahead of the country, so people look to see what's happening in this region."

So how is Elkhart's economy faring? Wednesday's event offered some insights.

"It's no secret that our two core industries, RVs and boating, which are very outdoor-related, are down from record years a few years ago," Johnson said. "When our two core industries are going through an adjustment, that means the rest of the region is adjusting as well to all of that, but it's also providing a lot of opportunity for new industries, new ideas, new entrepreneurs."

A presenting speaker showed a cautiously optimistic picture of the national economy, followed by a panel of local industry experts, including Reynolds.

"We've been on Main Street for 93 years now, and I've been doing it for about 30 years myself," Reynolds said.

He said his "special occasion" business is still rebounding from the pandemic, like so many other facets of the economy.

When talking economics, housing tends to come up, and managing broker Lori Snyder with Berkshire Hathaway gives a snapshot of the local housing market.

"Actually, our inventory is up, but along with inventory is also the cost of living," Snyder said. "In Elkhart County, the home prices in the last five years have probably risen about 32 percent. Home insurance has risen 30 percent, for Elkhart County. And then our property taxes have risen about 39.93 percent."

The takeaway message for many, Elkhart's been through economic highs and lows, and continues to grow and show resiliency.

"Elkhart County is so resilient," Snyder said.

"I think Elkhart, as always, has an entrepreneurial spirit, we're heading in the right direction, and I think the future is very, very bright," Reynolds said.