Per capita personal income (PCPI) in the South Bend, Marshall & Elkhart region grew less than a percent in 2023 from 2022, according to U.S. Bureau of Economic Analysis (BEA) data.
The region fell behind the national rate of five percent.
"The data from 2023 reflects a regional economy adjusting to post-pandemic realities," said Bethany Hartley, President and CEO of the South Bend, Marshall, & Elkhart Regional Partnership. "After a temporary boost in 2022 fueled by stimulus spending and strong manufacturing output, particularly in the RV sector, we’re now seeing a recalibration. While the return to 83.7% of the national per capita income average marks a step back from the 2022 peak, it also signals a return to more sustainable, earnings-driven growth. This report underscores the importance of diversifying our economy and investing in workforce resilience to weather future economic cycles."
Nearly $42.5 billion of total personal income circulated in the South Bend, Marshall, & Elkhart region’s five counties in 2023. That was an increase of more than $153 million in total personal income compared to 2022, resulting in a slight increase in per capita personal income.
Per capita personal income is calculated as the total personal income of the residents of a given area divided by the area's population. Personal income includes wages, dividends, interest earnings, home rental, business income, and government benefits such as Social Security. BEA uses Census Bureau midyear population estimates to compute per capita personal income.
The South Bend - Elkhart Region includes Elkhart, Marshall, and St. Joseph counties in northern Indiana and Berrien and Cass counties in Michigan; a geographic region with more than 731,000 residents.
For more information on PCPI and the South Bend–Elkhart region, click here.
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