Fort Wayne, Indiana - Economy

Economy

A major manufacturing center in the Midwest by the 20th century, Fort Wayne included such employers as General Electric, Magnavox, Westinghouse, and International Harvester. Also vital employers, Phelps Dodge, Rea Magnet Wire, and Essex Wire comprised the largest concentration of copper wire production globally during World War II. As the century came to close, advancements in technology and the reduction of manufacturing jobs nationally led Fort Wayne to be counted among other cities in the Rust Belt.

However, the city's economy has diversified with time to include education, insurance, health care, and defense and security. The service and hospitality sector has also grown recently, with 5.4 million tourists spending more than $415 million in Fort Wayne in 2006. In 2009, Forbes ranked the Fort Wayne metropolitan area 67th on its list of 200 metropolitan areas in its annual "Best Places For Business And Careers" report. Individually, the city was ranked 5th in cost of living and 12th in cost of doing business.

Fort Wayne is headquarters for such companies as Do It Best, Genteq, Indiana Michigan Power, Medical Protective, North American Van Lines, Rea Magnet Wire, Steel Dynamics, Sweetwater Sound, and Vera Bradley. Steel Dynamics is the only Fortune 500 company headquartered in the city, ranking 318th.

Fort Wayne's ten largest non-government employers:

  • Parkview Health System (4,710)
  • Lutheran Health Network (4,301)
  • Lincoln Financial Group (2,007)
  • Frontier Communications (1,523)
  • Indiana University-Purdue University Fort Wayne (1,255)
  • ITT Exelis (1,203)
  • BAE Systems Platform Solutions (1,015)
  • Raytheon Systems (950)
  • Vera Bradley (840)
  • Steel Dynamics (825)

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Famous quotes containing the word economy:

    The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.
    Ralph Waldo Emerson (1803–1882)