The Greater Lafayette Area
Local Economy
With the steady growth of the Lafayette area and Purdue University, it is not surprising that educational services, followed by manufacturing and retail trades, are the leading employers. The university in West Lafayette is the county's largest employer and an important factor in local economic stability.
Local industry is diversified, and in addition to many small firms, includes such giants as the Aluminum Company of America (ALCOA), Eli Lilly and Company, Siemens PT&D, A.E. Staley North & South Plants, Fairfield Manufacturing Company, Wabash National Corp., Ross Gear Division, TRW, Great Lakes Chemical, Caterpillar Large Engine Division, and Subaru of Indiana Automotive, Inc. (SIA).
Transportation has always played an important role in the area's prosperity. The railroad and more recently the interstate highway have replaced the river and canal as arteries of commerce, but Lafayette's geographic location and transportation connections ensure its role as an important marketing and distribution center. The diversity of the industrial economy keeps Lafayette's unemployment rate below the state average even during recessionary times. New industry finds the area attractive. Employment in the high-tech industry and services sector gained in the late 1980s, offsetting losses in manufacturing and construction employment.
With the increase in new housing and new companies moving into the area, there is a boom in the real estate and new home construction market. All forces join to promote an economy that is strong and flourishing.
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