Hicks: Jay's horizon is bright

Even though the pain of economic recession has had its effect on Jay County, a Ball State University economist says that better times are on the way.

Michael Hicks, director of BSU's Center for Business and Economic Research, closed with that upbeat message Friday afternoon at the annual meeting of Jay County Development Corporation.

"You guys (Jay County) are in a pretty sweet spot," Hicks told those in attendance in the conference rooms at Jay County Hospital. "In many ways, the next few years look pretty good for you."

Citing a diversified manufacturing base and other amenities uncommon for communities the size of Jay County, Hicks complimented the economic development efforts of cities, towns and JCDC.

Hicks also said that while pain from the downturn in the economy will linger, the worst of this recession is over.

"I think the economy has turned the corner ... I think it actually expanded in the third (fiscal) quarter (of this year) ... the recession is over, but it won't feel like it," he said.

Also part of the annual meeting were reports from Bill Bradley, executive director of JCDC, and Ami Huffman, director of community development for the organization.

While admitting to some challenges and hurdles over the past 12 months, Bradley said there are "some really bright spots ... we've had some successful projects despite the economic downturn."

By far the biggest project in the previous year was at St. Gobain Glass Containers of Dunkirk, which announced a $28 million expansion in late 2008.

Bradley, who marked his 2nd anniversary as JCDC's executive director on Friday, said that the ability to form partnerships within the county and a positive outlook have helped economic development on a local level.

"Economic development is high on the agenda in this county ... Here, things happen because you want them to happen," Bradley said. "The future looks bright. The pipeline is filling up with (possible) projects."

Huffman continued to remain busy assisting local communities and organizations in seeking grant funding for projects.

Projects completed over the past 12 months include the Dunkirk Fire/EMS base and a Redkey water project, while major projects in process include a grant for Dunkirk water improvements, a sewer project in Portland and an attempt to win funding for a new fire station in Pennville.

Huffman put hours of work into attempts to win federal stimulus funding for projects in Jay County, but none of those funds have been awarded locally.

Hicks gave a brief economic history lesson of the past 70-plus years in the United States, and touched on the origins of the financial meltdown of the past year.

He said that although media reports have compared this recession to the Great Depression of the 1930s, there really is no comparison.

"It is (as bad), if you don't really care about facts," Hicks says. Those "facts," including inflation, decrease in gross domestic product and a "misery index," place the most recent recession as third or fourth worst in the past 100 years.

He says the effects are heightened because more than 60 percent of Americans had a stake in the stock market during this recession, compared to 5 percent who owned stocks when a 1981 recession began.

During a brief meeting, members of the JCDC board elected a new slate of officers: Rex Journay, president; Doug Stanley, vice president; Lee Bone, secretary; and Rosalie Clamme, treasurer.

Journay takes over the president slot from Joe Johnston, who had served in that position the past two years.

Johnston was given a plaque and thanked by Bradley for his service.

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