Several small businesses in Johnson County, Indiana, have recently closed, attributing the struggling economy and rising prices as the main causes. The Grove Café, Bay 7 Vintage, Twisted Sicilian, and Electric Key Records are among the businesses that have permanently shut down. While some business owners point to the national economy as the culprit, others mention factors such as high rent and a lack of customers. Christian Maslowski, president and CEO of Aspire Johnson County, believes that the local economy is not showing signs of decline and suggests that the recent closures may be due to market saturation or insufficient sales volume. Rosie Chambers, executive director of the Franklin Chamber of Commerce, adds that business closures can be influenced by various factors, including personal decisions, changes in family dynamics, and health reasons. Despite the rising costs, the Franklin community remains optimistic, with an increase in shoppers and diners. The small business environment in Franklin is praised for its aesthetics and downtown district.[f4b1ed89]
A panel of experts discussed the strong economy in Johnson County, Indiana, but highlighted the potential impact of student debt on future growth. The county has experienced significant economic growth, with a GDP per capita increase of 23% since 2007. However, the average income in the county is still lower than the state average. The panelists noted that investing in people and culture is crucial for businesses in the area. They also discussed the positive labor market in 2023, with increased job creation and a lower unemployment rate. However, they predicted slower job creation and a slight increase in employment in 2024. Geopolitical tensions, particularly in Ukraine and Russia, could cause supply chain disruptions and higher commodity prices, leading to inflation. The panelists also mentioned the challenge of workforce retention as baby boomers retire. They highlighted the importance of the labor force, which is expected to reach 3.5 million people in Indiana in 2024. Consumer spending has been a key driver of economic growth, but the panelists expressed concerns about a potential decrease in consumer spending in Johnson County due to factors such as reduced COVID transfer payments, higher cost of living, restricted credit availability, and the resumption of student loan payments. They emphasized that individuals with high levels of credit card debt and student loan debt may not be able to sustain their spending, which could impact economic growth. The panelists specifically mentioned the significant amount of student loan debt in Indiana and how it affects young people's ability to start families and purchase homes. Overall, while the economy in Johnson County is strong, the burden of student debt could hinder future growth.[2d281627]