Ending Brain Drain in Bloomington
August 1, 2024
(Opinion by Matt Gleason): Cost-effective strategies to improve Bloomington's job market
The Problem with Brain Drain
Bloomington is a College town at heart, with the city figuratively and physically built around IU, one of Indiana’s top Universities. This means Bloomington attracts some of the best talents in Indiana and from across the country, who will go on to build amazing businesses and create huge economic impacts.
However, Bloomington fails to entice many students to stay in town after graduation and start families and businesses. This has been hurting the city’s economy, where there are plenty of students filling entry-level jobs, leaving few left for long-time residents, and not many businesses that can employ highly-qualified recent graduates. The city has been investing heavily in the new trades district, taking a top-down or “if you build it they will come” approach to the issue. However, one expensive office complex won’t solve the problems keeping high-skilled businesses from investing in Bloomington. In addition, the city can foster an environment where businesses can start and grow to full size here.
Housing Affordability
Many businesses, including our country’s biggest tech companies, are started in spare rooms and garages by recent graduates or visionary dropouts. However, Bloomington has few homes with extra space that someone can afford while working a part-time job and developing their dream. Zoning reform and single-stair reform can both help students explore entrepreneurship at home after graduating.
Bloomington is more expensive than many midwest cities with more opportunities and amenities. Rents for 3 bed homes desired by young families are higher here than the national average, and are similar to major cities like Austin, Nashville, Colorado Springs, Salt Lake City, and Minneapolis. Our 4 bed homes are more expensive to rent than those in Boulder, LA, Key West, Hilton Head Island, and Seattle. Ownership is even more expensive due to high interest rates.
Companies looking to move into Bloomington will also consider the local cost of living, which directly informs how much they expect to pay employees to retain them in the long term. This may be the difference between large employers breaking ground on a new facility or abandoning their plans when met with other difficulties.
