On Friday, November 15, Legacy Foundation and the Indiana University Northwest's School of Business and Economics and the Kelley School of Business hosted the Lake County Advancement Committee Futurecast: 2025 Economic Outlook at the Avalon Manor Banquet Center in Merrillville, Indiana.
The event featured a panel of distinguished experts, including Associate Professor of Economics at Indiana University Northwest, Micah Pollak, and Director of the Indiana Business Research Center at the Kelley School of Business, Carol Rogers.
Clinical Professor of Financial Management at Kelley School of Business, Russell Rhoads; and Clinical Associate Professor of Marketing at Kelley School of Business, Brian Vander Schee were also included in the panel of experts.
"This event is part of our Lake County Advancement Committee's Futurecast," said Kelly Anoe, President and CEO of Legacy Foundation. "Each year, we host this event to focus on the economics of Northwest Indiana, providing valuable insights into statistics, growth, and development. It’s an opportunity for regional leadership to collaborate, advocate for our community’s assets, and work together to foster growth."
Dean of the School of Business and Economics at Indiana University Northwest, Cynthia Roberts, moderated the panel discussion. She guided the conversation and ensured that valuable insights from the panelists were shared with the audience.
"The Futurecast event, though it's been renamed in recent years, has been happening for at least two decades," said Pollak. "Every year, we bring together economic experts from IU to review the past year's developments and provide predictions for Indiana's future, particularly focusing on Northwest Indiana. It’s a way to understand trends and anticipate what's ahead."
The Legacy Foundation Program began with a welcome and pledge led by Anoe, followed by a brief lunch. The event concluded with an engaging panel discussion.
"We host many Lake County Advancement Committee events throughout the year," said Anoe. "This one, held every November, specifically focuses on our economic outlook through the Futurecast. It examines jobs, economic growth, development, and all the factors that make a community a great place to live and work. These are issues that impact residents every day. I’m excited to announce our amazing panel of experts, who bring valuable insights and data to back their viewpoints. I enjoy the new data each year, especially knowing we’re moving in the right direction."
The panel discussion progressed from macro to microeconomics, beginning with broad topics about the United States. It then shifted focus to the state of Indiana before narrowing down to Lake County and the Northwest Indiana region.
"Here in Northwest Indiana, the main topics we tend to focus on are employment trends because that’s on everyone’s mind," said Pollak. "We look at which industries are growing and the direction we’re heading in terms of hiring. Many attendees, especially business owners, want to know: Will it be easier to hire workers in the future? Also, will wages need to increase for the average resident. These are the kinds of questions we aim to address."
As the event continued, the panel covered topics about the economy and its potential impacts. They emphasized the effects of the recent elections and the changes new representatives might bring.
"A variety of changes in the data tend to be exciting, interesting, or unexpected," said Pollak. "These are things the average citizen might not be aware of. This event is a great opportunity to provide an update and shed light on those developments. For example, people might be concerned about inflation, and we can share insights into how that's shifting or what’s happening with employment. It’s a way to bridge the academic, data-driven perspective we have in economics to help the public understand.”
The event concluded with a Q&A session, allowing economic leaders to ask the panel questions directly. Rogers highlighted how housing trends might differ based on age, noting that younger individuals in their 20s may delay homeownership due to frequent travel and the pursuit of stable careers, unlike those 45 and older.
"My background is in digital marketing, so my focus will primarily be on consumer spending and debt," said Vander Schee. "I’m particularly interested in how consumers will react to national economic changes, like shifts in the stock market, and how quickly they’ll respond to those developments. It’s great to be here, and I think it’s wonderful that IU has the opportunity to engage with local business leaders, share insights, and hear your perspectives."
For more information on the Lake County Advancement Committee visit here. To learn more about Indiana University Northwest's School of Business visit here and for Economics and the Kelley School of Business visit here.
