Economy
A major manufacturing center in the Midwest by the 20th century, Fort Wayne included such employers as General Electric, Magnavox, Westinghouse, and International Harvester. Also vital employers, Phelps Dodge, Rea Magnet Wire, and Essex Wire comprised the largest concentration of copper wire production globally during World War II. As the century came to close, advancements in technology and the reduction of manufacturing jobs nationally led Fort Wayne to be counted among other cities in the Rust Belt.
However, the city's economy has diversified with time to include education, insurance, health care, and defense and security. The service and hospitality sector has also grown recently, with 5.4 million tourists spending more than $415 million in Fort Wayne in 2006. In 2009, Forbes ranked the Fort Wayne metropolitan area 67th on its list of 200 metropolitan areas in its annual "Best Places For Business And Careers" report. Individually, the city was ranked 5th in cost of living and 12th in cost of doing business.
Fort Wayne is headquarters for such companies as Do It Best, Genteq, Indiana Michigan Power, Medical Protective, North American Van Lines, Rea Magnet Wire, Steel Dynamics, Sweetwater Sound, and Vera Bradley. Steel Dynamics is the only Fortune 500 company headquartered in the city, ranking 318th.
Fort Wayne's ten largest non-government employers:
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Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)