Economical Analysis of Bloomington

Economical Analysis of Bloomington

Introduction

Bloomington is a city in the state of Illinois in USA. It is considered to be having a higher population than the two principal municipalities of the Bloomington metropolitan area. Bloomington was originally built upon the concept of having a strengthened mechanism of limestone industry. However, if we conduct an analysis of Bloomington today, it is considered to be a potent regional, economic and healthcare epicentre. There has been a rapid transformation of Bloomington today in comparison with its historic founding ((Kinghorn, 2007). Indiana University since the diverse business community that resides in Bloomington is characterized by the sectors of technology, health, medical devices, pharmaceuticals and arts.

Discussion

Clearly there has been significant economic growth in the case of Bloomington as it has moved from being a limestone based city to diversifying its development with the tapping of other sectors. The policy makers in the case of Bloomington were quick to realize that economic transformation of Bloomington cannot be accomplished without a comprehensive reform of Bloomington society. Bloomington is considered to be having a high degree of strength and effectiveness in the sector of medical devices. It is also characterized by the initiation of various new ventures that significantly advance the economic development of Bloomington. New ventures cannot be implemented in their true contexts without the aspect of new and innovative technology. Thus, the policy makers at Bloomington look to incorporate the role of innovative and effective technology in the initiation of new ventures. Bloomington is said to be utilizing the innovative and effective technologies as well as the utilization of best talent in shaping the success of new ventures. The success of Bloomington is shaped to a great extent by the innovative technologies and the high quality talent that it has been able to acquire. Many scholars have labelled Bloomington as a city that relies heavily on the use of high tech devices and is thus a technologically advanced city. The essence of Bloomington also lies in the fact that it relies heavily on further improving the quality of its healthcare services.

It places a high degree of significance to the aspect of healthcare and has felicitated the establishment of many hospitals for this cause. Thus, Bloomington does not concentrate in any one area and thus its economic development has been shaped by a diversified set of factors. It has utilized its resources in a judicious manner by successfully tapping into various sectors that are highly essential for the economic development of any community (Kinghorn, 2007).

The aspect of economic stability has been highly crucial in the context of safeguarding Bloomington from the significant effects of the economic downturn and the implications of the financial crisis. The effective economic stability in the case of Bloomington has gone a long way in ensuring that the area's real estate market is shielded from the implications of economic downturns and financial crisis. Since Bloomington is characterized by a high employment, it has been able to significantly enhance ...