Curtis Coonrod is an Indianapolis-based Certified Public Accountant with more than four decades of experience working with public-sector and private organizations across Indiana. As principal owner of Curtis L. Coonrod & Company, he oversees financial reporting, budgeting, and compliance for municipalities, townships, and counties operating under the oversight of the Department of Local Government Finance and the State Board of Accounts. Curtis Coonrod is also an IRS-registered tax preparer who advises small businesses and individuals on tax preparation and filing requirements.
Before founding his firm in 1991, he served as accounting manager with BKD, LLP and as elected auditor for Marion County, where he managed public budgets and expenditures. His career also includes senior roles with Ernst & Young and KPMG, as well as service as treasurer and financial officer for a national political committee. This background provides practical context for evaluating Indiana’s economic conditions and long-term fiscal outlook.
Financial Outlook for the State of Indiana
According to the State of Indiana’s 2024 Financial Report, provided by the Office of Indiana State Comptroller Elise Nieshalla, the state finished the fiscal year 2024 in good standing. Positive takeaways included increased general revenue collections and investments, a growing net position, and a AAA credit rating with all three independent credit rating agencies, thanks in part to the state’s four lowest debt per capita figures in the United States. Looking ahead, Indiana leaders and citizens must prepare for financial activities in 2025 and beyond.
To begin, forecasters expect consumption growth to cool off throughout the US, including in Indiana. Consumption growth rates have remained strong since the end of the COVID-19 pandemic, with deprivation and scarcity driving up purchase rates across many segments of US consumers. Citizens have continued to make purchases despite inflation-driven prices, but experts do not expect growth rates to persist indefinitely.
Inflation rates have somewhat leveled off, allowing for a steady decline in consumption growth rather than a steep drop-off. This decrease should continue throughout 2025 before plateauing in 2026 and 2027.
Consumption and consumption growth rates are important factors in a state’s financial outlook, as consumption accounts for two-thirds of the national economy, based on gross domestic product. Researchers break consumption down into three key categories: durable goods, nondurable goods, and services. Growth in the services sector will remain strong over the next few years, while durable goods growth should outpace nondurable goods by 2026.
Indiana policymakers and financial leaders must take growth rates into account, especially as the Federal Reserve moves forward with interest rate cuts to support job and wage growth and further mitigate inflation. Altogether, state and local governments should anticipate a general cooling off of the national economy. Indiana has enjoyed considerable job and income growth in recent years, but these economic factors will slow those figures, keeping them just beneath the national average in 2025 and beyond.
Over the last five or so years, the Indiana economy has more than made up for job losses in 2020 due to the pandemic, surpassing pre-pandemic employment levels. The state has reached the three-million-jobs mark, where it peaked in 2000, ranking No. 16 in the nation in 2024 at approximately 3.33 million jobs, more than Arizona and slightly behind Tennessee.
Pundits expect Indiana’s employment growth rate to continue its slow but stable pattern over the next several years, averaging about 1 percent per quarter through 2026, just behind the national average of 1.03 percent.
That said, the state has an unemployment rate below the national average, including a significantly lower rate following the pandemic. Research indicates the gap will average roughly .4 percent through 2026, in favor of Indiana. However, state leaders cannot rest on these numbers, as employment patterns will shift over the next few years, including a transition away from manufacturing and into the services sector. Other industries should remain consistent, such as growth in the construction sector.
Finally, personal income growth in Indiana should hold steady at about 4 percent over the next few years. Indiana had trailed the national average for income growth by .5 percent between 2013 and 2019, but the trend reversed during the shutdown and restart periods of the pandemic. The deficit will reverse again throughout 2025 and 2026, despite stable growth. This trend reflects the state’s overall financial outlook through 2026: fair and stable amid a national economic slowdown.
About Curtis Coonrod
Curtis Coonrod is a Certified Public Accountant based in Indianapolis, Indiana, and the principal owner of Curtis L. Coonrod & Company. He specializes in financial reporting, budgeting, and regulatory compliance for local governmental units, including cities, towns, townships, and counties. His professional background includes service as Marion County auditor, accounting manager with BKD, LLP, and senior roles with Ernst & Young and KPMG. He holds a bachelor of arts in business administration from Indiana University and completed additional studies at Butler University.