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A positive report on Terre Haute's direction for future economic growth came Tuesday morning during the Groundhog Day Economic Forecast.

Workforce remains the greatest challenge for the Wabash Valley, as it is in many areas of the country, said Steve Witt, president of the Terre Haute economic Development Corp.

But it is also the greatest opportunity, he said, due to the post-graduate institutions and training available.

Gerry Dick, moderator of the annual “report card” event and host of Inside Indiana Business television, said a planned convention center project in downtown Terre Haute will be a huge economic driver, as it has been for other Hoosier cities.

Leveraging assets such as museums, restaurants, the arts and culture district, and other attractions will feed the development of a convention center, Dick said.

But when asked whether locating a proposed casino in Terre Haute would be a positive economic driver, Witt said he has not looked into that possibility.

Terre Haute and Vigo County officials have recently announced their support of a casino in the Terre Haute area, and the Terre Haute Chamber of Commerce, a co-sponsor of the economic forecast event, has also endorsed a casino for west central Indiana.

Spectacle Entertainment, a new business co-owned by Terre Haute businessman Greg Gibson, plans to pursue moving gaming assets from the Majestic Star casino in Gary to another location in Indiana, possibly Terre Haute.

Full House Resorts also is seeking to place a satellite casino in Terre Haute. Full House, which owns Rising Star Casino and Resort in Rising Sun, Indiana, failed to get its plans for a facility at Terre Haute through the Indiana legislature in 2017.

Courtney Richey-Chipol, regional director for the West Central Indiana Small Business Development Center, told the Tribune-Star a casino in the Terre Haute area will have the effect of bringing steady tourism business to the area.

In the downtown, for instance, the seasonal ebb and flow of college student population makes it difficult to sustain some businesses year-round.

That is where tourism population brings steady business that can help restaurants, hotels and other attractions, she said.

For groups planning a convention, a casino would be a positive factor that event planners consider when looking at the cumulative attractions a community has to offer.

“If you look at the ripple effect overall,” Richey-Chipol said of a casino, “I think it's a good move.”

Much of the economic forecast discussion focused on needs and assets.

Richey-Chipol told the audience at Indiana State University that 45 percent of Indiana's employees work for small businesses, which make up the majority of the state's business sector.

But helping small businesses be a success is a challenge. Many solo entrepreneurs hesitate to hire a first employee, she said, mainly because making a bad hire can ruin a business.

Some small businesses also struggle with technological infrastructure in their communities. Areas of Parke, Owen and Sullivan counties have no high-speed internet capabilities, limiting the ability to connect and grow with technology.

Service-based businesses are doing well, Richey-Chipol said, pointing out the success of the Sycamore Winery and other businesses that connect to customers in way that big box retailers cannot.

Another big challenge for small business, she said, is access to capital, lack of an investor network in this area, and workforce.

But those are challenges this region of Indiana can overcome.

“Overall, I think its a great time to be a small business owner in Indiana,” Richey-Chipol said.

Witt gave details about four projects bringing positive energy to the area.

Pyrolyx USA, a company that recovers carbon black from end-of-life tires, is currently building a new facility in Terre Haute.

Tom Redd, the company's CEO, was unable to attend and speak at Tuesday's economic forecast event as planned due to winter weather in his home city of Seattle.

But Witt said the company's investment in the community is a huge boost with 55 new jobs averaging $19 per hour.

Select Genetics is also bringing a large turkey hatchery to Vigo County, showing that the animal science industry extends beyond long-standing traditions of raising cattle.

Saturn Petcare moving into the Vigo County Industrial Park, along with Steel Dynamics in the former Heartland Steel facility, are part of a $400 million investment in the community through the growth of those four industries, Witt said.

Moderator Dick summed up the Wabash Valley as well-positioned for economic growth.

Presenting the Groundhog Day Economic Forecast along with the chamber were the Indiana State University Scott College of Business and Terre Haute Savings Bank.

Lisa Trigg can be reached at 812-231-4254 or at lisa.trigg@tribstar.com. Follow her on Twitter at TribStarLisa.