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The Indiana Economic Development Corporation (IEDC) and the state’s top leaders touted successes in 2023 as the year ended, marking “seven consecutive years of record-breaking” investments, including approximately $29 billion in investments from 208 companies. and insisted on business commitment.
The quasi-governmental organization will undergo a major leadership change in 2023, with Brad Chambers resigning as Commerce Secretary in August after two years running for governor.
His successor, David Rosenberg, welcomed efforts in “high-growth industries” such as semiconductors, electric car makers and clean energy producers.
“Indiana is thinking long-term and taking bold actions to be at the forefront of important innovation and build a more prosperous future for Hoosiers,” Rosenberg said. “…Coupled with unprecedented investments in entrepreneurship and quality of life, Hoosiers can look forward to a more supportive and vibrant community, more in-demand career opportunities, and even more opportunities to create generational change.”
Annual report numbers are regularly used by supporters to defend spending taxpayer dollars on what are often secret deals and big spot bonuses. The corporation is facing unprecedented backlash over the LEAP development in Boone County. That includes the use of state funds to purchase farmland above market value and the need for hundreds of millions of gallons of water to be piped in from Tippecanoe County.
Status in 2023
According to a lengthy IEDC release, 208 companies have committed to locate or expand in the state, with total investment exceeding $28.7 billion, a 29% increase from $22.2 billion in 2022. These commitments include the creation of 21,866 new jobs with an average wage of $36.07 per hour or $75,025 per year, which is 3.9% higher than the 2022 commitment and 10.2% higher than the national average wage.
These numbers are the highest reported for the agency since its creation in 2005.
“Indiana is achieving unprecedented economic momentum that will dramatically expand economic and community opportunities for Hoosiers for decades to come,” Gov. Eric Holcomb said in a statement. Stated. “Our efforts to attract new investment and jobs, foster entrepreneurship, and invest in the quality of places are paying off. At the same time, we are building high-tech infrastructure that will position Indiana at the center of tomorrow’s global economy. We are developing the industry.”
However, despite more than a decade of IEDC efforts, incomes in 91 of Indiana’s 92 counties remain below the national median wage of $70,343, according to an analysis of 2023 employment data by the U.S. Bureau of Labor Statistics. Ta.
In particular, the IEDC report highlights the General Assembly’s recent and somewhat controversial move to expand its “toolkit” to include a site development fund and a land acquisition fund, both of which could potentially It is used to purchase and develop land. investors.
IEDC said it has identified 417 “nationally competitive” sites in the state ranging from 30 acres to 3,000 acres. Eli Lilly, the LEAP project’s only announced tenant, broke ground on the facility in April with a commitment of $3.7 billion in investment, but IEDC has another $58 billion in potential investment “in the site’s pipeline.” He claimed that there was.
Lawmakers also allocated $500 million to a deal completion fund to provide incentives to businesses and $500 million in additional READI grants for rural development.
2023 numbers
37 foreign companies from 17 countries invested $20.6 billion, an increase of 184% from 2022, and account for 8,509 of the planned new $39.98-an-hour jobs. Eighteen of those companies are new to Indiana.
The companies include renewable energy manufacturer Canadian Solar, Israeli pharmaceutical company Isotopia USA, Japanese logistics company Bastian Solutions, Singaporean solar energy startup Vila Solar, Swiss manufacturer Endress+Hauser, and British race car manufacturer Examples include the company Arrow McLaren.
The state’s venture market exceeded $1 billion for the second year in a row, and Indiana was selected to host the 2025 World Entrepreneurship Conference. This is the second time the United States has hosted the annual event.
IEDC launches $1 billion capital access initiative to support more than 10,000 entrepreneurs and small businesses, provide credit and equity to entrepreneurs, and inject an additional $2 million into small business growth announced.
Through the Indiana Small Business Development Center, IEDC has helped 6,396 entrepreneurs and small businesses secure nearly $97 million in funding and launch 451 new businesses. In 2022 and 2023, the Center supported the start-up of 179 businesses in rural areas, creating 5,283 new jobs.
Indiana APEX served 180 new customers, 62% of whom were women, minority or veteran-owned businesses, and secured more than $335 million in federal contracts.
On the community development front, IEDC awarded more than $487 million in the first round of READI funding to 361 projects, with additional public, private, and nonprofit matching bringing total investment to $12.6 billion. I did.
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