BUSINESS REPORT: Indiana Employment is Getting Bigger, Faster
The Indiana Economic Development Corporation (IEDC) announced in January that in 2012 it secured job commitments from 256 companies that project to create more than 27,620 new jobs, more than any other year on record.
INDIANA FAST FACTS
- Population (2011 Est.): 6,516,922
- Largest Cities (2011): Indianapolis (balance), 827,609; Fort Wayne, 255,824; Evansville, 117,825; South Bend, 101,081; Carmel, 81,564
- Targeted Industries: Film, Logistics, IT, Motorsports, Automotive, Natâ€™l Security, Energy, Adv. Manufacturing
- Key Incentives: Industrial Dev. Grant Fund, EDGE, Skills Enhancement Fund, Property Tax Abatement, Media Production Expenditure Tax Credit, R&D Sales Tax Exemption
- GDP (All Industry 2011): $278.1 billion*
*Bureau of Economic Analysis, U.S. Department of Commerce
According to the U.S. Labor Department, Indiana ranked second in the country for private sector jobs added in November and December 2012, and is fifth for job growth over the past year. Since the low point of employment in July 2009, Indianaâ€™s private sector jobs growth (6.6 percent) has nearly doubled the nation (3.8 percent).
Driven by companies like Amazon, Toyota, Magnetation, Angieâ€™s List, Sugar Creek Packing, Supreme Industries and Sweetwater Sound, Indiana welcomed commitments for 27,620 new jobs and $6.41 billion in capital investment in 2012. The new positions, phased in over the next five years, pay an expected average hourly wage of $21.77, higher than the stateâ€™s current average of $19.74. The average amount of state conditional tax incentives offered to companies on a per job basis was $8,689, down from around $37,000 in previous administrations. Under the IEDC, state incentives are activated only when new jobs actually occur.
Automotive-related manufacturing represented the largest sector for new jobs in 2012, with 7,180 new jobs projected. At 5,606 job commitments, the business services industry was second in new growth, followed by non-automotive manufacturing with 5,602 projected new jobs. Job commitments for other sectors include: logistics (2,388), food production (2,022), life sciences (1,606) and information technology (1,589).
HOT ACTIVITY IN HOOSIER COUNTRY
- Mitsubishi Engine North America will begin manufacturing auto turbochargers in a new $10.8-million plant in Franklin
- Cafe Valley will create 400 jobs at its new facility in Marion
- Angieâ€™s List plans to invest $1 million to expand its Indianapolis operation, creating 850 new jobs by 2017
- Phoenix, AZ-based baked goods maker Cafe Valley will create â€¨400 new jobs at its new facility in Marion
- ExactTarget will invest $55 million in its Indianapolis operation â€¨over the next five years, creating up to 500 new jobs
- BidPal, Inc., makers of handheld bidding devices for charity â€¨auctions, will create 172 jobs in a $3.5-million expansion
- Brunswick Fort Wayne Operations is expanding in northern Indiana, creating up to 200 new jobs by 2016
- Berry Plastics Group expands in Evansville, adding 115 jobs.