Indiana: Bold Moves For Bold Growth

Statewide initiatives continue momentum toward growing and diversifying the Hoosier State economy.

By Anne Cosgrove


At the start of this year, Indiana Governor Eric J. Holcomb and Secretary of Commerce David Rosenberg shared 2023 highlights related to the strategic vision of the Indiana Economic Development Corporation (IEDC). The Hoosier State saw its seventh consecutive record-breaking year for economic development with 208 companies committed to locate or expand there, investing more than $28.7 billion (+29% from 2022) in their operations and creating more than 21,000 jobs.

In September 2023, Gov. Holcomb announced a second round of $500 million for the state’s READI 2.0 initiative. Introduced in 2021, the Regional Economic Acceleration and Development Initiative (READI) program promotes strategic investments across the state. Investments are focused on quality of place, quality of life, or quality of opportunity.

The state encourages neighboring counties, cities and towns to partner to create a shared vision for their future, mapping out the programs, initiatives and projects that are critical for them to retain and attract workforce talent. The READI program includes attracting local public, private and philanthropic match funding that will propel investment.

Following the success of READI 1.0, the governor and the Indiana General Assembly invested an additional $500 million to establish READI 2.0 in 2023. Paired with Lilly Endowment’s $250 million grant, READI 2.0 will support quality of place projects across 15 regions and is expected to attract a minimum 4:1 match of local public and private funding, yielding at least another $3 billion investment in Indiana’s neighborhoods and future prosperity. Regional proposals were due to the IEDC in late February.

Indiana Growth
Click image to enlarge. (Source: Indiana Economic Development Corp.)

Semiconductors & Solar

“Indiana is thinking long-term and taking bold action to put Indiana at the forefront of critical innovations and to create a more prosperous future for Hoosiers,” said Secretary Rosenberg in January. “Our strategic, proactive approach is delivering tangible results, attracting new high-growth industries like semiconductors, electric vehicles, and clean energy production to Indiana. Paired with unprecedented investments in entrepreneurship and quality of life, Hoosiers can look forward to more supportive and vibrant communities, more in-demand career opportunities and more opportunities to create generational change.”

In Odon, NHanced Semiconductors, a U.S.-based pure-play advanced packaging foundry specializing in leading-edge technologies held a ribbon-cutting to at its new WestGate Facility, a multimillion-dollar advanced package assembly center. The facility features two cleanrooms for semiconductor advanced package assembly and test, as well as process development. This represents the first phase of investments by NHanced to establish a semiconductor ecosystem in Indiana.

In October 2023, Canadian Solar chose River Ridge Commerce Center in Jeffersonville, IL in which to build its new 5 GW Solar PV cell production facility. The project is one of the first large-scale solar cell production projects in the United States and will create approximately 1,200 jobs and invest more than $800 million.

“We’re bringing to the U.S. market ultralight modules that go where traditional solar panels can’t go. In Indianapolis, we found a central urban location, a diverse workforce and an entrepreneurial spirit—ideal for our out-of-the-box approach to making clean energy attainable for all.”

— Mick McDaniel, VP & US General Manager, Bila Solar

“Establishing this factory is a key milestone that will enable us to better serve our U.S. customers with the most advanced technology in the industry,” said Dr. Shawn Qu, Founder and CEO of Canadian Solar based in Guelph, Ontario. “This is the second of the anticipated long-term investments we expect to make in the U.S. as we think strategically about a sustainable and resilient clean energy supply chain. We thank the state of Indiana, Clark County, and the city of Jeffersonville for their critical support and we look forward to working with them as we grow.”

Canadian Solar plans to begin hiring in mid-2024 and will continue to hire in early 2025 to fully staff the new plant. This facility joins the global manufacturing facilities in Canada, China, Brazil, Vietnam, and Thailand.

“This is a historic investment in River Ridge and Southern Indiana,” said Jerry Acy, Executive Director of the River Ridge Development Authority. “The technologies of the future are being built right here at River Ridge. I want to thank Dr. Shawn Qu and his team at Canadian Solar for their commitment to our region. We look forward to a successful partnership that will launch the next generation of solar power.”

Further north in Indianapolis, Bila Solar announced last August that it will locate its U.S. headquarters and a solar module manufacturing facility. The Singapore-based company is renovating a 150,000-square-foot existing facility to manufacture 1 GW of ultra-light glassless, frameless solar modules. The company will invest upwards of $35 million in Indianapolis for the renovation and employ 240 people once fully operational. Bila plans to begin production in the summer of 2024.

“We are thrilled to begin the Bila Solar journey in Indianapolis,” said Mick McDaniel, VP & US General Manager of Bila Solar. “We’re bringing to the U.S. market ultralight modules that go where traditional solar panels can’t go. In Indianapolis, we found a central urban location, a diverse workforce and an entrepreneurial spirit—ideal for our out-of-the-box approach to making clean energy attainable for all.”

Indiana Growth
Indianapolis, the capital city of Indiana, is centrally located in this state that has seen record capital investment for the past seven years. (Photo: Adobe Stock/SeanPavonePhoto)


Outside Indianapolis, Endress+Hauser broke ground on a $50.9 million expansion of its U.S. headquarters in Greenwood. The Swiss-based leader in global leader in measurement instrumentation, services and solutions for industrial process engineering is building a 106,000 square-foot commercial office and light industry facility at the site. The facility will house Endress+Hauser’s projects and solutions, human resources and legal departments as well as a Design and Innovation Studio for early education and workforce development. The facility will also house the company’s sales and service partner, George E. Booth Co.

The building will house 190 employees over the next decade. Of those positions, 95 will be new to Johnson County, including 50 immediate jobs from the relocation of George E. Booth Co. Endress+Hauser plans to add 75 additional jobs over the next 10 years and George E. Booth Co. plans to add 20 jobs in that same timeframe.

As part of the Design and Innovation Studio, approximately 2,500 square-feet will be dedicated to STEM, allowing K-8 educators to visit the campus for field trips and extracurricular enrichment. In cooperation with Purdue Indiana Next Generation Manufacturing Competitiveness Center (IN-MaC), students will be equipped with Industry 4.0 technology.

Workforce Training At The County Level

In November 2023, the Jackson County Industrial Development Authority (JCIDA) announced the opening of the Industrial Maintenance Lab at the Jackson County Learning Center. Established through a partnership between Vincennes University, JCIDC, Jackson County Education Coalition, and the Community Foundation of Jackson County, the new facility will house classes to develop skills and pursue career opportunities in the industrial maintenance field. The first offerings are basic electrical and mechanical classes.

The Industrial Maintenance Lab was brought to fruition with support from the Seymour Redevelopment Commission, Aisin, Cummins Seymour Engine Plant, and Valeo who provided matching financial support through an Indiana READI Grant.

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In a 2022 interview with Business Facilities, JCIDA Executive Director, Jim Plump shared that more than 30% of the Seymour-Jackson County region’s workforce is in manufacturing and logistics/distribution.

“Many of our international companies are involved in the automotive industry. The Aisin Corporation from Japan has several divisions located in Jackson County, and Valeo of France has a very large presence in Seymour, plus we also are home to a number of distribution centers (Wal-Mart and Pet Supplies Plus) and companies involved in plastics (Silgan) and pharmaceuticals (Lannett) that have recently expanded” Plump explained.

Meanwhile, Cummins produces its largest engine at its Seymour, IN plant, as well has running its joint venture with Komatsu (CKEC) in the city.

Check out all the latest news related to Indiana economic development, corporate relocation, corporate expansion and site selection.


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