Indiana has experienced a record-breaking year for economic development so far in 2017. With just a month left in the year, businesses across the state and around the world have committed to creating up to 28,846 new jobs in the coming years: the highest number of jobs since the Indiana Economic Development Corporation (IEDC) was established in 2005.
“Indiana’s pro-business environment continues to be heard around the world as Hoosier businesses grow and companies across the globe choose Indiana,” said Governor Eric J. Holcomb. “Today, we celebrate a record-breaking year, applauding the nearly 29,000 new Hoosier jobs that have been announced to-date in 2017. In 2018, we will take Indiana to the next level with an unwavering focus on the issues that matter most to Hoosiers and our state’s vitality.”
So far this year, the IEDC has secured 270 commitments from businesses across all industries to locate or grow in the state. Together, these companies plan to create 28,846 new positions at an average hourly rate of $27.38 or nearly $57,000 annually. This average wage is more than 27 percent higher than the state’s average wage of $21.52/hour and is higher than all previous annual average wages of jobs committed to the IEDC, including 2016’s record high of $25.43/hour. The IEDC’s largest announcements, based on the number of new jobs planned, are Infosys, UPS, Axiscades, HMD Trucking, Beijing West Industries (BWI), Toyota Motor Manufacturing of Indiana, Forest River, Knowledge Services and KAR Auction Services.
In addition to these projects, 2017 economic development commitments to the IEDC show the following trends:
- Manufacturing: With one-fifth of all Indiana residents working at more than 8,500 manufacturing facilities throughout the state, the industry continues to strengthen Indiana’s economy. In 2017, manufacturing companies account for 47 percent of expansion and job creation commitments made to the IEDC. So far, 126 manufacturers like BWI, Grand Design RV, Fort Wayne Metals and Android Industries have committed to growing in Indiana, together planning more than $5.2 billion in planned investment and creating up to 10,259 new jobs.
- Technology: So far this year, the IEDC has secured 58 commitments from tech and tech-enabled firms, including Infosys, Knowledge Services, Vibenomics, WorkHere and Levementum. Together, these firms plan to create 6,924 high-wage jobs in the coming years, accounting for nearly one quarter of new jobs committed to the IEDC in 2017, with average salaries of these positions topping $76,000 annually.
- Logistics: In 2017, logistics companies like HMD Trucking, UPS, Spot Freight and TPS Industrial Services have planned significant growth in Indiana, together committing to invest more than $343 million and create up to 2,848 jobs. As part of Gov. Holcomb’s Next Level Roads plan, more than $4.7 billion will be invested to improve the state’s roads over the next five years, creating an infrastructure system that supports job creators in transporting goods.
- International Investment: So far this year, 34 foreign-based companies have committed to locate or grow in Indiana, planning to invest more than $1 billion in the state and create up to 5,230 new, high-wage jobs. The state has secured commitments from global companies like AXISCADES, BWI, NTK Precision Axle Corporation, Fukai Toyotetsu Indiana Corporation and Ludo Fact USA, which will strengthen the state’s global economy that is home to more than 800 foreign-owned business establishments.
- Small Business: In addition to these 28,846 committed jobs, the IEDC also works to support entrepreneurs and small businesses through the Indiana Small Business Development Center (ISBDC) and the Indiana Procurement Technical Assistance Center (PTAC). So far this year, the ISBDC has assisted in 222 new business starts and in the creation of 687 new jobs. In addition, PTAC counseled 751 existing small businesses, helping 86 clients secure nearly $31 million in federal contracts.
Gov. Holcomb’s 2018 Next Level Agenda, which was announced following news of the IEDC’s record-breaking year, places a greater emphasis on building Indiana’s workforce to fill high-wage, high-demand jobs, ensuring that companies expanding in the state will have the talent needed to grow and succeed.
Relocating Or Expanding Your Business In Indiana
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