By BF Editors
From the March/April 2023 Issue
BF: Please tell us about what Indiana offers to businesses for success.
CHAMBERS: As we head into 2023, I’m pleased to report that the state of our economy is, simply put, robust. Starting in December 2021 and throughout 2022, the team at the Indiana Economic Development Corporation has been implementing a focused plan to guide decisions around the state’s economic growth, positioning our state to be a top competitor for new investments in future-focused industries, making Indiana a global destination for entrepreneurship, and creating a strategy around sustainability and the impending energy transition. The plan, which we refer to as our 5Es, is a comprehensive focus on the priorities and values of 21st century businesses—improving the built environment and quality of place, building an economy of the future with next-gen industry, leaning into entrepreneurship, creating a plan to lead in the energy transition, and increasing external engagement to be a more active and vocal leader in the global economy.
BF: What are recent notable relocation or expansion projects in Indiana?
CHAMBERS: In 2022, Indiana secured $22.2 billion in new committed capital investments, growing its industries of the future—specifically in microelectronics and advanced manufacturing. After launching a statewide AMPD (Accelerating Microelectronics Production & Development) Taskforce focused on supporting the industry’s growth in the U.S., we secured critical investments in both fabrication and chip design from SkyWater Technology and Taiwan-based MediaTek. We’re also investing in a new microelectronics hub near one of the U.S. Department of Defense’s key assets in Indiana, and we’re excited to welcome NHanced Semiconductors, Everspin Technologies, Trusted Semiconductor Solutions, and Reliable Microsystems to that new campus soon. Additionally, Indiana’s advancing manufacturing DNA and its leadership in ushering in the energy transition make it a perfect fit for the electric vehicle supply chain. Last year, Stellantis and Samsung SDI announced plans to launch a joint venture to build a new, next-gen EV battery manufacturing facility in Indiana, creating 1,400 new jobs, while Soulbrain MI is investing $75 million in a new plant to increase production of high-purity electrolyte for lithium-ion batteries, helping to power electric vehicles.
BF: Tell us about an incentive or training program that’s having an impact.
CHAMBERS: Indiana has introduced several new programs, as well as updates to our economic development toolkit, enabling us to act more quickly and be more competitive in attracting new investments while fostering the continued growth and innovation within our current economy. One great example is the Manufacturing Readiness Grants program, which was designed to “future proof” our state’s manufacturing sector by investing in and adopting smart technologies and processes. Since its launch in 2020, we have awarded 384 grants to support $484 million in proposed projects.
On an even larger scale, Indiana recently kicked off the Regional Economic Acceleration and Development Initiative (READI) to make monumental investments in our communities and transform the quality of place, quality of life, and talent attraction. Indiana’s $500 million investment, which is leveraging additional public, private, and nonprofit commitments, is expected to yield more than $7 billion invested in our neighborhoods and in our people, helping businesses attract and retain top talent for years to come.
BF: What does the future hold for Indiana?
CHAMBERS: By now it should be evident that Indiana’s focus on aiming higher, running faster, and playing to win is working, and the world is taking notice. Our state recently ranked #4 in the U.S. for new clean energy development by Canary Media, #1 in the U.S. to start a business by Forbes Advisor, and among the top 40 globally for its emerging ecosystem by Startup Genome.
I’ve never been more bullish about Indiana’s business climate and our ability to compete for high-wage industries and careers of the future, but we aren’t slowing down—we will continue to invest heavily in our economy, in our entrepreneurs, in our communities, and in our talent. Indiana is positioned to be a leader in the future global economy, delivering innovations that will shape the world around us. Indiana is winning, and this is just the beginning.