After back-to-back record years, the state’s modernized toolkit continues to deliver once-in-a-generation “wins” and unprecedented economic momentum
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INDIANAPOLIS, March 28, 2024 (GLOBE NEWSWIRE) — Governor Eric J. Holcomb announced today at the Indiana Economic Development Corporation (IEDC) Board of Directors meeting that IEDC has secured $20.68 billion in capital investment so far in 2024, marking the highest quarter on record for capital investment in nearly 20- annual history of the agency.
“This is an important moment in Indiana’s history,” said Governor Holcomb. “Decades from now, we will look back on these years as a critical turning point that transformed Indiana’s future, cultivating the growth of future industries and creating high-paying, in-demand career opportunities for Hoosiers for generations to come.” We are proud to share that Indiana has secured an additional $20.68 billion in capital investment in the past three months alone and, most importantly, it will positively impact our communities and our residents.”
The governor, along with Commerce Secretary David Rosenberg and IEDC Chief Strategy Officer Anne Lathrop, revealed at the board meeting that in the first quarter of 2024, 45 companies have committed to locate or expand in Indiana, investing 20 .68 billion in its operations and have created 5,158 new jobs with an average wage of $33.79/hour – or more than $70,000 annually (over 20% of the state average wage and about the national average wage). This committed capital investment now totals 72% of the capital investment committed throughout 2023 ($28.7 billion), which was an all-time high for the IEDC.
Indiana introduced a new, comprehensive economic development strategy in 2021, marking an intentional shift to a more proactive organization with a focus on building a high-tech, high-growth economy of the future. In partnership with Governor Holcomb and the Indiana General Assembly, IEDC has made significant upgrades to the state’s economic development toolkit and committed unprecedented investments in innovation, entrepreneurship and quality on the ground, preparing the organization to better compete and win a large, critical industry investments.
The IEDC has since celebrated two consecutive record years in 2022 and 2023, securing a total of $71.57 billion in new committed capital investment since the start of 2022. This includes the growth of new-to-Indiana sectors such as electric vehicles and semiconductors, as well as transformation high-impact engagements such as Canadian Solar (Jeffersonville), Eli Lilly and Company (Lebanon), ENTEK (Terre Haute), General Motors and Samsung SDI (New Carlisle), and StarPlus Energy (Kokomo).
“Indiana’s strategic focus on creating the economy we want is working,” said Cpl. Rosenberg. “In partnership with Governor Holcomb and the Indiana General Assembly, we have created a more competitive environment in Indiana, attracting once-in-a-generation investments from companies that will be at the forefront of the future economy.” This historic economic momentum will bring new life to our communities – both urban and rural – and create more quality career opportunities for current and future Hoosiers, ensuring that all residents can prosper and succeed.”
IEDC board approval is often a necessary step in a company’s decision to announce a project. With the board’s approval today, those companies are expected to begin making announcements in the coming weeks and months.
About IEDC
The Indiana Economic Development Corporation (IEDC) is charged with developing the state’s economy, stimulating economic development, and helping businesses start, grow and locate in the state. Governed by a 14-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and efforts to attract and retain talent. For more information about IEDC, visit iedc.in.gov.
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CONTACT: Erin Murphy Office of Governor Eric J. Holcomb 317-618-7635 [email protected]
