IEDC details a year of record-setting capital investment, advances in high-growth industries, foreign direct investment, startups and small businesses
INDIANAPOLIS (Jan. 6, 2020) – Today, Governor Eric J. Holcomb announced the end of a third consecutive, record-breaking year for economic development in Indiana, with the Indiana Economic Development Corporation (IEDC) securing 296 commitments from companies to locate or grow in the state. Together, these businesses plan to invest more than $8.44 billion in their Indiana operations and create up to 27,137 new Hoosier jobs with average wages of $28.60/hour – marking the highest annual records for capital investment and average wages since the IEDC was established in 2005.
“I’m excited to announce yet another record-breaking year for economic development in Indiana as we work every day to ensure that Hoosiers have the best place possible to live, work and play,” Gov. Holcomb said. “As a state, we have worked tirelessly to create a nationally ranked, pro-growth business climate, and the results have solidified Indiana’s reputation as a global destination for business, creating high-quality career opportunities for Hoosiers in the process.”
These 27,137 new positions are expected to offer average wages of $28.60/hour, or nearly $59,500 annually, which is above the U.S. average wage and 21% higher than the state’s average wage of $23.01/hour (BLS, 2018). Moreover, of the 296 commitments made, 216 have committed average wages at or above the county average wage, and 56 are between 80-99% of the county average wage.
Businesses announcing the largest growth commitments, based on the number of new jobs or capital investment planned, in 2019 were:
- Abbott (305 committed jobs in Hamilton County),
- Allison Transmission (300+ committed jobs, $400 million investment in Marion County),
- Catalent (200 committed jobs in Monroe County),
- Cormo USA (250 committed jobs in Rush County),
- eHealth (500 committed jobs in Marion County),
- Eli Lilly ($400 million investment in Marion County),
- Energizer Holdings Inc. (440 committed jobs in Johnson County),
- Gordon Food Service (400+ committed jobs in Hamilton County),
- Greenleaf Foods, SPC (460 committed jobs, $310 million investment in Shelby County),
- FedEx Supply Chain (225 committed jobs in Marion County),
- PharmaCord (850 committed jobs in Clark County),
- Saab (300 committed jobs in Tippecanoe County),
- Sitel Operating Corporation (350 committed jobs in Hamilton County), and
- Zotec Partners (300 committed jobs in Hamilton County).
- NEW TO INDIANA: The IEDC, in partnership with local communities, secured 80 commitments from businesses in 2019 to establish new operations in Indiana. Of these, 18 were new companies committing to locate startup operations in Indiana, and 62 were companies already established and headquartered elsewhere in the U.S. or around the world; together, they plan to invest $2.04 billion and create up to 9,141 new jobs in Indiana.Commitments include: Arizona Isotopes (Arizona-based, Miami County), Energizer Holdings Inc. (Missouri-based, Johnson County), Great Lakes Lamination (startup, Elkhart County), Grinds (California-based, Hamilton County), LifeNet Health (Virginia-based, Hendricks County), PerceptIn (California-based, Hamilton County), Sequel Wire and Cable Company (startup, Marshall County), Sims Bark Co. (Alabama-based, Jackson County), and Opus Packaging (Michigan-based, Boone County).
- FOREIGN DIRECT INVESTMENT: Indiana is home to more than 1,030 foreign-owned business establishments that together support 203,000 Hoosier jobs – a number that continues to grow. In 2019, 38 foreign-owned businesses headquartered in 17 countries and territories committed to locating or growing in Indiana. Together, these firms plan to invest $3.1 billion in Indiana and create up to 6,022 new jobs, accounting for 22% of the total new jobs committed in 2019.Commitments include: BraunAbility (Sweden, Hamilton County), Cormo USA (Switzerland, Rush County), DOT America (Germany, Whitley County), Greenleaf Foods, SPC (Canada, Shelby County), Indiana Wheel Corporation (China, Marshall County), Ingram Micro Services (China, Hendricks County), Magna Powertrain (Canada, Delaware County), Marbach America (Germany, LaPorte County), Multimatic (Canada, Allen County), OSR Inc. (Japan, Bartholomew County), Saab (Sweden, Tippecanoe County), SDI LaFarga (Spain, Allen County), Sullair (Japan, LaPorte County), and Yamaha Marine Precision Propellers (Japan, Hancock County).
- LIFE SCIENCES: In 2019, the IEDC secured 43 commitments (+60% from 2018) from life sciences companies to locate or expand in Indiana. Together, these businesses plan to invest more than $968 million (+89% from 2018) and create up to 3,631 new jobs (+94% from 2018) in Indiana.Commitments include: Abbott (Hamilton County), Catalent (Monroe County), Expert RN|MD (Marion County), Hill-Rom Services (Ripley County), LifeNet Health (Hendricks County), Mach Medical (Whitley County), Micropulse Inc. (Whitley County), Nexxt Spine (Hamilton County), and PharmaCord (Clark County).
- MANUFACTURING: This year, 160 manufacturers committed to investing more than $5.3 billion to grow their operations here and create up to 14,433 new Hoosier jobs with average salaries above the state’s average wage. These job commitments, which account for 61% of the total 27,137 new jobs committed in 2019, represent growth plans across a number of manufacturing sub-sectors, such as automotive and RV, steel, food and beverage, hardwoods and machinery.Commitments include: Allison Transmission (Marion County), Auto Truck Group (Allen County), Cummins Inc. (Bartholomew County), Common Collabs (Starke County), Creative Works (Morgan County), Franke Plating Works (Allen County), GCI Slingers (Boone County), LightUpToys.com (Clark County), Magna Powertrain (Delaware County), Poynter Sheet Metal (Johnson County), SDI LaFarga (Allen County), and SoChatti (Marion County).
- TECHNOLOGY: In 2019, 44 tech and tech-enabled firms committed to growing in Indiana, planning to create up to 3,851 new jobs (accounting for nearly 15% of the total jobs committed) with average annual wages exceeding $76,000 for new positions.Commitments include: ActiveCampaign (Marion County), Accutech Systems (Delaware County), Anvl (Hamilton County), LHP Engineering Solutions (Bartholomew County), MetaCX (Marion County), and Zotec Partners (Hamilton County).
- SMALL BUSINESS: Along with these 27,137 committed jobs, the IEDC also works to support entrepreneurs and small businesses through the Indiana Small Business Development Center (SBDC) and Indiana Procurement Technical Assistance Center (PTAC). In 2019, the Indiana SBDC assisted in 406 new business starts and in the creation of 4,360 new jobs. Additionally, the Indiana PTAC registered 312 new clients and helped secure more than $162 million in federal government contracts that allowed businesses to grow and create 433 new jobs for Hoosiers.
IEDC incentives offered for these 296 commitments are conditional, meaning a company must create new jobs or provide workforce training in order to be eligible to receive incentives, and are based on new payroll for Hoosiers in order to protect taxpayer money while simultaneously attracting high-wage jobs and new investment to the state. The IEDC offered an average incentive of $0.21/new payroll dollar committed in 2019.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 15-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 talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.