The state’s Department of Economic Development said Wednesday $27.1 billion in capital investments committed through 2024 The 75 projects are expected to create up to 7,540 jobs.
Indiana Economic Development Corporation The company announced the investment results at a board meeting held at Ivy Tech Community College Kokomo on Wednesday afternoon.
Total investment so far this year nearly surpasses last year’s record total of $28.7 billion.
This announcement was made Record First Quarter: Over $20 Billion We have 45 projects. So far in the second quarter, the amount is about $7 billion, and we added 30 projects.
“We don’t offer the best incentives in every case, but companies continue to invest in our state,” Commerce Secretary David Rosenberg said during the conference. “They want to invest in our state because they know that if they can have a long-term presence and a long-term workforce here, they’ll be more profitable and more successful in the long run.”
Rosenberg told IBJ that the project pipeline isn’t slowing down and the IEDC has no plans to take its foot off the gas when it comes to attracting new businesses to the state or helping them expand.
The IEDC confirmed that 23 of the 75 projects have been publicly announced. Even if a deal has been approved by the company and the IEDC, board approval is typically required before a company involved in economic development can be revealed.
Announced economic agreements do not always come to fruition: some projects have been cancelled altogether or have not created the expected number of new jobs. The IEDC will only pay incentives if companies deliver on their job creation and investment commitments.
Holcomb and Rosenberg reiterated that increasing wages is a key component of their economic development strategy: IEDC projects that new jobs this year will earn an average of $33.21 an hour and generate about $518 million in total payroll.
IEDC Chief Strategy Officer Ann Russop said during the meeting that the agency is looking at potential projects where it could offer an average pay rate of $50 per hour.
“We continue to prioritize quality over quantity while keeping an eye on wages,” she said. “We’ve definitely been very successful in terms of capital investment, and the state is going to see this really pay off now and in the coming years.”
Rosenberg also reflected on what he called one of the busiest quarters ever, with IEDC announcing a slew of projects in the second quarter. Allocated READI 2.0 Fundsteeth, Elanco Purdue One Health Innovation District in Indianapolishosted the World Economic Summit and sent delegations to Belgium, the Netherlands and France. Microelectronics Trade Tour.
Some of the projects announced include: SK Hynix Approximately $4 billion advanced packaging manufacturing and research and development facility, Eli Lilly $5.3 Billion LEAP District Campus Expansion, Google’s $2 billion data center Fort Wayne, Microsoft’s $1 billion data center LaPorte and Toyota’s $1.4 billion Princeton campus expansion.
The meeting outlined two large, yet to be announced projects: Project Breadbasket, a Johnson County construction and building materials manufacturer that plans to invest $213 million and create 215 jobs, and Project Green Flag, a pharmaceutical company expanding in Marion County that plans to invest $110 million and create 145 jobs.
Both projects are expected to receive a tax incentive package worth approximately $3 million from the IEDC.
The governor also said he’s not trying to kill specific economic development projects under his leadership, but rather is interested in moving forward with community quality initiatives like building trails, expanding broadband and improving education.
In response to a question about IEDC transparency, An $88 million investment was approved for the LEAP Lebanon Innovation District on TuesdayHolcomb told reporters the agency doesn’t have a blank check and is seeking approval through the due process.
“We’re committed to leveraging that as a state to attract the best talent and businesses in the world to invest at scale,” Holcomb said.
Rosenberg said the LEAP District is like other research parks in that it will require investment over decades. The total investment will depend on how the district evolves over time and how it is shaped by the companies that move in there, he said.
“The final outcome will be determined through consultation with Parliament and the companies themselves,” he said.
