Report: Indiana Enjoys Economic Growth in 2013
At the midway point in the year, the Indiana Economic Development Corp. (IECD) announced that it has worked with 148 companies that have made decisions to expand or establish new business operations in Indiana for a total of more than 11,700 projected new jobs. According to a press release, this compares to 142 decisions by companies to locate a projected 13,299 new jobs in the state at this time last year.
The new positions, which companies anticipate hiring over the next five years, pay an expected average hourly wage of $21.73, above the state’s current hourly wage of $19.82. The 148 companies anticipate investing $1.37 billion in their Indiana operations in the coming years. Meanwhile, the average amount of state conditional tax incentives offered to companies on a per job basis is $9,274, down from around $37,000 in 2004. Under the IEDC, state incentives are activated only when Hoosiers are hired.
“These strong results reinforce many things we already know: Indiana is a low-cost, business-friendly place for companies to conduct business and create jobs,” said Victor Smith, secretary of commerce. “More good news is on the horizon for companies. Following this year’s legislative session, the largest state tax cut in Indiana history was enacted, further distinguishing Indiana as a state that works for business.”
As the state with the largest percentage of manufacturing jobs in the country, Indiana continues to be a place where manufacturing companies find the talent and resources they need for success. Driven by companies like Chrysler Group and Subaru of Indiana Automotive and the heart of the RV industry, the Hoosier State has welcomed commitments of nearly 6,000 new jobs and more than $996 million in capital investment from manufacturing companies thus far in 2013.
“With Indiana’s sound stat sheet, it’s easy to see why more and more corporate leaders are recognizing the many advantages of doing business here,” said Smith. “Under the leadership of Governor Mike Pence, our business-friendly policies and fiscal stability position Indiana to continue to receive positive reviews from CEOs and bring more opportunities and investment to all corners of the Hoosier State.”