Following back-to-back record years, State’s modernized toolkit continues to yield once-in-a-generation ‘wins’ and unprecedented economic momentum
INDIANAPOLIS – Governor Eric J. Holcomb announced today at the Indiana Economic Development Corporation (IEDC) board of directors meeting that the IEDC has secured $20.68 billion in committed capital investment so far in 2024, marking the highest quarter on record for capital investment in the agency’s nearly 20-year history.
“This is a significant time in Indiana’s history,” said Gov. Holcomb. “Decades from now, we’ll 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 another $20.68 billion in committed capital investment in just the last three months, and that, most importantly, this will positively impact our communities and our residents.”
The governor, along with Secretary of Commerce David Rosenberg and IEDC Chief Strategy Officer Ann Lathrop, unveiled at the board meeting that in the first quarter of 2024, 45 companies committed to locate or expand in Indiana, investing $20.68 billion in their operations and creating 5,158 new jobs with an average wage of $33.79/hour – or more than $70,000 annually (over 20% the state average wage and approximately the national average wage). This committed capital investment already totals 72% of the capital investment committed in all of 2023 ($28.7 billion), which was an all-time high for the IEDC.
Indiana rolled out a new, comprehensive economic development strategy in 2021, marking an intentional shift to a more proactive organization with a focus on building a high-growth, high-tech economy of the future. In partnership with Gov. Holcomb and the Indiana General Assembly, the IEDC has made significant modernizations to the state’s economic development toolkit and committed unprecedented investments to innovation, entrepreneurship and quality of place, equipping the organization to better compete for and win large, critical industry investments.
Since that time, the IEDC has celebrated two consecutive record-breaking years in 2022 and 2023, securing a total of $71.57 billion in new committed capital investment since the beginning of 2022. This includes the growth of new-to-Indiana sectors like electric vehicles and semiconductors, as well as transformational, high-impact commitments 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 Sec. Rosenberg. “In partnership with Gov. Holcomb and the Indiana General Assembly, we’ve 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 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, these companies are expected to begin making announcements in the coming weeks and months.