The Indiana Economic Development Corporation (IEDC) announced plans today to collaborate with the Purdue Center for Regional Development, as part of the Office of Engagement, and Indiana University Public Policy Institute on a multi-year project to examine the economic and community impact of the state’s nationally recognized, $1 billion Regional Economic Acceleration and Development Initiative (READI).
Launched by Governor Eric J. Holcomb, the READI program has awarded more than $487 million of the initiative’s original $500 million to accelerate strategic investments in 17 regions that represent all 92 Indiana counties. These funds will match additional public, private and nonprofit dollars, totaling an expected $12.2 billion total invested in Indiana communities, talent and innovation.
The study will assess the first iteration of the READI program – the first $500 million dedicated to this initiative – from its inception in 2021 through December 31, 2026, to measure key performance indicators and produce other program insights, including population growth, per capita income, and economic impact analyses. The IEDC is allocating $1.69 million of the original $500 million to this study to monitor the state’s growth in key areas that contribute to the quality of life of Hoosiers, assess the overall impact of READI, and inform future efforts to accelerate Indiana’s quality of place.
“When we announced the READI grant program, we knew it had the potential to have a generational impact across every region and further accelerate population and economic growth throughout Indiana,” said David Rosenberg, Indiana Secretary of Commerce and CEO of the IEDC. “This partnership with Purdue and IU will put additional data behind these investments in quality of place, quality of life and quality of opportunity, highlighting the significance of each project and program and the state’s unprecedented investment as a whole. Together, we can illustrate Indiana’s commitment to and progress toward creating nationally recognized, vibrant destinations that retain and attract top talent.”
Earlier this year, Gov. Holcomb announced details of READI 2.0, which will allocate another $500 million to accelerate quality of place investments in communities across the state. This expansion was part of the Governor’s 2023 Next Level Agenda as a direct response to the significant demand from Hoosier regions for these types of shovel-ready investments, and it was approved by the Indiana General Assembly in this year’s legislative session.