Businesses Plan 27,000+ New Hoosier Jobs with Record-High Average Wages

(UNDATED) – 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.  

Gov. Eric Holcomb

“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:

Growth Trends: 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:

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: 

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: 

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: 

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: 

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.

About IEDC
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

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