Indiana Economic Development Corporation Releases Mid Year Report
INDIANAPOLIS (Aug. 2, 2012) - At the midway point in the year, the Indiana Economic Development Corporation announced that it has worked with 145 companies that have made decisions to expand or establish new business operations in Indiana for a total of nearly 13,300 projected new jobs. At year-end last year, the IEDC reported a total of 219 decisions by companies to locate a projected 19,080 new jobs in the state.
The new positions, which companies anticipate to hire over the next five years, pay an expected average hourly wage of $20.93, above the state's current hourly wage of $19.36. The 145 companies anticipate investing $2.46 billion in their Indiana operations in the coming years. Meanwhile, the average amount of state performance-based tax incentives offered to companies on a per job basis is $8,238.
"With Indiana's rate of job growth continuing to far exceed the national average, the Hoosier State's job creation efforts are receiving national attention," said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. "Indiana now ranks in the top five of almost every major national ranking because Governor Daniels has made maintaining a low-tax, fiscally sound environment with pro-business policies a top priority since day one."
Indiana has been recognized as a top location for business by business leaders and site selection consultants in two recent surveys. In May, Chief Executive magazine ranked Indiana the best place to do business in the Midwest and fifth best nationwide, up from 16th place in 2010, in its eighth annual "Best & Worst States" survey. Also, last month CNBC named Indiana the fifth most business friendly state in the nation in its "America's Top States for Business" report.
As the state with the second largest motor vehicle industry in the country, Indiana continues to be a place where automotive companies find the talent and resources they need for success. Driven by companies like Subaru of Indiana, Greenville Technology, Busche, Toyota Motor Manufacturing, Indiana and Cummins, the Hoosier State has welcomed commitments of more than 4,200 new jobs and nearly $891 million in capital investment from automotive-related manufacturing companies thus far in 2012.
"Amid a global recession, Indiana's fully funded transportation improvement plan, solid fiscal house that boasts one of the few budget surpluses in the nation and a very competitive tax structure makes Indiana a smart investment choice for companies," Hasler said. "We will remain steadfast in our commitment to attracting high-wage, high-skilled jobs for Hoosiers and look forward to placing a big exclamation point on the eight years of success built by this administration."
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Source: Indiana Economic Development Corp.