Indiana commerce agency attracts record business investment

Indiana’s commerce agency is reporting that its economic development efforts have produced this year the greatest pledged investment in business operations at the highest average wages in state history.

Republican Gov. Eric Holcomb says the Indiana Economic Development Corp. obtained pledges over the past 12 months from 218 companies to invest $22.2 billion in new or expanded Indiana business operations in coming years.

That’s a 260% increase in capital investment commitments — more than ever before.

In tandem, those companies have pledged to create 24,059 jobs in the Hoosier State at an average wage of $34.71 an hour, or 27% more than Indiana’s current average hourly wage.

Holcomb said the results show that the state’s focus on advancing entrepreneurship, innovation and quality of place are activating communities statewide and providing more opportunities for Hoosiers and their families to thrive.

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“Indiana’s economy is firing on all cylinders,” Holcomb said. “These investments and job commitments will transform our high-tech industries and ensure that Hoosiers are at the forefront of the 21st-century economy.”

Indiana Commerce Secretary Brad Chambers agreed. He said Indiana is leading the nation in building the economy of the future.

“Our strategic initiatives and focus are attracting first-of-their-kind investments from innovative businesses around the world while enabling growth and innovation in future-looking industries like semiconductor fabrication and design, electric vehicles and batteries, life sciences, agbiosciences and future industry,” Chambers said.

“These efforts will pay dividends for generations to come, creating high-value, high-quality jobs in our communities.”

The commitment of Holcomb and Chambers to promote the Hoosier State on the international stage and lure foreign businesses to Indiana took them on trade missions to 10 countries over the course of the year.

In March, they visited Slovakia and Israel, in part to discuss innovative technology, clean energy and the economy of the future in Tel Aviv with executives from Doral Energy.

“Wow, man. What a scene. You can’t make up what we see out here on any given day,” Hobart patrol officer Tommie Tatum said.

Doral  broke ground last year in Starke and Pulaski counties, just south of LaPorte County, on a three-phase solar farm project that’s expected to deliver a $1.5 billion investment in the company’s Indiana operations over the next five years.

The duo subsequently sold Indiana to government leaders and prospective investors in Sweden, the United Kingdom, Monaco, Taiwan, South Korea, Germany, Switzerland and Egypt.

In May, Holcomb and Chambers hosted the state’s inaugural Global Economic Summit, which drew government and business leaders from 28 countries to Indianapolis for a series of leading-edge conversations about next-generation industries, technology and talent.

Maria Flores

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