EY Report: Private Equity Boosts IN Economy
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA new report by EY and the American Investment Council shows the private equity industry supports 574,000 jobs in Indiana. The report also outlines the impact the industry has on the U.S. economy.
The report reflects that the private equity industry supports employment of 179,000 workers in Indiana, who earn $73,000 per year in wages and benefits on average and a total economic impact of nearly $14 billion in Indiana and $1.1 trillion nationally from the industry.
The report says that the private equity also plays a "vital role in the tax base of our states and local communities, supporting positive investments in schools, transportation, infrastructure and other key priorities."
In 2018, the U.S. private equity sector paid $700 million in taxes in Indiana, while over the same one-year period, the U.S. private equity sector paid $174 billion in federal, state, and local taxes nationwide, according to the data.
“This new report shines an important and timely light on the positive and growing impact private equity has on the strength and success of economy, in Indiana and nationwide” said Drew Maloney, AIC president and chief executive officer. “From helping rebuild America’s manufacturing base to supporting millions of good-paying jobs in industries from tech to hotels to transportation and trade, private equity is a driving force for economic growth and opportunity for workers and families in Indiana and throughout the country.”
To read the full report, click here.