IEDC touts record-breaking year for economic development
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
For the seventh year in a row, Indiana has set a record for committed capital investments made by companies doing business here, according to the Indiana Economic Development Corp. But not every project the job-creation agency included in that total has actually been announced.
The IEDC said it has secured $28.7 billion in new capital expenditures in 2023, a 29% increase over the $22.2 billion from the previous year.
Commerce Secretary David Rosenberg, who leads the IEDC, made the announcement during the agency’s board meeting in Indianapolis last Thursday.
“Indiana’s economy remains historically strong, with 2023 bringing a record year for committed CapEx and wages,” Rosenberg told board members. CapEx refers to capital expenditures made by companies to take on new projects or expansions.
Sweitzer would not say which of the two projects was included in the agency’s year-in-review numbers.
The IEDC declined to provide IBJ with the full list of the 208 projects that are included in the agency’s calculations because “some have been announced and some haven’t been,” IEDC spokesperson Erin Sweitzer said.
Included in the final tally is one of two advanced manufacturing projects first disclosed last week in the agenda of the State Budget Committee, a panel made up of lawmakers and the state budget director that reviews large spending requests from state agencies, Sweitzer told IBJ.
The IEDC has declined to share details about those projects.
The State Budget Committee on Tuesday will consider the IEDC’s request for $100 million in performance-based incentive grants for a company that plans to invest about $4.1 billion in an advanced manufacturing facility that would result in 2,700 jobs. Separately, the agency also is asking for $80 million in incentives for a company that plans to put $3.1 billion into a facility that would create 800 new jobs.
Notable economic development deals this year include a planned $3 billion GM And Samsung SDI EV battery-cell plant near South Bend. Automaker Stellantis and Samsung SDI are investing $6.3 billion to build two battery plants in Kokomo.
The 208 projects are expected to result in nearly 22,000 new jobs that pay an average wage of $36 per hour, or about $75,000 per year, according to the agency.
“These are good, high wage, high demand careers,” Gov. Eric Holcomb said. “Those numbers represent to me unprecedented opportunity.”