Gigerich: Capital investment numbers show momentum for Indiana
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe executive managing director of Fishers-based site selection firm Ginovus says the recent economic development numbers announced by the state show Indiana is seeing “incredible momentum.”
The Indiana Economic Development Corp. announced last week that it has secured more than $27.1 billion in committed capital investment in the first half of 2024, just shy of last year’s record total of $28.7 billion.
“What the state of Indiana has done the first six months compares favorably to some of the biggest, most successful states across the country, what they do on an annual basis,” Larry Gigerich said.
Speaking on Inside INdiana Business with Gerry Dick, Gigerich said Indiana is expanding its competitive footprint with other states.
“Places that have been very successful in economic development include Georgia, Texas, and Arizona,” he said. “For the different types of industries competing with those places, Indiana’s stacking up well, and in the Midwest, Indiana and Ohio stand out above everybody else.”
Among the major investments announced in Indiana this year are big data center projects from tech giants such as Microsoft, Google, Amazon Web Services and Meta.
Indiana has made several key moves to attract such companies to the state, which Gigerich said will also help bring in more business.
“I think the tool that was put in place to help with the personal property taxes, in particular, for those types of operations, but also with the Toll Road across northern Indiana having some of the fastest telecom infrastructure in our country, that’s a huge advantage as well,” he said.
Gigerich said utility infrastructure will be a challenge to support such major projects in Indiana as it has been across the country over the last several decades.
“We’re starting now to catch up with some investment,” he said. “nd in particular, the federal government, investment in infrastructure will help, but supply chain issues [are] the other part of it, whether you’re getting transformers or other things. So I would say Indiana has been better positioned than other states, but there’s a lot of work that has to be done over the next 5-10 years to ensure we can continue to grow with those entities.”
Gigerich noted that despite efforts to boost certifications and credentials for the workforce, Indiana still has a lot more work to do in terms of workforce development and talent attraction and retention. And addressing quality of life issues in Indiana communities goes along with that.
“Quality place is the number one underpinning for talent attraction and retention. Especially when you look at smaller communities and rural areas, that talent retention and attraction is critically important, and all the things the state has done over the last 10 years has really made a difference.”
Infrastructure and talent are the two items Gigerich said will continue to be the big focus for Indiana through the second half of the year and into 2025.