Holcomb, IEDC cap off year with record $39.1B in expected private investment
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Gov. Eric Holcomb celebrated his final Indiana Economic Development Corp. board meeting Wednesday afternoon after the state’s job-creation agency announced a recording-breaking $39.1 billion annual total of planned private capital investments.
The investment total continues a trend of record-breaking years for the IEDC. The state has improved its annual total every year since Holcomb took office (with the exception of 2020 due to the pandemic.)
This year’s first quarter, with $20.7 billion, accounted for about half of the full-year total. The second quarter came in at $6.4 billion, followed by $11.2 billion in the third. So far, the fourth has seen about $800 million, but that amount could grow since books don’t officially close until Jan. 10.
IEDC Chief Strategy Officer Ann Lathrop said this year’s 163 projects are expected to create nearly 17,000 jobs with an estimated payroll of $1.3 billion. Those jobs would have an average hourly wage of $36.11 per hour or about $75,000 a year.
Job-creation deals announced by the IEDC don’t always come to fruition. Some projects are called off altogether or don’t result in the number of expected new jobs. The IEDC only pays out incentives when companies meet their job-creation and investment commitments.
“It’s been a heck of a run, and I couldn’t be prouder of the team and of this board,” Holcomb said. “It is bittersweet when I think about this last year, just how much has occurred.”
Over his two terms (2017-2025), Holcomb’s administration has captured more than $126 billion in planned capital investments through at least 2,065 projects, the IEDC said.
Holcomb gave a heartfelt speech at the conclusion of the meeting, thanking members in the room who have contributed to the state’s economic development accomplishments.
“It’s fun to break records and it is fun to win,” he said.”But the why that we do this is to create more opportunity for our neighbors, for Hoosiers.”
And there is more on the way, Holcomb said. The state is chasing about $10 billion more in deals that could close within another year, he said. Gov.-elect Mike Braun’s administration is expected to continue working on those deals.
When asked about his plans after leaving office, Holcomb said he doesn’t plan to rush into a new role and his wife wants him to “take a few months to exhale.” He said he has been offered interesting opportunities and wants to stay in the state, but has not yet made a decision.
Secretary of Commerce David Rosenberg was not in attendance for the meeting due to a family matter.
Braun announced last week that David Adams will serve as his commerce secretary in his administration. Rosenberg has not yet said where he is headed but had previously asked the State Ethics Commission about a potential workforce and economy-related job at Indiana University.