IEDC announces $38.3B in committed investments, beating previous record
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The Indiana Economic Development Corp. said Thursday that it has secured $38.3 billion in committed capital investment from 124 companies through the third quarter of this year. The latest figure marks a new high for the state, beating the previous record being $28.7 billion for all of 2023.
The IEDC made the announcement at its board meeting Thursday afternoon at Vincennes University.
Gov. Eric Holcomb said in a news release that the new commitments will benefit communities throughout the state.
“Businesses small, medium, and large and expanding, are relocating and setting up shop and employing Hoosiers in high-wage careers,” he said. “We’re building on our strengths in advanced manufacturing and agriculture but also establishing exciting new ecosystems in life sciences, semiconductors, data centers and more.”
The IEDC said the investments include commitments to create more than 13,000 jobs with an average wage of $37.31 per hour—or about $77,604 annually. Only about two dozen projects have been publicly announced.
The most recent projects include Wednesday’s announcement by Illinois-based plastic manufacturer Transcendia Inc., which is investing $17 million to expand its Richmond facility and create 30 jobs.
In July, Indianapolis-based Sondhi Solutions said it would invest $1.7 million to add some 250 jobs by the end of 2028.
Indiana Secretary of Commerce David Rosenberg said the commitments are the result of a proactive and strategic approach by the state implemented two years ago.
“Through these investments, we’re creating new and better career opportunities for Hoosiers,” Rosenberg said in the release. “And we’re doing this in a holistic way—Indiana’s READI program is creating quality communities, our small business programs are ensuring entrepreneurs are supported, and we’re continuing to attract and retain once-in-a-lifetime business deals.”
In the first two quarters, Indiana saw big number commitments from major companies such as SK Hynix, Eli Lilly & Co., Google, Microsoft, and Toyota.