Indiana Positioned for Continued Manufacturing Growth
(stock image courtesy: Pixabay/capri32)
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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 national study seems to indicate manufacturers will continue to invest in the Hoosier state.
Our partners at The Times of Northwest Indiana report the NAIOP Research Foundation ranks Indiana 10th for its contribution of industrial real estate development into gross domestic product.
NAIOP is an association of developers, owners and professionals of commercial, industrial and mixed-use real estate.
Manufacturing accounts for about 30% of output in Indiana and about 20% of the state’s workforce, according to the Indiana Manufacturers Association.
The paper reports new industrial spending contributed $2.29 billion to the state’s economy and supported 17,096 jobs in 2019.
“Commercial real estate remains as a significant economic driver, facilitating growth and creating valuable jobs,” said Thomas Bisacquino, NAIOP president and chief executive officer. “Despite slowing global and U.S. fiscal growth, the economy’s expansion is expected to extend beyond 2020.
Bisacquino says steady demand will drive new construction and development.
According to The Times, commercial development of new office, industrial, warehouse and retail real estate in the state generated $8.1 billion in economic activities, supporting an estimated 60,244 jobs across the state.