Manufacturers awarded $23M in readiness grants in 2022
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The Indiana Economic Development Corp. and Conexus Indiana say they awarded 186 Manufacturing Readiness Grants totaling $22.7 million last year. The program, which launched in 2020, aims to help manufacturers increase production efficiency while stimulating private sector investments and modernizing Indiana’s manufacturing industry.
Since it was established, the IEDC says 384 grants totaling $39 million have been awarded to companies with combined project budgets of $484 million.
“Indiana’s rich manufacturing history paired with these new investments will ensure that Indiana continues to lead as the world transitions into Industry 4.0,” said Indiana Secretary of Commerce Brad Chambers. “The Manufacturing Readiness Grants program is propelling Indiana’s innovative economy with strong returns on each dollar spent and is creating high-quality career opportunities throughout the state.”
Conexus, which is the state’s advanced manufacturing and logistics initiative, says findings of a recent study show positive results from the grant program, including growth in jobs, wages and revenue.
The report, which was created with the Purdue University Dauch Center for the Management of Manufacturing Enterprises, provides details and data from grant recipients through June 30, 2022. The IEDC says the report’s key findings include growth within smart manufacturing technology.
“Conexus Indiana data show that the percentage of companies budgeting for Industry 4.0 technology, such as advanced robotics, cobots, machine vision and additive manufacturing, has doubled from 2020 to 2022,” said Mitch Landess, vice president of innovation and digital transformation at Conexus Indiana. “Manufacturing Readiness Grants have served as a catalyst to accelerate digital adoption projects for hundreds of companies, and recent findings support that this is leading to significant economic growth.”
You can view a full list of grants recipients through December 31, 2022, by clicking here.
In January, House Minority Leader Greg Porter and Rep. Ed DeLaney asked for additional legislative oversight of the IEDC, which is seeking an annual $300 million deal-closing fund in the next two-year budget cycle to encourage businesses to set up shop or expand in Indiana.