IEDC: Record Year for Investment, New Jobs
The Indiana Economic Development Corp. says 2019 was a banner year for the state of 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 Indiana Economic Development Corp. says 2019 was a record year for capital investment, foreign direct investment, and startups in the Hoosier state. In its annual report, the IEDC says the state received 296 commitments from companies to locate or grow in the state. The state of Indiana says these businesses plan to invest more than $8.4 billion in their Indiana operations and create more than 27,000 new Hoosier jobs.
The average wage, according to IEDC data, is $28.60 per hour which generates an annual salary of $59,500. The IEDC says the hourly wage is 21% higher than the current stage average of $23.01 per hour.
The organization says those levels represent a record for capital investment and average wages since the IEDC was established in 2005.
“As a state, we have worked tirelessly to create a nationally ranked, pro-growth business climate, and the results have solidified Indiana’s reputation as a global destination for business, creating high-quality career opportunities for Hoosiers in the process,” says Governor Eric Holcomb.
One of the biggest investments announced in 2019, as far as staffing, was from Louisville-based PharmaCord.
The company announced in June it planned to create up to 850 jobs by the end of 2023 and invest $52 million to establish operations in the River Ridge Commerce Center in Jeffersonville.
In July, California-based eHealth announced plans to create up to 500 jobs by the end of 2023 and invest $10 million to establish an eastern U.S. headquarters in Indianapolis.
Greenleaf Foods SPC announced in April plans to invest $300 million into the construction of a plant-based protein manufacturing facility in Shelby county. The company says the move will result in 460 jobs.
The IEDC says it helped not only large, established companies, but it also supported Indiana startup companies. IEDC says it helped last year 406 new business starts and in the creation of 4,360 new jobs.
Foreign investment was also a bright spot for the state in 2019. IEDC says 38 foreign-owned businesses announced plans to locate or expand in Indiana. The state says those companies plan to invest more than $3 billion and create more than 6,000 jobs. Those new hires account for 22% of the total new job commitments made in 2019.