Commitments for Indiana capital investment reflect record quarter, governor tells IEDC | Business
Gov. Eric Holcomb announced Thursday that state economic development leaders have secured nearly $20.7 billion in committed capital investment this year.
The governor told the Indiana Economic Development Corp. board of directors that dollar volume represents the highest quarter on record for capital investment in the agency’s nearly 20-year history.
“This is a significant time in Indiana’s history,” Holcomb said in a statement. “Decades from now, we’ll look back on these years as a critical turning point that transformed Indiana’s future, cultivating the growth of future industries and creating high-paying, in-demand career opportunities for Hoosiers for generations to come.”
During the first quarter, 45 companies committed to locate or expand in Indiana, investing $20.68 billion in their operations and creating 5,158 new jobs with an average wage of $33.79 an hour or more than $70,000 annually, Holcomb told the IEDC board. He was joined for the announcement by Secretary of Commerce David Rosenberg and IEDC Chief Strategy Officer Ann Lathrop.
The committed capital investment totals 72% of the capital investment committed in all of 2023 – $28.7 billion, an all-time high for the IEDC, a news release said.
On many individual announcements involving economic development projects, the state typically declines to disclose how much companies plan to pay workers when jobs are being added.
IEDC board approval is often a necessary step in a company’s decision to announce a project. The state often approves tax incentives for various investments.
The news release said several companies are expected to make announcements in the coming weeks.
