2023 will see record investment despite fewer Indiana economic development initiatives

Indiana – In Indiana, fewer jobs and economic development initiatives were launched in 2022 than the previous year. Nevertheless, the state published data on the overall investment and mean pay for the newly created jobs.

In a statement released on Wednesday by the Indiana Economic Development Corp., it was stated that 208 companies decided to establish new locations or increase their current ones in the state in 2023. That is less than the 218 total from the previous year. More than 9% fewer jobs were created by the projects than the 24,059 authorities reported for 2022—21,866 new jobs.

But increases in business investment more than made up for those small declines. The projected expenditure of $28.7 billion for the expansion and attraction projects represented a 29% increase over the record of $22.2 billion set in 2022.

Additionally, the new jobs generated by the projects had an average pay of more than $36 per hour or more than $75,000 per year. That was more than 10% above the national average and almost 4% above the average for 2022.

According to data, Indiana is continuing its “unprecedented economic momentum,” which will help both the present and future generations of Hoosiers, according to Governor Eric Holcomb.

“Our efforts to attract new investments and jobs, catalyze entrepreneurship, and invest in quality of place are paying dividends – all while advancing high-tech industries to ensure that Indiana is at the center of tomorrow’s global economy,” he added.

Foreign businesses will provide the lion’s share of the investment funds coming into the state. According to IEDC, 17 corporations’ 37 businesses plan to invest $20.6 billion in construction or expansion. Over 8,500 new jobs have been created as a result of those developments, which include Canadian Solar’s $800 million solar panel production facility in Jeffersonville. The employment held by foreign investors pay an average of about $40 per hour.

With the IEDC and local officials working to identify 417 properties around Indiana, ranging in size from 30 acres to 3,000 acres, that may be marketed for new industries, Commerce Secretary David Rosenberg stated that the state maintains its focus on the future.

“Our strategic, proactive approach is delivering tangible results, attracting new high-growth industries like semiconductors, electric vehicles and clean energy production to Indiana,” he said. “Paired with unprecedented investments in entrepreneurship and quality of life, Hoosiers can look forward to more supportive and vibrant communities, more in-demand career opportunities and more opportunities to create generational change.”