Indiana Governor Eric J. Holcomb and Secretary of Commerce David Rosenberg recently highlighted the 2023 economic successes in each focus area of the Indiana Economic Development Corporation’s (IEDC) strategic vision, concluding the seventh consecutive record-breaking year for economic development in Indiana.
In 2023, 208 companies committed to locate or expand in Indiana, investing more than $28.7 billion (+29% from 2022) in their operations and creating 21,866 new jobs with an average wage of $36.07/hour – or approximately $75,025 annually (+3.9% from 2022 and +10.2% the national average wage). This marks the highest capital investment and annual record for average wages since the IEDC was established in 2005.
These economic development metrics are one component of the IEDC’s comprehensive, economic strategy designed to ensure all Hoosiers have greater opportunity to succeed. The strategic vision includes a focus on advancing economic development and industries of the future, growing entrepreneurship and innovation, investing in community development and rural areas, and leaning into external engagement to share Indiana’s story and competitive advantages with the world.
Notable strategic successes in 2023 include:
Economic Development
- ACCELERATING INDIANA’S COMPETITIVENESS: In partnership with the Indiana General Assembly, Indiana made bold strides to expand its economic development budget and modernize the state’s toolkit, increasing its ability to attract new investment and advance community development and talent attraction and retention efforts. The adoption of House Enrolled Act (HEA) 1001, the governor’s agenda bill, increases Indiana’s investment in economic development by $350 million from 2021 and 2022. Additionally, it enacted several priorities designed to make Indiana more competitive, such as creating a new $500 million deal closing fund, providing additional resources for megadeals over $5 billion, creating a new site acquisition fund for shovel-ready development, increasing funding for Manufacturing Readiness Grants and allocating another $500 million to expand the quality of place and quality of life investments through the Indiana Regional Economic Acceleration and Development Initiative (READI).
- GROWING A GLOBAL ECONOMY: The IEDC also supported another robust year for foreign direct investment, with 37 foreign-owned businesses based across 17 countries committing to locating or growing in Indiana. Together, these firms plan to invest more than $20.6 billion (+184% from 2022) and create more than 8,509 new jobs (+34.8% from 2022) with average wages of $39.98/hour (+36% from 2022). Of these commitments, 18 are international businesses locating in Indiana for the first time, accounting for $5.3 billion in planned capital investment.
This includes notable announcements from companies such as Canadian Solar (Canada), Isotopia USA (Israel), Bastian Solutions (Japan), Bila Solar (Singapore), Endress+Hauser (Switzerland), and Arrow McLaren (UK).
- MAKING INDIANA INVESTMENT-READY: Indiana continues to prioritize site development efforts, ensuring the state can offer competitive sites and help companies invest and launch operations more quickly. Through the Strategic Sites Initiative, the IEDC is partnering with local communities to identify and prepare new sites; so far, the state has identified 417 new, nationally competitive sites ranging from 30-3,000 acres each.
Additionally, momentum continues to build at the LEAP Research and Innovation District in Lebanon. In April 2023, the state broke ground on the site’s first project – a $3.7 billion investment from Eli Lilly and Company to establish two manufacturing operations that will create up to 700 new jobs. The IEDC has more than $58 billion of potential investments in the pipeline for the site.
Entrepreneurship & Innovation
- BUILDING A NATIONALLY RECOGNIZED ECOSYSTEM: Indiana’s leadership in innovation and entrepreneurship continues to grow. Indiana was named the No. 1 state to start a business in 2023 by Forbes, and the state’s venture market surpassed $1 billion for the second consecutive year in 2022, ranking No. 2 for deal activity in the Great Lakes and Midwestern regions. Additionally, Indiana was named the 2025 host for the Global Entrepreneurship Congress – only the second U.S. location to host the annual convention in the event’s history.
- DRIVING US INNOVATION & MANUFACTURING: Indiana secured three new federal tech hub designations – defying the odds despite a 0.01% chance of winning all three. These hubs will bring new opportunities for investment, innovation, supply chain growth, and job creation across technology, hydrogen energy, and microelectronics, supporting critical U.S. initiatives to advance innovation, accelerate the energy transition, and re-shore supply chains.
- INVESTING IN ENTREPRENEURS & SMALL BUSINESSES: The IEDC is leaning into entrepreneurship in unprecedented ways, assisting a record number – more than 10,000 – of entrepreneurs and small businesses in 2023 through various initiatives, investments, and incentives. The IEDC launched a new $1 billion capital access initiative to provide credit and equity to Hoosier entrepreneurs; committed another $2 million to grow localized, no-cost support for small businesses; and celebrated the second edition of Entrepreneurship Indiana, an annual publication honoring the entrepreneurial journey and highlighting 100 Hoosier success stories.
The IEDC works to support entrepreneurs and small businesses through the Indiana Small Business Development Center (SBDC) and Indiana APEX. While final data is still being compiled from all regional offices, the Indiana SBDC provided no-cost support to more than 6,396 entrepreneurs and small businesses in 2023, helping secure $96,769,188 million in funding and helping launch 451 new businesses. Additionally, Indiana APEX served 180 new clients, with a majority (62%) qualifying as women-, minority- or veteran-owned business enterprises, helping businesses secure more than $335 million in federal government contracts.
- LAUNCHING & EXPANDING ENTREPRENEURIAL RESOURCES: In July, the IEDC launched ConnectIND, a digital portal available in 11 languages to increase support for entrepreneurs and founders. The first-of-its-kind statewide listing of resources, programs, and services for entrepreneurs is designed to connect current and aspiring entrepreneurs to the right resources at the right time, providing visitors with curated connections to Indiana’s robust network of support organizations, mentors, accelerators, capital opportunities and more. Since launching in June, ConnectIND has registered 1,000 users and garnered 22,000 unique site visitors, over 44,000 site views, and over 30,000 sessions.
The IEDC also expanded accelerator support of early-stage startups with a record 7 gBETA accelerators supporting 40 entrepreneurs and continued support for Sports Tech HQ’s Techstars accelerator supporting 13 companies and sponsorship of HG Ventures HardTech Accelerator showcase.
- FUELING VENTURE DEVELOPMENT: As the #1 most active venture capital in the Great Lakes Region, the IEDC partners with Elevate Ventures to provide assistance to high-growth, high-potential startups and innovators, making capital more accessible and attracting additional private co-investment. In 2023, Elevate Ventures committed to investing more than $21.7 million in 112 Indiana companies through investment and grant programs utilizing the state’s 21st Century Research and Technology Fund. Since inception, and across all programs, Elevate Ventures has invested $172.1 million in Hoosier businesses, attracting $2.2 billion in capital from other sources (12.8-to-1 investment leverage ratio).
Community Development
- INCREASING COMMUNITY DEVELOPMENT: The IEDC marked a major READI milestone, awarding regions over $487 million of the initiative’s original $500 million. These funds will support 361 unique quality of place, quality of life, quality of opportunity, and workforce projects and programs across all 17 Indiana READI regions. The state’s initial appropriation is being matched by additional public, private, and nonprofit dollars, resulting in a combined $12.6 billion (26:1 investment leverage ratio) invested in Indiana’s communities.
Additionally, the state is allocating another $500 to the program through READI 2.0 to accelerate population growth and key quality-of-life indicators such as per capita income, career opportunities, and educational attainment.
- INVESTING IN RURAL COMMUNITIES: The IEDC launched a Community Collaboration Fund in 2023 designed to grow the state’s entrepreneurial network in rural communities; the Indiana SBDC supported the launch of 179 new businesses and supported 5,283 jobs in rural counties in 2022 and 2023; and the Manufacturing Readiness Grant program has awarded grants to 152 small- and medium-sized business in rural counties since its inception in 2020, resulting in $312 million in capital improvements.
- ACCELERATING VIBRANCY, GROWTH IN INDIANA’S CAPITAL CITY: The IEDC served as a thought partner and supporter in two major developments in 2023 that are poised to bring new life to Indianapolis. In June, Indiana University and Purdue University signed a historic agreement to separate IUPUI, creating two separate and independent campuses in Indianapolis led by each of the globally respected universities and research institutes. The change will allow both universities to implement their visions and establish new aspirations unique to their strengths to meet the needs of an increasingly interconnected global economy.
And, earlier this month, Circle Centre Mall development plans were announced that will revitalize the heart of downtown Indianapolis, with Hendricks Commercial Properties purchasing and leading a $600 million mixed-use redevelopment featuring housing, offices, entertainment, modern retail space and open-air spaces.
External Engagement
- ENHANCING INDIANA’S GLOBAL REPUTATION: Gov. Holcomb and the IEDC continued a commitment to advancing global engagement and international partnerships, building new partnerships and fostering relationships abroad on Governor- and IEDC-led trips to Japan, South Korea, Portugal, France, the United Kingdom, Italy, the UAE, and Australia. The state is also hosting the second iteration of its Indiana Global Economic Summit in May, building off the success of the inaugural event in 2022 that convened more than 800 registrants and 30 international delegations.
- TELLING INDIANA’S BOLD STORY: In 2023, Indiana expanded and created new partnerships to better share its story nationally and globally as a bold state that is innovating and building the economy of the future. The IEDC shared the state’s story at major events, including the Consumer Electronics Show in partnership with the Indy Autonomous Challenge, the InterBattery Conference in South Korea, and at Inc. 5000 in Austin, highlighting the state’s economy and competitive advantages to key sectors.
In the fall, the IEDC rolled out a new brand – Indiana for the Bold – to reflect the state’s economic success and elevate Indiana’s identity and reputation across the world. Forthcoming campaigns will highlight Indiana’s economic environment and strengths; a strong business outlook; advancements across infrastructure, industry, and innovation; and a ready workforce, showcasing Indiana’s true readiness for the future.
To continue this momentum and advance economic development opportunities for years to come, the IEDC is committed to continuing executing its strategic vision focused on advancing innovation and entrepreneurship, ensuring a diverse economic environment, creating the jobs of tomorrow, and retaining and attracting top talent by investing in the quality of place.
