At the quarterly board meeting of the Indiana Economic Development Corporation (IEDC), Governor Mike Braun highlighted the successes of his administration’s new approach to economic development.
Governor Braun highlighted that year over year, the average wage of jobs incentivized by the IEDC to come to Indiana has increased from $37 to $41, a 10% increase — over $8,000 annually per job.
In addition, since Governor Braun took office, the average cost per incentivized job decreased from $55,000 per job to $16,000 per job.
The IEDC board also voted to release the results of the IEDC forensic audit following legal review. Governor Braun spoke briefly about the audit, noting that it confirmed the need for increased transparency and accountability for how taxpayer money is spent.
Those concerns are being addressed with steps such as a new board policy that requires all votes to be taken by the full board instead of in committees, a new policy that ensures investment activity stays in Indiana, and a plan to wind down the Indiana Economic Development Foundation.
Future iterations of contracts with partners such as Elevate Ventures and ARI will reflect these new policies and oversight controls to ensure full transparency and maximum value for taxpayer dollars. Additionally, the Governor’s office will receive an appointment on the Elevate Ventures board.
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