As the numbers are added up, positive momentum continues to build toward a record year for new investment and job creation across Madison County.
According to a report issued by the Corporation for Economic Development, 2006 activity tops the previous decades' economic successes by hundreds of millions of dollars.
Some of the highlights from the report boasts more than $500 million of investment from Nestlé Corp., Ultimate Ethanol, Mancor Industries, Red Gold, Atlas Cold Storage and Northstar Aerospace Inc. with their investments in Madison County over the last year and helping to create more than 500 new jobs.
"Nestlé tops the charts for new investment at $369 million and 300 new jobs," noted CED Executive Director Mary Starkey, "Coupled with Mancor's 80 new jobs, and the rest of these companies, the area has attracted new job opportunities for hundreds of area workers."
Starkey points out that the projects this year are spread throughout the county and some of the highlights include Red Gold expansions in Elwood for $16 million and accounting for 60 new jobs; Atlas Cold Storage in Pendleton for $15 million with the creation of 38 new jobs; and Ultimate Ethanol in the Alexandria area at $115 million and bringing in 40 new jobs.
"These are the quality companies which invest in their work force by creating jobs with wages and health insurance benefits required to support a family," Starkey noted.
Along with the job creation from these investments, the tax base generated from more than $500 million in new private investments will fund public infrastructure improvements throughout Madison County.
"The ability to fund improvements to our roads, sewer, water and electrical service capacity is critical to continued success in attracting economic development projects," stated Starkey.
Starkey shared another project that will have a positive effect on the local economy in the future is the new Anderson University/Purdue University facility adjacent to the Flagship Enterprise Center.
She believes this new extension campus will draw new companies and students to the Anderson/Madison County region and offer educational opportunities to residents that were not previously available along the Interstate 69 corridor.
The report shows a variety of new investments in Elwood, including the Palmer Institute of Advanced Biomechanics' purchase and renovation of the old Elwood City Building, along with the recent approved 60,000 square foot expansion of Dunn-Rite Products Inc., the addition of a new production line at ELSA LLC and the investment in the new Dollar General shopping plaza.
Starkey said Ultimate Ethanol's investment of $115 million in the ethanol production facility north of Alexandria will fund infrastructure improvements in the community, including an increase in water capacity and road improvements.
A sewer extension south from Alexandria to serve the new Kleenco headquarters will amount to an investment in $5.2 million and 50 jobs and will open land for development between Alexandria and Anderson.
The report is also shows how Pendleton continues to boom in the areas of residential and commercial investment. Some of the highlights include Madison Community Bank building in the historic downtown, along with several commercial developments that are taking shape along Indiana 67. Also, the new Atlas Cold Storage is thriving, and a new Pendleton Town Hall is planned for the near future.
"Pendleton continues to set a high standard for managing growth and protecting the community's historic character," Starkey said.
Starkey attributes the years' economic development to a unified team approach throughout the county.
"We now network much more between elected officials and the business community," Starkey said. "When the community speaks with a unified voice, business has confidence that their project is a safe investment in that community. It gives credibility to our economic development teams' ability to implement the project and make good on our marketing claims."