Companies pledged a record $39.2 billion in capital investment in Indiana last year, up 37% as compared to the previous year, as a surge of data center projects poured into the state, according to the Indiana Economic Development Corp..
The state's economic development agency said it landed 169 commitments from companies that plan to move to or expand in Indiana. The businesses pledged to create 17,062 new jobs with average wages of $36.09 an hour or about $75,067 annually.
That's 7% more than the national average, 28% more than the state average and a record for promised wages.
The IEDC said 72% of the companies to promise jobs and investment already have operations in Indiana. About a third have fewer than 500 employees, 21% are in rural communities and 20% are from foreign-owned companies.
The state lured investment in semiconductors, life sciences, agbiosciences, electric vehicles and data centers. Amazon, Google, Meta and Microsoft collectively pledged $14.8 billion in investment in new data centers. Meta, the parent company of Facebook, also is eying a $4.8 billion investment in the LEAP Lebanon Research and Innovation District, where Eli Lilly plans to invest more than $14 billion, including in a new center for drug development and advanced manufacturing
“Indiana’s economy is winning, and it’s setting Hoosier businesses and residents alike up for success for years to come,” Gov. Eric Holcomb said. “As a state, we’ve spent the last eight years putting the right tools and the right strategies in place to win once-in-a-generation investments, propel innovation and entrepreneurship, build vibrant communities and create even more opportunities for current and future generations to prosper. I am immensely proud of our work together, and, most importantly, the impact it will have on Hoosiers and their families.”
The IEDC helped launch 482 new small businesses last year. It also awarded $500 million in quality of place funding through the READI 2.0 program.
"Under the leadership of Gov. Holcomb, we’ve put Hoosiers at the forefront of our work and our actions day in and day out,” Secretary of Commerce David Rosenberg said. “Each new investment and each new business start is another opportunity to drive our communities and our people forward. As we wrap up yet another record-breaking year, we reflect on the new, in-demand jobs created, the growth of our entrepreneurial ecosystem and the historic investments being made in quality of place and quality of life that will provide for the next generation of Hoosiers.”
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