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Fewer Indiana economic development projects still leads record investment in 2023

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(The Center Square) – Indiana saw the number of economic development projects and jobs created last year dip from 2022. Still, the state posted records for total investment and average salary for the new positions.

According to a release Wednesday from the Indiana Economic Development Corp., 208 businesses chose to expand existing operations or locate new facilities in the state in 2023. That’s down from the prior year’s total of 218. The projects generated 21,866 new jobs, more than 9% fewer than the 24,059 officials reported for 2022.

Those slight drops, though, were more than offset by increases in corporate investment. The $28.7 billion in planned spending for the expansion and attraction projects was 29%, up from the $22.2 billion record attained in 2022.

Further, the average wage for the new jobs created by the projects exceeded $36 per hour, which works out to an annual salary of more than $75,000. That was nearly 4% better than the 2022 average and better than 10% higher than the national average.

Gov. Eric Holcomb said the data shows Indiana is maintaining its “unprecedented economic momentum” that will benefit the current and next generation of Hoosiers.

“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.

Most of the investment dollars flowing into the state will come from foreign companies. IEDC noted that 37 businesses from 17 companies intend to spend $20.6 billion to build or expand. Those projects, such as Canadian Solar’s $800 million solar panel production facility in Jeffersonville, are responsible for more than 8,500 new jobs. The positions from international investors also have an average hourly wage of nearly $40.

Commerce Secretary David Rosenberg said the state keeps its focus on the future, with IEDC and local officials working to identify 417 sites across Indiana ranging from 30 acres to 3,000 acres that can be marketed for new businesses.

“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.”

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