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Indiana attracts nearly $21B in economic investment during first quarter of 2024

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(The Center Square) – Indiana is starting 2024 on a high note as Gov. Eric Holcomb announced the state attracted nearly $21 billion in economic development investment during the first three months of the calendar year.

Since January, 45 companies have chosen to build new facilities or expand current operations in the Hoosier State. Those businesses plan to add more than 5,100 new jobs with an average annual salary of $70,283. A release from the governor’s office noted that figure is more than 20% higher than the average wage in the U.S.

The investments put Indiana on a pace to set new records for economic growth. That mark was set last year when the state landed new and expansion projects totaling $28.7 billion.

Since the start of 2022, businesses have chosen to invest more than $71.5 billion in new facilities or expansions of existing ones across the state.

“This is a significant time in Indiana’s history,” Holcomb said in a statement. “Decades from now, we’ll look back on these years as a critical turning point that transformed Indiana’s future, cultivating the growth of future industries and creating high-paying, in-demand career opportunities for Hoosiers for generations to come.”

The investments include an $800 million project planned by Facebook and Instagram’s parent company, Meta, which was unveiled in January. The social media giant plans to build a data center at the River Ridge Commerce Center in Jeffersonville that will create 100 permanent jobs and require 1,200 construction workers to build the 700,000-square-feet facility.

The data center is expected to open in 2026.

State Commerce Secretary David Rosenberg said the news of the record quarter shows that the state’s focus on economic development is paying off.

“In partnership with Gov. Holcomb and the Indiana General Assembly, we’ve created a more competitive environment in Indiana, attracting once-in-a-generation investments from companies that will be at the forefront of the future economy,” he said. “This historic economic momentum will bring new life to our communities – both urban and rural – and create more quality career opportunities for current and future Hoosiers, ensuring all residents can prosper and succeed.”

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