updated: 11/28/2012 2:30:27 PM
The Indiana Economic Development Corp. says with more than a month left in 2012, it has already set a record for deals. The IEDC reports reaching agreements with 220 companies planning to invest $3.6 billion and create nearly 21,000 jobs in the state. Indiana Secretary of Commerce Dan Hasler says the numbers are the result of eight years of work to improve Indiana's business environment and infrastructure.
November 28, 2012
Indianapolis, Ind. -- The Indiana Economic Development Corporation announced today that this year it has already worked with 220 companies that have made decisions to expand or establish new business operations in Indiana, outpacing the 219 decisions by companies announced at year-end last year and every other year on record.
"With nearly five weeks left in the year, 2012 has already broken the state's all-time record for number of deals won," said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. "This is especially remarkable considering the ongoing concerns over the 'fiscal cliff' that have caused many companies to curtail investment plans."
The 220 companies anticipate investing $3.6 billion in their Indiana operations and creating 20,866 new jobs in the coming years. These new positions pay an expected average hourly wage of $22.35, above the state's current hourly wage of $19.66. Meanwhile, the average amount of state conditional tax incentives offered to companies on a per job basis is $8,916, down from around $37,000 in previous administrations.
"Under Governor Daniels' leadership, this administration has taken pride in tackling challenging but common sense issues to make Indiana the most sought-after business location in the country," Hasler said. "From its right-to-work status to its falling corporate and property taxes to its AAA credit rating, these results are proof that Indiana works for business."
Today's announcement was driven by companies like Magnetation, Amazon, The Finish Line, Appirio and Toyota, all of which chose the Hoosier State this year as the location for multi-million dollar investments and the creation of hundreds of new jobs. From Advanced Metal Technologies' decision to locate 350 new jobs in Jeffersonville to Sweetwater Sound's plans to expand its Fort Wayne headquarters adding 316 new jobs, communities across the state are welcoming new career opportunities for Hoosiers every day.
"Indiana is on a hot streak and we have no plans to slow down. We expect many more announcements in the month ahead and look forward to placing a big exclamation point on the eight years of success built by this administration," said Hasler.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Source: Indiana Economic Development Corp.