Study Could Shape Next 'Powerhouse'Posted: Updated:
The Indiana Economic Development Corp. has released results of a study focusing on strategies to encourage "transformative change" in Hoosier cities. President Eric Doden says the common themes include drumming up support for a more regional approach, strengthening existing industries and enhancing quality of place. The IEDC examined 11 U.S. cities that have experienced significant economic growth and Doden believes Indiana is in line to develop the "next big economic powerhouse community." October 27, 2014
INDIANAPOLIS, Ind. - The findings of Indiana's regional cities study are available today at IndianaRegionalCities.com. The study identifies strategies that aim to help cities across Indiana transform into national economic powerhouses.
"If you're looking for Indiana's greatest natural resource, look no further than the Hoosiers who call our state home," said Governor Mike Pence. "By investing in our regional cities and focusing on retaining and attracting the nation's brightest minds to join our Hoosier ranks, we'll drive population and economic growth. The next chapter of Indiana's story is being written right now."
Following a call from Pence and the passage of House Enrolled Act 1035 earlier this year, the Indiana Economic Development Corporation (IEDC) commissioned a study of 11 peer cities across the nation that have experienced significant economic growth. Working with Fourth Economy Consulting, a national economic development consulting firm, the IEDC identified common themes across the cities that could apply to Indiana, including:
-A bold vision with a market-based and action-oriented plan
-Support across the city's region
-Strengthening of existing industries
-Investments in quality of place initiatives
-Private sector investment in community growth
-Long-term partnerships with non-partisan thinking
-Engagement with higher education partners
Benchmark cities studied as part of the initiative were Austin, Texas; Raleigh and Durham, North Carolina; Denver, Colorado; Nashville, Tennessee; Fayetteville, Arkansas; Provo, Utah; Boise, Idaho; Waterloo–Cedar Falls, Iowa; Manhattan, Kansas and Brookings, South Dakota.
"The communities we studied this summer are excited for their futures, with a real buzz palpable around every corner. They are busy working together to embrace big ideas," said Eric Doden, president of the IEDC. "Our next step is to help spark that same enthusiasm into each region of our state, working with community leaders and the guidance of this study to cultivate the next big economic powerhouse community right here at home."
This week Doden will lead five regional forums across the state to discuss the initiative and key themes and findings from the study, encouraging local leaders to identify ways their communities can embrace transformative change to encourage economic opportunity. For more information about the regional cities forums, including the schedule, locations and RSVP information, visit IndianaRegionalCities.com.
"We believe that Indiana is best poised to start an economic renaissance in the Midwest," said Doden. "With this in mind, we look forward to creating a new, collaborative economic development partnership with regions in Indiana to create the best possible environment to drive growth in both our urban and rural economies."
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president 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 that 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: The Indiana Economic Development Corp.