State Details 'Historic' Economic Development Year

Posted: Updated:
The IEDC says the 28,846 new committed positions have an average hourly rate of $27.38, or $57,000 per year. The IEDC says the 28,846 new committed positions have an average hourly rate of $27.38, or $57,000 per year.
INDIANAPOLIS -

With more than a month left to go, Governor Eric Holcomb says Indiana is on its way to a record economic development year in 2017. The Indiana Economic Development Corp. says the state has secured 270 commitments from businesses planning to create nearly 29,000 jobs, the best numbers since the IEDC was established in 2005. The state says the average wage of the planned new jobs is more than 27 percent higher than the state average, also representing a record.

The IEDC says the 28,846 new committed positions have an average hourly rate of $27.38, or $57,000 per year. That tops the state's average wage of $21.52 per hour.

The largest announcements this year include:

  • India-based Infosys (NYSE: INFY), which is planning to create up to 2,000 jobs at a tech and innovation hub in Indianapolis
  • UPS (NYSE: UPS), which says it will invest more than $260 million into a new hub in Plainfield and create nearly 580 jobs
  • India-based engineering company AXISCADES, which will bring its North American headquarters to Indiana and create up to 500 jobs
  • Illinois-based HMD Trucking Inc. announcing plans to relocate to Gary and create up to 500 jobs
  • China-based BeijingWest Industries Co. Ltd. investing more than $80 million to launch a Greenfield operation and creating up to 441 jobs
  • The parent of Toyota Motor Manufacturing Indiana Inc. investing $600 million in its Princeton plant and planning 400 new jobs
  • Elkhart-based Forest River Manufacturing LLC announcing a $6.7 million expansion, with plans to add up to 425 jobs
  • Indianapolis-based Knowledge Services planning to add 400 jobs over the next to years
  • Carmel-based KAR Auction Services Inc. (NYSE: KAR) announcing a headquarters expansion, expected to create 400 jobs

The IEDC says Indiana's traditional strengths continue to perform well, with manufacturing companies planning more than $5 billion in investment and over 10,000 new jobs and logistics companies committing to more than $343 million in investment and over 2,800 jobs. The state's technology industry also continues to grow, with 58 commitments from tech and tech-enabled firms accounting for nearly 7,000 planned new jobs.

The state is also reporting strong numbers in international investment (34 companies planning to invest more than $1 billion and create up to 5,230 jobs) and small business investment (222 new business starts and 687 new jobs).

  • Perspectives

    • How to Ensure Proper 401(k) Benefits Education

      From pay rate to wellness programs, there are many important areas that employers need to pay attention to regularly; however, there is one that is often forgotten — 401(k) benefits. A 401(k) plan provides employees with the opportunity to deduct a portion of their pay and use it as a contribution towards retirement. Properly saving for retirement is vital to ensuring a healthy lifestyle after an employee’s career comes to an end, but 50 percent of Americans claim to not...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (Rendering of phase two of the Riverfront Fort Wayne project provided by the city of Fort Wayne.)

      Fort Wayne Riverfront Contract Pulled

      A proposed $2.5 million contract for the design work for the next two phases of the Riverfront Fort Wayne project has been pulled. Our partners at WPTA-TV report the Fort Wayne City Council withdrew the contract, which was set to go to Philadelphia-based DAVID RUBIN Land Collective.

    • Hoosier Schools Among 'Best Colleges in America'

      Nearly two dozen Hoosier institutions are included in MONEY magazine's rankings of the Best Colleges in America. More than 700 schools are on the list, which was determined by a number of factors in three categories, including quality of education, affordability, and outcomes.

    • The building will be converted to the Aloft Indianapolis Downtown

      Historic Downtown Indy Building to Become Hotel

      A hotel owner and operator with offices in Columbus and New York has acquired a historic building in downtown Indianapolis. Everwood Hospitality Partners says it has invested $5 million to acquire the former Stockyards Bank Building and plans to invest an additional $13 million to transform the building into a 128-room hotel. The 12-story building, which was built in 1898, will become the Aloft Indianapolis Downtown. Renovation work is expected to begin in the...

    • I-69 Delays Causing More Bloomington Traffic Problems

      Construction to complete section 5 of I-69 will take longer than expected and will impact students returning to IU. The "substantial completion" date for the stretch of interstate was August 31, but INDOT officials now say despite an accelerated schedule of 16-hour work days and six-day work weeks, the work won't be done for several more weeks.  INDOT says the construction will pose challenges for drivers in and around Bloomington through the end of the ...

    • (photo courtesy of our partners at The Times of Northwest Indiana)

      Economic Development Announcement Set For Gary

      An economic development announcement is set for Thursday in northwest Indiana. Governor Eric Holcomb and Gary Mayor Karen Freeman-Wilson will join executives from Pittsburgh-based United States Steel Corp. (NYSE: X) to give the news.