Anderson Marks Big Year For New Investment

Posted: Updated:
NTK Precision Axle Corp. announced plans for a new facility in March. (rendering courtesy NTK) NTK Precision Axle Corp. announced plans for a new facility in March. (rendering courtesy NTK)
ANDERSON -

The city of Anderson is touting a strong year for investment and new job commitments in 2017. Our partners at The Herald Bulletin report businesses invested nearly $250 million with plans to add 679 jobs over the next few years, compared to $68.8 million and 262 jobs promised in 2016.

Mayor Thomas Broderick tells the publication new companies are choosing to locate in Anderson because of its location, rather than the city providing 100 percent tax abatements.

"The reality is that the foundation we put in place is proving to be attractive," said Broderick. "I believe we reached that point where we don’t have to offer a 100 percent tax abatement. I understand what we did in previous years to attract investment. Now we’re at the place, unless it’s something extraordinary, we don’t have to offer the same level of incentives. We have to expand the tax base, maxed out through the tax caps."

Some of the notable investment plans include NTK Precision Axle Corp., which announced a commitment to invest more than $100 million to build a new manufacturing facility in Anderson and add nearly 200 jobs by 2021. Broderick says the company initially wanted a 100 percent tax abatement, but agreed to a 10-year, 70 percent incentive.

Last month, Nestlé USA announced plans to invest $80 million into its Anderson facility, creating 30 jobs. The company was offered a 65 percent tax abatement for the project, which Broderick says saved the city $1 million.

Broderick says the new year should be another good one for Anderson. "The existing businesses and newer businesses are looking to expand. These companies have to be satisfied because they are looking to grow in Anderson. I knew things were going well, lots of leads that are coming in. I have high hopes that (2018) will look as good."

  • Perspectives

    • Job Insights For The Third Quarter

      To provide accurate and timely employment forecasts for business leaders, Express Employment Professionals International Headquarters conducts an ongoing Job Insights survey to track quarterly hiring trends across a wide range of industries. Express surveyed business owners, decision makers, and human resource professionals about the overall hiring trends in their markets and how they impact their hiring decisions. Overall confidence remains high going into the second half of 2018.

    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

    • Purdue Professor, Wife Indicted For Fraud

      A Purdue University professor and his wife have been indicted on federal fraud charges. U.S. Attorney Thomas Kirsch's office says Qingyou Han and Lu Shao are accused of hatching a scheme to defraud the National Science Foundation. 

    • Maureen Krauss (pictured left) is chief economic development officer at the Indy Chamber and Tom Leinbarger (pictured right) is chief executive officer at Cummins Inc.

      Indiana Businesses Fret Potential Trade War

      As a potential trade war looms over recently-imposed tariffs on China, Indiana businesses are expressing concern about the fallout. It is estimated that global trade supports more than 800,000 jobs in Indiana, many of those in the manufacturing and agriculture sectors. In 2016, Columbus-based Cummins Inc. sold more than 500,000 engines in China. Chief Executive Officer Tom Linebarger says the company's global footprint generates jobs and investment in Indiana.

    • Devour Indy Restaurants Unveiled

      Devour Indy has released the list of restaurants participating in the Summerfest 2018 event, which kicks off next month. More than 100 Indianapolis-area restaurants are participating this year, including more than 10 new additions to the list. 

    • The fund was first announced as part of Holcomb's Next Level Agenda. (Image courtesy of the state of Indiana.)

      Next Level Fund Makes First Investments

      Governor Eric Holcomb’s office says the Next Level Indiana Trust Fund has made its first two funding commitments. The fund, created by the Indiana General Assembly in 2017, has awarded a total of $21.5 million to Indianapolis-based High Alpha Capital and Colorado-based Foundry Group.

    • Walmart Details Crawfordsville Layoffs

      Walmart Inc. (NYSE: WMT) is reducing workforce at the Walmart Optical Lab in Crawfordsville. In a notice to the state, the company said 108 employees will be out of work by the end of September. A corporate spokeswoman told Inside INdiana Business the decision was a response to "changing business needs." She added "we are making adjustments at our Walmart Optical Labs in Crawfordsville to help ensure we have the right people in the right place at the right time."