The Indiana Economic Development Corp. is touting a fifth consecutive record-breaking year for economic development in Indiana in 2021. The IEDC says nearly 300 companies announced commitments to locate or expand in Indiana with more than $8.7 billion in capital investment, a 56% increase over the previous year. “I have never been more optimistic about the economic future of our great state as we enter 2022,” said Indiana Secretary of Commerce Brad Chambers. “Indiana is winning in innumerable ways.”
The state says the average hourly wage increased to $28.49 and businesses detailed 31,710 job commitments in 2021, up more than 400 from the previous year.
The IEDC’s Annual Report highlights some of the larger job commitments announced last year, including Toyota Motor Manufacturing Indiana’s $800 million expansion in Princeton, which could create 1,400 jobs by 2023.
The report also details some of the major capital investment commitments, such as the $1.5 billion Mammoth Solar project in Starke and Pulaski counties, which broke ground in October.
Chambers says the state saw increased success in what he calls the “5 Es,” his strategic plan for continuing economic development growth. The plan centers around five pillars: environment, economy of the future, entrepreneurship, energy transition and telling Indiana’s story through external engagement.
“Despite the shifting economic landscape, the IEDC delivered record payroll increases and capital investments from new or expanding businesses, from both domestic and international companies,” said Chambers. “We also committed near-record investments in small and medium-size businesses. But like Indiana’s businesses and leaders, our appetite for success turns our focus to the future.”
You can view the full IEDC Annual Report by clicking here.