Indy Economy on ‘Upswing’

(Image Courtesy of Visit Indy)

Officials with the city of Indianapolis, Indy Chamber and Develop Indy say the overall economy of the state’s largest city is "on the upswing." From January through July, Develop Indy counts 21 expansion or relocation projects, representing nearly 3,000 retained or pledged jobs.

Another 1,000 jobs still awaiting final approval are not included in the total. A big chunk of the new jobs, about one-third, are tied to the tech sector. Develop Indy says approximately half the retained jobs came from sectors where central Indiana is typically a powerhouse: advanced manufacturing and logistics.

Indy Chamber Chief Executive Officer Michael Huber says “Indianapolis is seeing a high-tech boom to go along with our manufacturing and logistics strength. The same trend is shaping the downtown skyline, as Salesforce puts its name on our tallest office tower just a few blocks from the nearly-completed Cummins global distribution headquarters. Major announcements from companies like Torchlite Technologies and Sigstr this summer added to the tech momentum." Salesforce, whose plans involving 800 jobs by 2021 are pending and don’t count toward the first-half total, will locate a regional headquarters to Indy’s tallest building and change the name from Chase Tower.

The city is also touting Indy’s overall economy is also touting a nearly two percent unemployment dip in Marion County over the last two years and national recognition from the likes of Forbes, Fast Company and the Brookings Institution.

Mayor Joe Hogsett says "the strategic economic development efforts of our city are encouraging more employers to move, grow and hire here in Marion County." He adds "we’re a technology hub and a logistics crossroads, a great place to manufacture everything from jet engines and auto parts to lifesaving medicines,” he finished.  “Our economic game plan is just as diverse – recruiting companies to our city, creating an environment where homegrown businesses thrive, and encouraging entrepreneurs to pursue their ambitions here."

Other significant investments noted during the first half of the year include Schlage Von Duprin, Sun King Brewing Co., Solstice Medical, FitzMark, Transport America, Brite Systems, AchronSafe, Site Strategics and Sallie Mae.