Economic development leaders in Tippecanoe County are calling 2013 a record-breaking year. Greater Lafayette Commerce, along with county, West Lafayette and Lafayette officials report dozens of projects could have a nearly $4 billion economic impact. November 20, 2013
Lafayette, Ind. – Six weeks before the end of the year, when economic tallies are usually calculated, representatives of Lafayette, West Lafayette and Tippecanoe County governments, Greater Lafayette Commerce and the community announced 2013 is already a record-breaking year for local economic successes.
Dubbed “A Celebration of Community Milestones,” an announcement at the Lafayette Country Club on Tuesday evening included a report that more than $1 billion in new capital investments – some 75 projects of at least $100,000 each – have already been made or announced this year. Combined, the new investments bring at least 1,200 new jobs to the community and an economic impact that could reach $4 billion.
Tim Powers, chair of Greater Lafayette Commerce, credited the community's work-together style with the success. “I sit at the table with all the various groups in our community and get to witness the cooperation and commitment that bring us successes like we are celebrating today. It's impressive.
“Economic health is the foundation of our success, which makes today's announcement especially significant,” Powers said. “With new and growing core businesses and industries, all other sectors are positively affected – retailers, restaurants, service businesses – all those establishments that support a thriving community.”
The announcement came piece by piece as speakers revealed tallies in eight areas while representatives from each sector completed a puzzle revealing a giant photograph of the Tippecanoe County Courthouse.
The individual sectors' tallies through mid-November are:
-High-tech, life sciences and co-working facilities, $1.8 million in capital investments;
-Professional and service businesses, $10.3 million;
-Medical, healthcare and senior living, $17.9 million;
-Retail, hospitality and tourism businesses, $31.7 million;
-Nonprofits and public works, $40.5 million;
-Real estate projects, $52.5 million;
-Education, $295.5 million; and
-Advanced manufacturing, $564.7 million.
“The word is out,” said Lafayette mayor Tony Roswarski. “Lafayette is a robust, vital spot for advanced manufacturing. Not only are our existing industries faring well, many are expanding and new ones are locating here. Their choice is a testament to the great workforce we have here, to the welcoming business climate and to our quality of life.”
So far this year, 10 industries have announced expansions. They include ACell, Heartland, Nanshan, ProAxis, Subaru of Indiana Automotive, Swift Fuels, TKO Graphix, voestalpine/Rotec, Oscar Winski and Worwag Coatings.
“Our community’s economic health and quality of life involve all sectors coming together, working together, building our community together,” said Jody Hamilton, economic development director at Greater Lafayette Commerce.
Among the highlights in other sectors were the growth of Passageways and arrival Sypris Research Center in the high-tech sector, and several new banks, a warehouse and new Fed Ex facility in the professional/services area.
Real Estate's $52.5 million in investments included the 511 Northwestern project, Duncan Park expansion, senior living facility at the former Home Hospital location and others.
“We are a community that welcomes new businesses and expansions,” said David Byers, Tippecanoe County Commissioner. “We know that all work and no play makes Jack a dull boy, though, so we are gratefully indebted to our cultural venues for the quality of life enhancements they provide.”
Expanded arts venues and parks improvements were among the nonprofit and public works projects listed.
West Lafayette mayor John Dennis said, “What works about our three-pronged government sector of two cities and our county is that we all work together while also bringing our own individual strengths. On the West Side, we house Purdue University; the Purdue Research Park, where high-tech and life science businesses thrive; and a healthy mix of other businesses.”
Dennis announced the education investment total of $295.5 million, which included New Community School, Ivy Tech Community College investments and new buildings at Purdue.
The grand total of $1,014.9 billion through November 15 is well ahead of 2012's full-year tally of $646.1 million. Earlier full-year totals were $444.3 million in 2011; $640.1 million, 2010; $340.93 million, 2009; and $592.9 million, 2008.
About Greater Lafayette Commerce. Headquartered at 337 Columbia St. in Lafayette, Greater Lafayette Commerce (www.greaterlafayettecommerce.com), whose roots go back more than 85 years, is a nonprofit membership organization supported by local businesses, industries and governments. Its mission is to advance economic and community prosperity for a superior quality of life.
Source: Greater Lafayette Commerce