Study: Growing Value of Indiana’s Agbioscience Sector
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA new study commissioned by AgriNovus Indiana shows the economic impact of Indiana’s agbioscience sector grew more than 6% between 2012 and 2018 and contributes nearly $40 billion to the state’s economy.
The study, conducted by Ohio-based TEConomy Partners, also shows the average wage in the sector is nearly $52,000 annually, 8% higher than the statewide average.
“Indiana’s agbioscience economy is thriving, generating growth in both economic output and average wages,” said Mitch Frazier, president and chief executive officer of AgriNovus Indiana. “This study identifies Indiana’s tremendous strengths in operations and academia across food production, animal health, agtech and plant science and establishes a clear platform for us to take Indiana’s agbioscience economy to the next level.”
The report shows the industry is driven by four innovation-based platforms, including:
- Value-Added Food and Nutrition, which has seen a 14% growth in jobs.
- Animal Health and Nutrition with a nearly 19% growth in employment.
- Agricultural Equipment, Technologies and Systems which shows a 5.5% job growth.
- Plant Science and Crop Protection, which has experienced a decline in both output and employment.
The study highlighted several companies that are making large investments in Indiana, including Solinftec which announced plans last year to relocate its global headquarters from South America to Indiana.
It also mentioned Italy-based Italpollina which located its North American headquarters in Madison County and plans to build its research and development facilities as well.
“Noting the large-scale changes that have affected the agbiosciences globally, it is encouraging to see Indiana’s economic growth,” said Deborah Cummings, principal and senior director for TEConomy Partners. “Indiana should be encouraged by the progress and collaboration with partners across the state to continue on a growth trajectory into this new decade.”
To view the full study, click here.