Danny Lopez: Winning formula for state is to stay open for business

Property taxes and health care costs have understandably dominated this legislative session, so it is easy to overlook one of the most consequential discussions taking place in the Statehouse.

Up for debate has been the state’s vision for economic development. The issues involve how—and whether—we continue to compete for global investment and our desire to do more for local small businesses while staying true to the economic development principles that have transformed our state’s economy over the last 20 years.

It is a critical conversation, and it is even more critical that we come to the right conclusion. For me, at least, it’s clear: Indiana must stay open for business.

To be sure, a renewed focus on Main Street is crucial, and Gov. Mike Braun’s administration has already put in place new resources to help foster that growth. The governor is uniquely equipped to lead that charge. His decades of success in the private sector are proof of that, and his commitment to rejuvenating communities by strengthening small businesses, particularly in rural Indiana, will have profound impacts statewide.

And greater transparency around how we conduct economic development is critical, without question. I applaud Gov. Braun for the steps he is taking to rebuild trust in that aspect of state government. That’s also why I sponsored SB516, which creates new reporting requirements giving local leaders better visibility into the deals the Indiana Economic Development Corp. is pursuing. After all, state efforts to keep Indiana globally competitive are a compliment, not a hindrance, to support for local employers of all sizes. Our economic vitality requires both.

But our state’s transformation into a magnet for talent, technology and new industries happened not by accident but because of 20 years of intentional policy and bold decisions to put Indiana in the national conversation for real investment. As a result, companies new to Indiana as well as our most recognizable flagship companies have decided again and again that betting on Hoosier workers, civic leaders and stable conditions makes good business sense.

Gov. Mitch Daniels convinced us we could—and should—compete with any state in America and showed us how. Govs. Mike Pence and Eric Holcomb, supported by forward-thinking legislative leaders, slammed on the accelerator. Those policies have yielded the record investment we now enjoy, transformative investments from both our legacy companies and new ones with impact in every corner of the state.

The basis for growth is our tax climate fostered by nearly 15 years of tax cuts and pragmatic government, but it has also been willingness to invest the resources needed to grow our way to prosperity. Our focus on quality of life and place in urban, suburban and rural communities is a great example, and it’s one reason we are growing even while similar states are shrinking.

We committed to literacy in a big way, aligned learning to our economy to make every student enrollable and employable, and rejected the idea that one size fits all in education. We have supported the nation’s strongest postsecondary system, and we have pushed hard to become a hub for logistics, technology, advanced manufacturing, biosciences and more. We have even created a sports and tourism bid fund to continue competing for large-scale events that drive tens of millions in economic impact to communities across Indiana.

The results of our strategy speak for themselves.

Over the last three years alone, Indiana has attracted nearly $100 billion in capital investment, projects that have brought high-wage jobs and opportunities to every part of the state. More than 70% has come from companies already operating here who continue to see Indiana as the right place for long-term growth and investment, and many are small and medium-size businesses. Since the pandemic, our gross domestic product has hit nearly 10%, far outpacing any other Midwestern state, and we have brought tens of billions of dollars from companies outside the United States looking to relocate to our state.

One could point to dozens of these intentional, strategic policies over the last two decades, all guided by principle. When it comes to economic development, Indiana is undeniably in active competition with our peer states, and if we’re not at the table, we’ll be on the menu.

Now we have the momentum to make the next decade in Indiana the very best in our history. Projects are in the pipeline, the climate is ripe, and our state’s chief executive has a lifetime of business experience and success from which to draw. The wind is at our backs, but our commitment must be unwavering.

CEOs and business leaders across the globe must be clear on one thing: Indiana remains open for business.•

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Lopez is a Republican representing House District 39.