IEDC reports 4th straight record year for job commitments

The state’s lead economic development agency announced Thursday that it secured 282 business relocation or expansion deals in 2020 that are expected to result as many as 31,300 new jobs.

The Indiana Economic Development Corp. said those businesses together plan to invest more than $5.6 billion in Indiana and create jobs paying an average wage of $28.13 an hour.

The job-creation number was a record high for the fourth straight year and the annual wage commitment was the second highest since the establishment of the IEDC in 2005.

The IEDC received commitments for 27,137 jobs in 2019, 30,710 jobs in 2018 and 30,158 jobs in 2017.

Last year marked all-time highs for commitments in capital investment ($8.44 billion) and average wage ($28.60 per hour).

“Despite being an incredibly challenging year for Hoosier businesses in many different ways, I’m extremely encouraged and inspired by the perseverance of our business community,” Indiana Gov. Eric Holcomb said in written remarks. “Achieving another record-breaking year for economic development in 2020 shows us that Indiana is on the right track and that better times are ahead for Hoosiers, with more than 31,000 new career opportunities over the next few years.”

The committed wage figure for 2021 is 22% higher than the state’s average wage of $23.01 an hour, the state said.

The largest economic deals in terms of job commitments or planned capital investment in 2020 came from:

– Walmart (1,000 jobs; $600 million investment in Hancock County).

– Electric Last Mile Inc. (960 jobs; $300 million investment in St. Joseph County);

– Services LLC (800 committed jobs in Hancock County);

– Mission Foods (544 jobs in Hendricks County);

– Elanco Animal Health Inc. (537 jobs in Marion County and 1,600-plus jobs retained statewide);

– Milwaukee Tool (450 jobs in Johnson County);

– Inteva Products (400-plus jobs in Wells County);

– Forest River (369 jobs in DeKalb and LaGrange counties);

– Subaru of Indiana Automotive Inc. (350 jobs in Tippecanoe County);

– Corsicana Mattress Company (350 jobs in LaPorte County);

– Barletta Boat Company (250 jobs in Elkhart County);

– NewCold (202 jobs in Boone County);

– INCOG BioPharma Services (150 jobs in Hamilton County);

The IEDC said 36 foreign-owned businesses headquartered in 14 countries or territories committed to locating or growing in Indiana. Those firms planned to invest $1.85 billion in Indiana and create up to 5,228 jobs.

The agency secured 27 commitments from aerospace and defense companies and companies that have contracts from the U.S. Department of Defense. Those businesses planned to invest more than $612.7 million and create up to 4,046 jobs in Indiana.

It also secured 36 commitments from life sciences companies ($890 million investment, 5,447 jobs), 145 commitments from manufacturers ($3.75 billion, 17,792 jobs) and 47 commitments from tech and tech-enabled firms (3,779 jobs).

The jobs and investment numbers are based on expectations from the companies and don’t always come to fruition. The IEDC typically offers incentives in the form of tax credits and training grants that aren’t paid unless the companies meet hiring goals.

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One thought on “IEDC reports 4th straight record year for job commitments

  1. “IEDC meldet viertes Rekordjahr in Folge für Stellenzusagen” I’ve translated the language into the original fascist. Or maybe in Il Duce’s language: “IEDC riporta il 4° anno record consecutivo per impegni di lavoro”. Remember, “The fascist state is the corporate state.”