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We’re entering March Madness and can’t wait to see if our favorite teams put on a big dance and where they’ll be seeded. We’re paying attention, and each year we want to know where Indiana stands compared to our competitors.
As a matter of fact, I like being at or near the top of some important rankings. And I like our chances as Indiana looks to attract new jobs and capital investment. I hope it lasts until 2023.
Forbes says we are the state leader in starting new businesses. CNBC says our infrastructure is the best in the country. Business facilities say we are number one in manufacturing output. Business facilities also rank second for manufacturing employment. According to the foundation, our property tax ranks him second in the country. It ranks second in cost of doing business, according to CNBC.
I could go on but you get the idea. Indiana is well known to outsiders considering where to grow or expand their business, as well as to insiders who have determined that the state is the best place to start and grow a business. So our state gets a lot of attention and, more importantly, a lot of transactions. Last year, the Indiana Economic Development Corporation (IEDC) broke his record for the sixth straight year.
In all, 218 companies have committed to enter or expand in Indiana in 2022, investing more than $22.2 billion. This represents an increase of about 250% year-on-year, creating 24,059 jobs at an average wage of $34.71/hour.
Indiana’s success is largely due to several key policy decisions that helped create the right tax system and business environment. Also, investments in quality in local cities and many of the key locations catalyzed by her READI program are spurring development in every corner of the state.
Historically, other parts of Indiana have had more success than ours. We are starting to hold our own now. And now we’re on the radar we never had before. Nearly all of the large projects targeting the Midwest had our area in mind. Most projects, regardless of size, also looked to our area, considering Indiana. We are still mixed in many of these opportunities.
It’s important to leverage that interest and build on Indiana’s success. The state has published an excellent playbook and is ready to go. Indiana’s focus on growth and innovation in semiconductor manufacturing and design, electric vehicles and batteries, life sciences, agribioscience, and Industry 4.0 aligns well with what’s happening in the region. .
Access to major university research centers like the University of Notre Dame is another key factor, giving us a look we otherwise wouldn’t get. As universities continue to increase their commitment to these emerging industries, it is important that the community aligns with these strengths.
Our geography, site readiness, business-friendly public policies and development processes, a skilled workforce, and housing all add up to other key factors in winning the battle for employment.
We must remember that we are competing for the same investment with over 8,000 communities in the United States and communities around the world. As our states have done in the policy arena, local policy-making must prepare for competitive advantage, and those efforts cannot be hindered.
The competition is fierce, and other states and communities are trying to push Indiana and our region out of the top spot. We need to have the best team on the floor and have a sound game plan in place if we want to run. Indiana is winning and it’s time for our region to win too. rice field.
Jeff Rea is the President and CEO of South Bend Regional Chamber (jrea@sbrchamber.com).
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