IEDC: 2017 shaping up to be record year
By Andy Ober | Inside INdiana Business
Indiana Secretary of Commerce Jim Schellinger says, if economic development continues at its current rate, 2017 "could be the best year in IEDC's history." The Indiana Economic Development Corp. says, so far in 2017, the state has secured 164 commitments from companies to locate or grow in Indiana. The organization says those businesses have committed to more than $5.4 billion in expansion plans that involve nearly 18,000 new jobs.
The IEDC says the new positions are expected to pay an average hourly rate of $28.60 per hour, or $59,000 per year. That is nearly 33 percent higher than the state's average wage. The investment commitments of more than $5.4 billion is already a 45 percent increase from the total of $3.7 billion in all of 2016. The 2017 year-to-date total already makes 2017 the third-largest year for committed investment since the IEDC was established in 2005.
One of the largest commitments so far this year came Thursday, when Midwest Fertilizer Co. LLC detailed plans to establish a $2.8 billion manufacturing operation in Posey County, resulting in up to 185 new jobs by the end of 2021. In May, India-based Infosys (NYSE: INFY) announced that it had chosen Indianapolis for one of four new technology and innovation hubs in the United States. The tech giant plans to create up to 2,000 jobs in the region by the end of 2021.
Among the top sectors so far in 2017 commitments:
- Manufacturing: 76 companies, planning more than $4 billion in investment and nearly 5,000 new jobs
- Technology: 39 companies planning more than 5,200 new jobs
- Logistics: Companies committing more than $56.7 million and creating up to 1,930 jobs
The IEDC says, so far this year, it has secured commitments from 20 foreign-based companies planning to invest $624 million and create more than 3,600 jobs.