Following back-to-back record-setting years for investment and the largest quarter on record in Q1 2024, Indiana sets yet another record with $38.3 billion in committed CapEx

VINCENNES, Ind. (Sept. 19, 2024) – Governor Eric J. Holcomb and Indiana Secretary of Commerce David Rosenberg announced at the Indiana Economic Development Corporation’s quarterly board meeting that Indiana broke another record for committed capital investment in the state – a total of $38.3 billion through Q3 2024. 

“Indiana continues to offer businesses the workforce and pro-growth policies they need to compete and win in today’s marketplace,” said Gov. Holcomb. “This new record of committed capital investment, just three quarters into the year, will benefit communities all across Indiana. Businesses small, medium, and large and expanding, are relocating and setting up shop and employing Hoosiers in high-wage careers. We’re building on our strengths in advanced manufacturing and agriculture but also establishing exciting new ecosystems in life sciences, semiconductors, data centers and more.”

Since 2022, the IEDC has achieved tremendous growth and success. In 2022, the IEDC smashed previous records by securing $22.2 billion in committed capital investment. And in 2023, the IEDC set yet another record with $28.7 billion in committed capital investment for the year. And so far in 2024, Indiana has secured $38.3 billion in committed capital investment. In total, since the start of 2022, Indiana has secured $89.2 billion in committed capital investment.  

Through Q3 2024, 124 companies committed to locate or expand in Indiana, investing more than $38.3 billion in their operations and creating 13,036 new jobs with an average wage of $37.31/hour – or approximately $77,604 annually. 

“For the past two years, the state’s proactive and strategic approach has led to unheard of investment in every corner of the state,” said Secretary Rosenberg. “Through these investments, we’re creating new and better career opportunities for Hoosiers. And we’re doing this in a holistic way — Indiana’s READI program is creating quality communities, our small business programs are ensuring entrepreneurs are supported, and we’re continuing to attract and retain once-in-a-lifetime business deals.” 

Indiana rolled out a new, comprehensive economic development strategy in 2021, marking an intentional shift to a more proactive organization with a focus on building a high-growth, high-tech economy of the future. In partnership with Gov. Holcomb and the Indiana General Assembly, the IEDC has made significant modernizations to the state’s economic development toolkit and committed unprecedented investments to innovation, entrepreneurship and quality of place, equipping the organization to better compete for and win large, critical industry investments. 

About IEDC
The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, and helping businesses launch, grow and locate in the state. Governed by a 14-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit iedc.in.gov.

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Media Contact: 
Nathan Brown (IEDC) – 317.586.1096 or nabrown1@iedc.in.gov