Indiana's economic development efforts experience strong start in 2010
By Blair West
At the close of the first two quarters of 2010, the Indiana Economic Development Corporation has provided a mid-year update on the state's economic development efforts which shows that the public-private agency has secured 93 new decisions by companies to locate a projected 13,757 new jobs in the state, topping all previous years' totals for the same time period.
The new positions, which companies expect to hire over the next five years, pay an average hourly wage of $21.81, above the state's current hourly wage of $18.40. At the halfway point in the year, companies project to invest $2.07 billion in their Indiana operations which exceeds the $1.92 billion committed over the entire year last year. Meanwhile, the average amount of state performance-based tax incentives offered to companies on a per job basis is $8,545, below the 2009 year-end amount of $8,701.
Competitive consolidation projects continue to be a trend in 2010 with 10 of 93 projects being the result of a company closing an operation elsewhere to increase capacity in Indiana. Collectively, these projects comprise 4,510 new job commitments. In 2009, 51 of 160 projects were competitive consolidations, resulting in a projected 5,550 new jobs.
In March, the IEDC reviewed the performance of the 160 projects announced in 2009. The companies indicated they had planned to create 5,159 new jobs through the end of 2009. During the first quarter review, the companies collectively reported they had added 5,280 new jobs in 2009, or 102% of their projections.
"With 10 percent of the nation's private sector job growth, Indiana's job creation efforts are receiving national attention. We've enjoyed a great start to 2010 and know that the national spotlight will only bring more opportunities and investment to our doorstep," said Mitch Roob, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation.
Earlier this month the Wall Street Journal reported that Indiana has the largest percentage increase in jobs of any state in 2010 at 1.9 percent. The state's private sector employment has grown by 2.1 percent this year, with a total gain of 47,900 jobs according to the U.S. Department of Labor. The next closest states reported private sector employment growth of 1.5 percent while national private sector job growth was .5 percent. Indiana accounts for 10 percent of total U.S. private sector employment growth during the five-month period (Indiana has 2 percent of the country's population).
At the close of the first two quarters of 2010, the Indiana Economic Development Corporation has provided a mid-year update on the state's economic development efforts which shows that the public-private agency has secured 93 new decisions by companies to locate a projected 13,757 new jobs in the state, topping all previous years' totals for the same time period.
The new positions, which companies expect to hire over the next five years, pay an average hourly wage of $21.81, above the state's current hourly wage of $18.40. At the halfway point in the year, companies project to invest $2.07 billion in their Indiana operations which exceeds the $1.92 billion committed over the entire year last year. Meanwhile, the average amount of state performance-based tax incentives offered to companies on a per job basis is $8,545, below the 2009 year-end amount of $8,701.
Competitive consolidation projects continue to be a trend in 2010 with 10 of 93 projects being the result of a company closing an operation elsewhere to increase capacity in Indiana. Collectively, these projects comprise 4,510 new job commitments. In 2009, 51 of 160 projects were competitive consolidations, resulting in a projected 5,550 new jobs.
In March, the IEDC reviewed the performance of the 160 projects announced in 2009. The companies indicated they had planned to create 5,159 new jobs through the end of 2009. During the first quarter review, the companies collectively reported they had added 5,280 new jobs in 2009, or 102% of their projections.
"With 10 percent of the nation's private sector job growth, Indiana's job creation efforts are receiving national attention. We've enjoyed a great start to 2010 and know that the national spotlight will only bring more opportunities and investment to our doorstep," said Mitch Roob, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation.
Earlier this month the Wall Street Journal reported that Indiana has the largest percentage increase in jobs of any state in 2010 at 1.9 percent. The state's private sector employment has grown by 2.1 percent this year, with a total gain of 47,900 jobs according to the U.S. Department of Labor. The next closest states reported private sector employment growth of 1.5 percent while national private sector job growth was .5 percent. Indiana accounts for 10 percent of total U.S. private sector employment growth during the five-month period (Indiana has 2 percent of the country's population).