Governor Holcomb, IEDC Secure Largest Quarter of Committed Capital Investment in State History
28 March 2024 - 6:45PM
Governor Eric J. Holcomb announced today at the Indiana Economic
Development Corporation (IEDC) board of directors meeting that the
IEDC has secured $20.68 billion in committed capital investment so
far in 2024, marking the highest quarter on record for capital
investment in the agency’s nearly 20-year history.
“This is a significant time in Indiana’s history,” said Gov.
Holcomb. “Decades from now, we’ll look back on these years as a
critical turning point that transformed Indiana’s future,
cultivating the growth of future industries and creating
high-paying, in-demand career opportunities for Hoosiers for
generations to come. We are proud to share that Indiana has secured
another $20.68 billion in committed capital investment in just the
last three months, and that, most importantly, this will positively
impact our communities and our residents.”
The governor, along with Secretary of Commerce David Rosenberg
and IEDC Chief Strategy Officer Ann Lathrop, unveiled at the board
meeting that in the first quarter of 2024, 45 companies committed
to locate or expand in Indiana, investing $20.68 billion in their
operations and creating 5,158 new jobs with an average wage of
$33.79/hour – or more than $70,000 annually (over 20% the state
average wage and approximately the national average wage). This
committed capital investment already totals 72% of the capital
investment committed in all of 2023 ($28.7 billion), which was an
all-time high for the IEDC.
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.
Since that time, the IEDC has celebrated two consecutive
record-breaking years in 2022 and 2023, securing a total of $71.57
billion in new committed capital investment since the beginning of
2022. This includes the growth of new-to-Indiana sectors like
electric vehicles and semiconductors, as well as transformational,
high-impact commitments such as Canadian Solar (Jeffersonville),
Eli Lilly and Company (Lebanon), ENTEK (Terre Haute), General
Motors and Samsung SDI (New Carlisle) and StarPlus Energy
(Kokomo).
“Indiana’s strategic focus on creating the economy we want is
working,” said Sec. Rosenberg. “In partnership with Gov. Holcomb
and the Indiana General Assembly, we’ve created a more competitive
environment in Indiana, attracting once-in-a-generation investments
from companies that will be at the forefront of the future economy.
This historic economic momentum will bring new life to our
communities – both urban and rural – and create more quality career
opportunities for current and future Hoosiers, ensuring all
residents can prosper and succeed.”
IEDC board approval is often a necessary step in a company’s
decision to announce a project. With the board’s approval today,
these companies are expected to begin making announcements in the
coming weeks and months.
About IEDCThe 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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Erin Murphy
Office of Governor Eric J. Holcomb
317-618-7635
emurphy2@gov.in.gov