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A Strong Year for Indiana and Northwest Indiana

Tuesday, February 21, 2017

Today, Indiana is recognized as the best state in the Midwest and fifth in the nation for doing business, and that is not by accident. As a state, Indiana has worked to create a pro-growth business climate by balancing our budget, reducing regulations, cutting costs and taxes, while simultaneously investing in our workforce, infrastructure and quality of place.

 

  • Indiana has a triple-A bond rating from all three credit rating agencies.
  • Our corporate income tax rate stands at 6.25 percent – lower than the Illinois rate – and each year we plan to continue lowering the rate, reaching 4.9 percent by 2021.
  • $100 is equivalent to $109.31 in Indiana, meaning each dollar that Hoosiers earn goes further. In Illinois, $100 is equivalent to $99.30, resulting in less of individual’s hard-earned money in their pockets.
  • Indiana is ranked #1 in the U.S. for small business regulations (per the Pacific Research Institute).

 

In 2016, the Indiana Economic Development Corporation (IEDC):

 

  • Secured 227 commitments from companies across the country and around the world to locate or expand in Indiana and together plan to
  • Invest nearly $3.7 billion in their Indiana operations and
  • Create 20,320 new Hoosier jobs in the coming years

 

Indiana’s agribusiness, logistics and manufacturing industries continue to thrive and advance while the state is simultaneously seeing unprecedented growth in sectors like aviation/aerospace and defense, life sciences and technology.

 

  • From 2013 to 2015, central Indiana businesses added 5,423 tech jobs, growing at a rate of nearly 30 percent and ranking #5 in the nation for tech growth.

     

  • Indiana ranks #6 for aerospace attractiveness (PwC) and in the last two years, aerospace industry leaders have announced plans to invest more than $900 million and create more than 1,200 new jobs in Indiana in the coming years.

     

  • Indiana’s agriculture industry contributes $31.2 billion to the state’s GDP each year and supports more than 107,500 Hoosier jobs in agricultural processing and related activities.

     

  • Indiana is one of the top five states in the country in terms of total life sciences jobs and companies, employing more than 56,000 Hoosiers at more than 1,700 companies across the state. 

     

  • Indiana is home to the highest concentration of manufacturing employment in the nation with one in five Hoosiers working in the industry.

     

  • Indiana is home to approximately 800 foreign-owned firms, employing more than 152,000 Hoosiers.

 

“Indiana is a top destination for business,” said Matt Saltanovitz, IEDC’s Northwest Regional Director. “And now, through the Indiana Regional Cities Initiative, the state is working to make Indiana a destination for talent. Through the initiative, Northwest Indiana received a $150,000 planning grant to continue its focus on attracting talent and new business centered around connectivity.” The grant will be focused on prioritizing projects that include significant improvements to the South Shore Line to advance access and convenience while capitalizing on Chicago's commuting population.

 

In 2016, Northwest Indiana region secured commitments from eighteen companies. Together these businesses committed to:

 

  • Creating 1,141 new jobs
  • Investing $238.6 million in their Indiana operations.

 

Notable announcements include: 

 

  • Nuco Steel Bar Technologies, a processor of raw steel materials, announced plans to invest $36.9 million, creating up to 50 new jobs in Valparaiso.
  • AMKUS Rescue Systems, a manufacturer of fire and rescue equipment, announced plans to relocate from Illinois to Valparaiso, investing $2.6 million and creating up to 20 new Hoosier jobs after being acquired by Task Force Tips.

     

  • NB Coatings, a Japan-owned manufacturer of automotive coatings for plastics, announced plans to invest $4.7 million to break ground on a new Hobart facility, creating up to 22 new jobs.

     

  • Outstanding Tradeshow Exhibit Services (OTES), a full-service designer and manufacturer of tradeshow exhibits, announced plans to relocate its operations from Illinois to Indiana, investing $1.2 million and creating up to 15 new Hoosier jobs.

     

  • Ratner Steel Supply Company, a producer of carbon steel sheets for manufacturing companies in the agriculture, transportation, general fabrication and service center industries, announced plans to invest $8.8 million to expand its Port of Indiana-Burns Harbor operations, creating up to 37 new jobs in Portage.

     

  • Polycon Industries, a manufacturer of plastic containers, announced plans to invest $15 million and create up to 100 new jobs in Merrillville.

     

  • Tri-State Automotion, a robot and automated systems manufacturer, announced plans to invest $2.5 million and create up to 45 new jobs in Hammond.

     

  • Konrady Plastics, a manufacturer and distributer of plastic sheet, rod and tube, announced plans to invest $3 million at its Portage facility, creating up to 14 new jobs.

In addition, both Hoist Liftruck and Monosol cut the ribbon on their new facilities in Northwest Indiana, which will create more than 600 jobs in the region.

 

Indiana Economic Development Corporation

www.iedc.in.gov

 

Matt Saltanovitz, Northwest Regional Director

Indiana Economic Development Corporation

219.798.0618

msaltanovitz@iedc.in.gov

www.iedc.in.gov