01/02/12 The Indiana Economic Development Corporation announced today that in 2011 it secured job commitments from 219 companies from across the country and around the world, an increase from 200 companies in 2010 and more than any other year on record.
“With our low-cost, fiscally sound business climate, Indiana continues to catch the attention and win the investment of more and more companies,” said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation.
Driven by companies like Angie’s List, Canadian National Railway, R3 Composites and SS&C Technologies, Indiana welcomed commitments for 19,080 new jobs and $2.7 billion in capital investment in 2011. The new jobs, many of which have already been created and others companies expect to create over the next five years, pay an average hourly wage of $21.22, above the state’s current hourly wage of $19.17.
“This year’s results are a testament to the dedication and collaboration of people throughout the state,” said Hasler. “But there’s more hard work ahead in 2012 as Indiana continues to make job creating efforts our top priority.”
Non-automotive manufacturing represented the largest sector for new job commitments in 2011 with 5,223 new jobs projected. With 4,650 job commitments, the automotive-related manufacturing industry represented the second largest sector of new growth followed by the logistics sector with nearly 2,000 projected new jobs. Job commitments for other sectors include: business services (1,729), information technology (1,261) and life sciences (838).
Business consolidations were a trend in 2011 with 34 companies planning to move all or a portion of their operations to Indiana. Collectively, these projects accounted for 3,325 new job commitments and $165.6 million in capital investment.
This year the state’s economy continued to garner national accolades. Area Development magazine noted in September that Indiana is the best state for business in the Midwest and fifth best in the country and Chief Executive magazine rated Indiana sixth in its annual “Best & Worst States” survey. Site Selection magazine ranked the state sixth in the nation for its business climate and Indiana is one of only nine states to have triple-A credit ratings from all three reporting agencies: Standard & Poor’s, Fitch and Moody’s.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.