By Marketing Alliance
The state of Indiana heads into 2024 under a new economic development banner, “Indiana for the Bold.” This assertive new brand and mindset are backed by the record success of 2023 and by the state’s vision and range of far-sighted investments and initiatives that together promise a bold future for the Hoosier state.
“Indiana is thinking long-term and taking bold action to put Indiana at the forefront of critical innovations and to create a more prosperous future for Hoosiers,” says Indiana Secretary of Commerce David Rosenberg. “Our strategic, proactive approach is delivering tangible results, attracting new high-growth industries like semiconductors, electric vehicles and clean energy production to Indiana. Paired with unprecedented investments in entrepreneurship and quality of life, Hoosiers can look forward to more supportive and vibrant communities, more in-demand career opportunities and more opportunities to create generational change.”
One thing is clear: Indiana has momentum as it creates the economy of the future.
Success by the Numbers
Concluding the seventh consecutive record-breaking year for economic development, Indiana heads into 2024 powered by the momentum of unprecedented gains in 2023:
- A record committed capital investment of $28.7 billion (a 29 percent increase above 2022 investment);
- 21,866 new jobs created, paying a record average wage of $36.07/hour or approximately $75,025 annually (a 35 percent increase to the state’s average wage and 10.2 percent above the national average wage).
Of Indiana’s new major investments, multiple projects exceeded the $1 billion mark:
- $1.6 billion increased investment by Eli Lilly and Company for its facilities in the LEAP Lebanon Innovation District, bringing their project to a total of $3.7B;
- $1.5 billion investment by ENTEK for an EV battery separator plant;
- $3 billion investment by General Motors + Samsung SDI for battery cell manufacturing.
Indiana also continued to attract significant foreign investment:
- $20 billion+ in committed capital investment;
- 36 international businesses across 17 countries investing in Indiana;
- 8,500 expected new jobs with an average wage of $39.98/hour.
Additionally, the state continued to amplify and enhance global engagement with outreach including targeted overseas trips led by Governor Eric Holcomb and the IEDC (Indiana Economic Development Corporation) and the opening of a new IEDC office in Seoul, South Korea.
Key Trends Shaping Indiana’s Future Economy
In 2023, advanced manufacturing continued to lead Indiana’s economic growth, making up 40% of total projects, even as the state continued its rise as a hub for energy and EV production. Another key trend: The emergence of rural communities as a driver of economic growth, attracting $1.188 billion in investment, 24 percent of it planned by new-to-Indiana companies.
Other important developments of 2023 include:
LEAP moves forward. More sites identified. Momentum continued at the LEAP (limitless exploration/advanced pace) Research and Innovation District, as Eli Lilly and Company broke ground on its new manufacturing facilities and increased its LEAP commitment to $3.7 billion, resulting in an additional 700 new jobs. Indiana is also leading the nation in new statewide site identification; in 2023 the state’s SSI program (Strategic Sites Initiative) vetted 54 counties, identifying 428 new, nationally competitive sites ranging from 30 to 3,000 acres.
Investing for competitiveness. Under Gov. Holcomb’s leadership, the Indiana General Assembly made significant strides in economic development funding:
- $1.6 billion appropriated for a closing fund, tax flexibility, site acquisition and manufacturing readiness.
The Regional Economic Acceleration and Development Initiative (READI), the state’s landmark community development program, received an additional $500 million in funding for READI 2.0, bringing the state’s total investment to $1 billion. READI is transforming Indiana communities through three focus areas of quality of place, quality of life and 
quality of opportunity, with the goal of retaining and attracting talent while increasing opportunity for future Hoosiers to prosper.
Running parallel to READI is another important and historic community investment: A $250 million award to the IEDC from Lilly Endowment Inc., the largest single award given in the endowment’s more than 85-year history; allocations include $185 million for redevelopment and $65 million for Indiana arts and cultural amenities such as public art, museums, performing arts venues and festivals.
Empowering workforce to fuel Indiana’s future economy. In collaboration with employers and educational partners, the IEDC supported comprehensive workforce development initiatives including apprenticeship programs and the “MakeMyMove” effort to incentivize remote workers to relocate to Indiana cities and towns.
Three new federal tech hubs. Defying the astronomical odds, Indiana won the federal tech trifecta, securing three new federal tech hub designations for technology, hydrogen energy and microelectronics.
Indy leans into innovation and quality of place. In Indianapolis, the IEDC served as a thought partner and supporter in two major developments in 2023 that are poised to bring new life to Indianapolis. Indiana University and Purdue University signed an historic agreement 
to separate IUPUI, creating two separate and independent campuses in Indianapolis, led by each of the globally respected universities and research institutes, allowing both universities to implement their own visions and better meet the needs of an increasingly interconnected global economy. Also, plans were announced to redevelop Circle Centre Mall, revitalizing the heart of downtown with a $600 million mixed-use project.
A bold new brand breaks through. Indiana’s success and transformation reverberated around the world. Proactive storytelling and intentional media pitches generated prominent coverage from publications like the New York Times, Forbes, AP and Korea Herald, resulting in $183 million in earned media value world-wide. Moving boldly across the digital space with the “Indiana for the Winners” campaign also yielded well over 200 million global impressions.
Now as the state moves ahead in wide-ranging new directions, creating the economy of the future, one central focus will guide efforts, according to Secretary Rosenberg:
“Hoosiers remain at the center of our work. We are championing the future, capturing Indiana’s true potential, and being bold in the pursuit of lasting, generational change to ensure all Hoosiers — present and future — have all the opportunities for a successful, fulfilling career and life.”
