Indiana Governor Eric J. Holcomb and Indiana Secretary of Commerce David Rosenberg today highlighted the 2024 economic successes in each focus area of the Indiana Economic Development Corporation’s (IEDC) strategic vision, concluding an eighth consecutive record-breaking year for economic development, community development and entrepreneurship in Indiana. In 2024, the IEDC secured more than $39.2 billion of committed capital investment – a new record, helped launch 482 new small businesses, and awarded another $500 million in quality of place funding to communities across the state through READI 2.0.
“Indiana’s economy is winning, and it’s setting Hoosier businesses and residents alike up for success for years to come,” said Gov. Holcomb. “As a state, we’ve spent the last eight years putting the right tools and the right strategies in place to win once-in-a-generation investments, propel innovation and entrepreneurship, build vibrant communities and create even more opportunities for current and future generations to prosper. I am immensely proud of our work together, and, most importantly, the impact it will have on Hoosiers and their families.”
In 2024, the IEDC secured 169 commitments from companies to locate or expand in Indiana, making plans to invest more than $39.2 billion (+37% from 2023) in their operations and create 17,062 new jobs with an average wage of $36.09/hour – or approximately $75,067 annually (+7% the national average wage and +28% the state average wage). This marks the highest capital investment and annual record for average wages since the IEDC was established in 2005.
Of these commitments, more than 72% are from companies already operating in Indiana committing to continued growth, nearly one third are from small businesses with less than 500 employees, 21% are from companies growing in rural and mixed-rural communities, and 20% are from foreign-owned businesses.
“Under the leadership of Gov. Holcomb, we’ve put Hoosiers at the forefront of our work and our actions day in and day out,” said Sec. Rosenberg. “Each new investment and each new business start is another opportunity to drive our communities and our people forward. As we wrap up yet another record-breaking year, we reflect on the new, in-demand jobs created, the growth of our entrepreneurial ecosystem, and the historic investments being made in quality of place and quality of life that will provide for the next generation of Hoosiers.”
Indiana’s successes have garnered global recognition and third-party validations, with the state ranking No. 2 in the U.S. for starting a business by Forbes, No. 2 state for ‘best to invest’ locations by Site Selection, No. 4 for business friendliness by CNBC and No. 5 for top states for doing business by Area Development. These accolades are a reflection of the IEDC’s comprehensive, economic strategy designed to ensure all Hoosiers have greater opportunity to succeed. The strategic vision includes a focus on advancing economic development and industries of the future, growing entrepreneurship and innovation, investing in community development and leaning into external engagement to share Indiana’s story and competitive advantages with the world.
Notable strategic successes in 2024 include:
Economic Development
- FUTURE-FOCUSED INDUSTRIES ABOUND: Indiana landed major economic development wins in high-growth, future-focused sectors in 2024. Notably, the state solidified its future in supporting advancements in technology and AI, securing four new data centers and $14.8 billion in investment from Amazon, Google, Meta and Microsoft. Additionally, transformational announcements were made in semiconductors (SK hynix), life sciences (Eli Lilly & Company, Simtra BioPharma Solutions), agbiosciences (Sustainea) and electric vehicles (Toyota).
- CURATING A GLOBAL ECONOMY: The state had another year of growth for foreign direct investment, with 34 foreign-owned businesses based across 16 countries committing to locating or growing in Indiana. Together, these firms plan to invest more than $3.4 billion and create more than 3,331 new jobs with average wage of $32.60/hour. This includes notable announcements from companies such as Toyota (Japan) and Sustainea (Brazil/Japan).
- MAKING INDIANA INVESTMENT-READY: Indiana continues to prioritize site development efforts, ensuring the state offers competitive sites to help companies invest and launch operations more quickly. Through the Strategic Sites Initiative, the IEDC is partnering with local communities to identify and prepare new sites; so far, the state has identified 9,548.5 acres for development across 490 new, nationally competitive sites.
- DEVELOPING A NEW INNOVATION DISTRICT: Momentum continues to build at the LEAP Research and Innovation District in Lebanon, where Eli Lilly & Company announced expansion plans in both May and October, committing to invest another $9.8 billion in its operations and create another 200 new jobs. This brings Lilly’s total LEAP investment to more than $13 billion. The company will also establish the Lilly Medicine Foundry – a new center for drug development and advanced manufacturing.
Additionally, Meta is making plans to invest up to $4.8 billion on a 1,500-acre site at LEAP. The company’s first phase of what could be a six-phase development includes an initial $800 million investment and 50 new jobs.
Entrepreneurship & Innovation
- DRIVING US INNOVATION & MANUFACTURING: Indiana’s three new federal tech hub designations continued to develop and take shape in 2024. In July, Heartland BioWorks was one of 13 of the 31 designated hubs to win implementation funding, bringing $51 million to the state’s life sciences-focused hub, while the multi-state Midwest Alliance for Clean Hydrogen executed a cooperative agreement with the U.S. Department of Clean Energy for phase one, securing $22.2 million in initial federal funding with up to $1 billion available.
In addition to federal funding, the state continues to invest in the advancement of its robust manufacturing sector. In 2024, the IEDC, in partnership with Conexus Indiana, awarded $12 million in Manufacturing Readiness Grants to businesses across 57 counties. These grants will support 140 projects and a total projected capital expenditure of $113.6 million in smart technologies and processes.
- POWERING ENTREPRENEURS & SMALL BUSINESSES: The IEDC continues to grow its support of Indiana’s entrepreneurial ecosystem, assisting a record number – approximately 13,000 – of entrepreneurs and small businesses in 2024 (+29.7% from 2023) through various initiatives, investments and incentives. The IEDC launched a new $29 million Legend Fund to invest in mission-driven local lenders and increase lending to Hoosier small businesses; awarded $1.05 million in community grants through its new Community Collaboration Fund to accelerate entrepreneurial resources statewide; and celebrated the third edition of Entrepreneurship Indiana, an annual publication honoring the entrepreneurial journey and highlighting 100 stories of entrepreneurs and those that support them.
The IEDC works to support entrepreneurs and small businesses through the Indiana Small Business Development Center (Indiana SBDC) and the Indiana APEX Accelerator (Indiana APEX). In 2024, the Indiana SBDC provided no-cost support to more than 6,150 entrepreneurs and small businesses, helping secure $64.98 million in capital infusion, helping launch 482 new businesses (new record) and supporting 24,415 small business jobs. Additionally, Indiana APEX served 235 new clients, with a majority (61%) qualifying as women-, minority-, or veteran-owned business enterprises, helping businesses secure more than $874 million in federal government contracts (+130% from 2023; new all-time record).
- ACCELERATING VENTURE DEVELOPMENT & STARTUP ACTIVITY: Through its partnership with Elevate Ventures, Indiana’s direct equity program currently acts as the #1 most active venture capital in the Great Lakes Region and #17 in most active at the angel and seed stages in the world. The IEDC contracts with Elevate to support Indiana’s direct investment efforts to provide assistance to high-growth, high-potential startups and innovators, making capital more accessible and attracting additional private co-investment.
Throughout 2024, the state committed to investing more than $12.9 million in 81 companies through 92 investments and grants utilizing the state’s 21st Century Research and Technology Fund. Since the inception of the partnership, and across all programs, the state has invested more than $182 million in 605 companies through 1,119 transactions alongside more than $2.18 billion in capital from other sources (nearly 12-to-1 investment leverage ratio).
Community Development
- INVESTING IN VIBRANT COMMUNITIES: The state continues to invest in quality of place, quality of life and quality of opportunity through the now $1.25 billion Indiana Regional Economic Acceleration and Development Initiative (READI). In April, Gov. Holcomb and the IEDC awarded another $500 million in funding to 15 regions representing all 92 counties through READI 2.0, and soon after, broke ground on the state’s first READI 2.0 project in Kokomo.
READI 1.0 has already yielded billions of dollars in committed capital investments by public and private sources to advance Indiana’s communities, and the expansion of READI 2.0 is expected to create historic levels of investment in building vibrant and modern neighborhoods. Since July, the IEDC has approved $79.3 million in READI 2.0 funding to 62 projects.
- INCREASING CONNECTIVITY, INCREASING OPPORTUNITY: In October, Gov. Holcomb announced the much-anticipated return of Indiana’s transatlantic flight – a key component of his Next Level Agenda. Starting in May 2025, Aer Lingus will provide nonstop service to Dublin, providing a critical link to Europe and beyond to connect Indiana businesses and residents with global markets.
Airports across Indiana continued to secure new domestic routes as American Airlines relaunched nonstop service between Evansville and Chicago, and Breeze Airways expanded to South Bend, launching two nonstop routes.
External Engagement
- ENHANCING INDIANA’S GLOBAL REPUTATION: Gov. Holcomb and the IEDC continued a commitment to advancing global engagement and international partnerships, building new partnerships and fostering relationships abroad on Governor- and IEDC-led trips to 17 countries and territories — Australia, Canada, Belgium, Brazil, France, Greece, Ireland, Italy, Kuwait, Mexico, the Netherlands, Singapore, Slovakia, Saudi Arabia, South Korea, Taiwan and the United Kingdom — and opened a new business development office in Taipei, Taiwan, to target growth in future-focused sectors.
The state also hosted the second iteration of its Indiana Global Economic Summit in May, welcoming 40 international delegations representing 31 countries and territories, to advance global partnerships across government, academia, industry and innovation.
- BOLDLY SHARING INDIANA’S STORY: In 2024, the IEDC continued to share the state’s story through its new brand – Indiana for the Bold – highlighting the state’s competitive advantages and elevating Indiana’s identity and reputation across the world. The state activated the brand, connecting with strategic sectors, at major events, including the Consumer Electronics Show, the InterBattery Conference in South Korea, and SEMICON Taiwan, and deployed targeted campaigns across Indiana and worldwide, reaching audiences across 70 strategic markets in 17 countries.
In order to continue this momentum and advance economic development opportunities for years to come, the IEDC remains committed to advancing innovation and entrepreneurship, ensuring a diverse economic environment, creating the jobs of tomorrow, and retaining and attracting top talent by investing in quality of place.
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