The Indiana Economic Development Corporation (IEDC), in partnership with Conexus Indiana, announced that 186 Manufacturing Readiness Grants totaling $22.7 million were awarded in 2022, supporting $352.7 million in technology-enabled capital investment among manufacturers. The innovative program, structured to allow Indiana based manufacturers to increase production efficiency, invested in 60 counties across Indiana in 2022.
Launched in 2020, the Manufacturing Readiness Grants program was created to stimulate private sector investments to modernize Indiana’s manufacturing industry. Since then, a total of 384 awards totaling $39 million have been awarded to companies in 69 counties, prompting proposed projects with combined budgets of $484 million.
“Indiana’s rich manufacturing history paired with these new investments will ensure that Indiana continues to lead as the world transitions into Industry 4.0,” said Indiana Secretary of Commerce Brad Chambers. The Manufacturing Readiness Grants program is propelling Indiana’s innovative economy with strong returns on each dollar spent and is creating high-quality career opportunities throughout the state.”
In the 2022 Manufacturing Readiness Grants Impact Report, Conexus Indiana and the Purdue University Dauch Center for the Management of Manufacturing Enterprises provided an in-depth look into the impacts achieved via grant recipients through June 30, 2022. Key findings from the impact report, in addition to a revenue impact survey conducted in collaboration with the IEDC, include:
Companies that adopted a smart manufacturing technology on average added five new positions; they also anticipated payroll to grow on average $196,000 per project.
The average revenue impact to companies was $2.5 million, with 37% of those companies reporting that they anticipated revenue growth of more than 10%.
The capital investment coupled with projected increases in both revenue and wages equate to a significant internal rate of return for the state’s investment in the Manufacturing Readiness Grants program.
“Conexus Indiana data show that the percentage of companies budgeting for Industry 4.0 technology, such as advanced robotics, cobots, machine vision and additive manufacturing, has doubled from 2020 to 2022,” said Mitch Landess, vice president of innovation and digital transformation at Conexus Indiana. “Manufacturing Readiness Grants have served as a catalyst to accelerate digital adoption projects for hundreds of companies, and recent findings support that this is leading to significant economic growth.”
Manufacturing Readiness Grants award recipients through December 31, 2022, can be found on the Conexus Indiana website.
About Conexus Indiana
For more than a decade, Conexus Indiana, one of the Central Indiana Corporate Partnership (CICP) non-profit initiatives, has been positioning the Hoosier State as the best place for advanced manufacturing and logistics industries to invest, employ and succeed. By collaborating with industry, academic and public sector partners on a shared vision for an innovative, skilled workforce and stronger business climate, Conexus Indiana has helped to create opportunities for advanced manufacturing and logistics companies, prepare Hoosiers to succeed in the state’s largest industry sectors and maintain Indiana’s competitive advantage. For more information, visit conexusindiana.com.
The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, helping businesses launch, grow and locate in the state. Led by Secretary of Commerce Brad Chambers, @SecChambersIN, and governed by a 15-member board chaired by Governor Eric J. Holcomb, @GovHolcomb, 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.