INDIANAPOLIS (Mar. 18, 2026) — Indiana’s economic development momentum is accelerating in 2026, driven by rising wage levels, strategic regional investment initiatives and expanded support for entrepreneurs and small businesses, Governor Mike Braun reported during the first-quarter meeting of the Indiana Economic Development Corporation (IEDC) Board of Directors.
So far this year, 19 companies have committed to new or expanded operations across the state, collectively pledging to create 1,368 new jobs with average wages of $45.34 per hour — a 14% increase from the state’s previous record set in 2025 and nearly 26% higher than 2024 levels. State officials also noted improved cost efficiency for incentive-supported projects, with average costs per job falling to $16,014, a 65% reduction from 2024.
“Indiana’s economic development strategy is delivering measurable results for Hoosiers, creating high-wage opportunities while strengthening fiscal stewardship,” Gov. Braun said. “Our focus on regional collaboration and entrepreneurial growth is ensuring long-term competitiveness and innovation across the state.”
Regional Strategy Driving Investment
During the meeting, the IEDC outlined progress on initiatives aimed at strengthening regional economic ecosystems. New legislation will enhance the state’s ability to deploy Redevelopment Tax Credits (RTC) in support of regionally driven priorities, accelerating community revitalization and talent attraction efforts.
These initiatives complement Indiana’s recently announced $1 billion commitment to expanding its life sciences sector, a move expected to support up to 100,000 high-quality jobs over the next decade and reinforce the state’s national leadership in advanced biosciences.
Regional investments through the state’s READI programs continue to gain traction. Under READI 1.0, $487 million has been obligated, with $409 million already disbursed to 421 quality-of-place projects statewide — 61% of which have been completed. READI 2.0 has obligated $176 million to 121 projects, with an additional $369 million expected to be allocated to pre-approved initiatives. Current READI 2.0 investments are significantly exceeding match requirements, leveraging $23 in private, local and nonprofit investment for every $1 of state funding.
Further regional investment is being supported through a $250 million grant from Lilly Endowment Inc., with $131 million already committed to blight remediation and redevelopment initiatives and an additional $65 million planned for arts and cultural development.
Expanding Entrepreneurial Ecosystems
Indiana is also intensifying efforts to strengthen its entrepreneurial pipeline. In 2025, the IEDC and Indiana Small Business Development Center network supported more than 10,000 entrepreneurs and small businesses, awarding $66.8 million through grants, loans, tax credits and investment programs while helping launch 453 new businesses.
In early 2026, the state allocated an additional $1 million to the Community Collaboration Fund, supporting locally led initiatives focused on entrepreneurial education, technology enablement and business acceleration.
The IEDC also opened applications for specialized advisory services to help Indiana companies pursue federal innovation funding through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
To further accelerate startup and scale-up activity, the IEDC board approved up to $5 million annually from the 21st Century Research and Technology Fund to sustain accelerator programs such as gBeta, Plug and Play and GrowthX. Another $5 million per year will support a new Small Business Strategic Growth Program pilot designed to incentivize payroll expansion and new commercial space utilization among Indiana’s small business community.
Opened applications to help small businesses identify and pursue innovation and commercialization grants through the federal government’s Small Business Innovation Research and Small Business Technology Transfer (SBIR/STTR) grants, which are offered through 11 federal agencies. Indiana businesses are encouraged to learn more and to apply for SBIR/STTR specialty advising services online.
Strengthening Statewide Economic Alignment
Indiana’s Office of Commerce, established by Gov. Braun to better coordinate economic development efforts across the state, continues to play a central role in aligning investment strategies, regional initiatives and entrepreneurial support programs under a unified growth framework.
