Expansions and In-Sourcing Fuel Economic Comeback in Indiana

INDIANAPOLIS, IN - Growth of Indiana businesses and international investment are spurring Indiana's economic growth, according to data from the Indiana Economic Development Corporation and a report from IBM Global Business Services

Indiana has already topped its 2005 job creation and investment totals three-fourths of the way through 2007. Since January, 118 businesses have committed to create 16,429 new jobs and invest more than $2.78 billion in their Indiana operations.

"We're very proud of the Indiana Economic Development Corporation. Breaking records is nice, but we must continue these results year after year to be the state we want to be," said Governor Mitch Daniels.

Following the governor's creation of the agency in 2005, the state completed competitive projects with 135 businesses that committed to create 14,439 new jobs and invest more than $2.68 billion in their Indiana operations.  In 2006, the state had record-breaking success, completing competitive projects with 183 businesses that committed to create 21,737 new jobs and invest more than $8.28 billion in their Indiana operations.

Cumulatively since its inception, the Indiana Economic Development Corporation has completed 436 competitive projects with businesses that have committed to create 52,605 new jobs and invest more than $13.76 billion in their Indiana operations.  Nearly two-thirds of all projects completed involve expansions of existing Indiana businesses.

"Winning expansion opportunities with existing Indiana businesses is paramount to our state's continued economic growth," said Nathan Feltman, secretary of commerce and chief executive officer of the Indiana Economic Development Corporation.  "Our efforts to retain businesses here and help them grow must also be paired with aggressive international outreach to help further diversify and strengthen our economy."

IBM Global Business Services recently released a study that ranked Indiana number one in North America in the creation of production jobs through foreign investment in 2006.  The study, which registered 10,500 foreign investment project announcements across the country, also listed Indiana as number 2 in North America in the creation of research and development jobs associated with international investment.

"The findings for Indiana are consistent with overall global investment trends in 2006, marked by optimism and the search for new market opportunities that are spurring investment in both mature and emerging markets," said Gene DePrez, global co-leader, IBM PLI-Global Location Strategies. "Our study showed the U.S. as the leader in attracting new inward investments by multinational companies, and Indiana ranked among the leading states in several categories."

Since 2005, foreign companies have invested more than $5.7 billion into their Indiana operations, creating more than 11,500 new jobs.

WellPoint's announcement of 1,200 new jobs in Indianapolis tops the list of competitive expansion projects by Indiana-based companies since 2005.  Other companies topping the list of competitive expansion projects include: American Commercial Lines (1,157 new jobs), Interactive Intelligence (637 new jobs), Rolls-Royce (600 new jobs), Affiliated Computer Services (500 new jobs), Cummins (458 new jobs), The Capital Group Companies, Inc. (317 new jobs), Summit Logistics and Brokerage (302 new jobs) and Aprimo Inc. (296 new jobs).

Honda's announcement of 2,000 new jobs in Greensburg tops the list of competitive foreign investment projects logged in the state since 2005.  Other companies topping the list of competitive foreign investment projects include: Q-Edge/Foxconn (1,456 new jobs), Getrag (1,400 new jobs), Toyota (1,150 new jobs), Rolls Royce (600 new jobs), Nestle (341 new jobs), TS Tech (300 new jobs), SMC (275 new jobs), Toyota Boshoku (230 new jobs) and Chiyoda USA Corp. (200 new jobs).

Source: Indiana Economic Development Corporation Press Release

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