Indiana doubles down on quality of life, economic investments during legislative session
The saying goes that you can tell someone’s priorities by where they put their money. Well, after the conclusion of this year’s legislative session, it is clear Indiana prioritizes investing in quality-of-life opportunities for all Hoosiers and propelling Indiana’s already strong economy even further.
This year, lawmakers again made significant investments in economic development, approving $1.8 billion in cash and credits — $350 million more than the last biennial budget — that will help Indiana fuel entrepreneurship and quality of place while attracting and developing high-wage careers and industries of the future.
These include initiatives such as:
- A new $500 million deal-closing fund to attract and retain the best companies;
- A $150 million site acquisition fund that will allow the IEDC to continue developing shovel-ready sites to meet the speed businesses demand;
- Tax credit flexibility that allows the IEDC to maintain Indiana’s competitive edge;
- $40 million — or double the funding — for the Manufacturing Readiness Grant program that is helping small and mid-size Hoosier manufacturers invest in Industry 4.0 technology; and
- Funding for innovation, marketing initiatives and, of course, entrepreneurship — something so near and dear to my heart.
Not only that, but lawmakers made investments in key quality-of-life initiatives to improve the lives of Hoosiers now and for decades to come. I’m particularly excited about $500 million in funding to expand READI, accelerating a nationally recognized model that has leveraged over $8 billion in investments from local, private and philanthropic sources to grow Indiana’s population.
In addition to that, Hoosiers can look forward to a new comprehensive education and career readiness bill; increased housing and an infrastructure assistance program to address Indiana workforce needs; increased public safety; increased funding for On My Way Pre-K, K-12 education and adult learners; as well as $50 million for community mental health programs.
All of this will improve the quality of life and increase opportunities for Indiana citizens. That’s why we do what we do — because we’re focused on the impact our priorities and our initiatives will have on Hoosier families in Northwest Indiana and across the state.
The IEDC team has been hard at work shooting higher and running faster, guided by my 5E strategy to improve Indiana’s built environment, create the economy of the future, foster entrepreneurship, navigate the energy transition, and tell our story through external engagement — a strategy that is yielding historic results.
In just the last five quarters, Indiana has secured a historic $26.8 billion in committed capital investment statewide. Last year alone, that’s an unprecedented 260% increase from the year before. And we’ve made it a priority to grow our economy in all parts of Indiana. In fact, $11 billion — or over half of that investment last year — landed in rural and mixed-rural Indiana communities.
But what’s more important than those enormous, committed dollar amounts is what they mean for Hoosier families in Northwest Indiana and across the state. We’ve seen average wages on commitments increase 30 percent over previous years, which is well above the national average. That translates to more than $1,000 per month in additional income on average for Hoosiers, leading to more opportunity and a better quality of life.
Simply put, Indiana’s economy is robust, and the momentum happening in Northwest Indiana is nothing short of historic. The Region alone contributes more than $34 billion to the state’s economy each year — a number that is certain to grow with projects like Mammoth Solar, which is set to the be the largest solar energy installation in the nation once complete, and Fulcrum, which is investing $600 million in Lake County to make jet fuel from landfill waste.
And, with investments through READI, an already bustling Region is set to invest millions in projects and programs to improve its neighborhoods and communities through initiatives like the downtown Hammond train station and square, the Ivy Tech Energy Technology Mobile Unit and the Tolleston Opportunity Campus in Gary.
It’s impossible to succinctly summarize the momentum happening here in our great state, so let me just say: I have never been more energized about the future of Indiana. The investments we’re making today — and the monumental investments we’ll make in the next two years — can power Indiana’s future and undoubtedly better the lives of Hoosiers now and for generations.
