This report makes interesting reading about the Indiana economy.
Indiana in the International Economy
Exports from Indiana to foreign countries reached a record $25.9 billion in 2007, up more than 14% percent over the previous year
Through the 21st Century Research and Technology fund, Indiana has committed to invest more than $82.3 million in 63 high-tech companies to help each bring their innovations to market, keeping the innovations and associated high wage jobs in Indiana.
More Jobs for Hoosiers
660 businesses have committed to create 81,101 jobs and invest $19 Billion in their Indiana operations since Jan. 2005
- 2009 - 2,413 new jobs committed and $253 million in capital investment
- 2008 - 18,659 new jobs committed and $4.2B capital investment
- 2007 - 22,627 new jobs committed and $3.38B capital investment
- 2006 - 21,995 new jobs committed and $8.44B capital investment
Increasing Hoosier Income * The average wage for new job commitments from competitive projects is $22.39/hour – well above the state average wage of $18/hour.
Best Business Environment
Indiana ranked first in the Midwest and eleventh in the nation in Chief Executive magazine’s fourth annual "Best & Worst States" survey. Indiana was the highest ranked state outside of the sunbelt in the survey. Indiana ranks fifth in the nation and best in the Midwest for its business climate (Site Selection Magazine – Nov. 2008)
Cost of Doing Business
Indiana has the lowest business cost index in the Midwest and sixth lowest in the country. (Forbes – July 2008) Indiana ranks first in the Midwest in the Milken Institute’s most recent Cost of Doing Business Index--based on: wage cost, tax burden, electricity cost, industrial rent cost, and office rent cost.
Top Tax Climate
Indiana ranks 1st in the Midwest and 14th nationally in the Tax Foundation’s 2009 Business Tax Climate Index
Since 2005, international companies have committed more than $8 billion into their Indiana operations and more than 15,800 new jobs Indiana ranked number one per capita in North America in the creation of production jobs through foreign investment in 2007. (IBM 2008 study)
Building the ‘Best Sandbox’
Major initiatives since 2005 aimed at improving Indiana’s competitiveness:
Major Moves –Ten-year fully funded $12 billion highway plan that includes more than 200 new construction and 200 major preservation projects
Telecommunications Reform - Indiana’s Telecommunications Deregulation Act has brought increased competition, leading to new investments and jobs
HQ Relocation Tax Credit – Reinforces the state’s commitment to attracting new headquarters opportunities to Indiana
Single Factor Sales Apportionment - Eliminates the tax penalty associated with companies adding jobs and investing in new capital equipment in Indiana
R&D Tax Credit – Provides a tax credit equal to 15% of a company’s first
$1 million of qualifying R&D expenditures, giving Indiana one of the highest R&D tax credit percentages in the country
Patent Income Exemption - Exempts certain income derived from qualified patents from the calculation of a company’s tax liability
Buy Indiana – Pumps up to $1.2 billion back into the Indiana economy by directing state agencies to purchase goods from Indiana businesses
Health Care Plan – Provides insurance for up to 130,000 low-income Hoosiers annually and encourages Hoosiers to stop smoking