Ind. conomic development results announced

The Indiana Economic Development Corporation announced a record-breaking number of new or expanded businesses in the state for the year 2012.

The 220 companies working with the IEDC have already decided to expand or establish new business operations in Indiana, an increase from the 219 decisions announced last year, IEDC spokesperson Katelyn Hancock said. 

“It’s exciting that we have already surpassed previous records with five weeks left of the year,” Hancock said.

The companies, which included corporations such as Magnetation, Amazon, Finish Line, Appirio and Toyota, anticipate creating 20,866 new jobs and investing a combined total of $3.6 billion in Indiana operations in coming years, according to a press release.

The new jobs pay an estimated average hourly wage of $22.35, above the state’s current average hourly wage of $19.66. Meanwhile, the average amount of state conditional tax incentives offered to companies on a per job basis is $8,916, down from around $37,000 in previous administrations, according to the release.

“This is especially remarkable considering the ongoing concerns over the fiscal cliff that have caused many companies to curtail investment plans,” said Dan Hasler, secretary of commerce and chief executive officer of the IEDC.

By working with the IEDC, companies are awarded performance-based tax credit as well as training grants, Hancock said.

Indiana ranked fifth in the 2012 Pollina Corporate Top 10 Pro-Business States study, according to the IEDC website. It is also one of only nine states to earn a AAA credit rating.

Hancock said Indiana’s low taxes and highly skilled workforce make the state an attractive place to locate a business.

“We have a robust infrastructure,” he said. “That’s key for companies. Indiana is located within a day’s drive of 80 percent of the U.S. population.”

Gov. Mitch Daniels has focused his two terms on transforming Indiana into a pro-growth state, according to the release.

In February 2012, Daniels signed the controversial right-to-work legislation, which prohibits employee contracts that require union membership, making Indiana the first state in the industrial Midwest to pass such laws. Opponents to the law argue the right-to-work law will weaken unions, creating lower wages and worse working conditions in the Hoosier state.

“It gives companies the flexibility to respond more effectively to the needs of the marketplace,” Hancock said. “Companies more and more are saying right-to-work is factoring into their choice to locate their businesses here.”

Hancock said Gov.-elect Mike Pence has supported the state’s current pro-business efforts.

“I think we’ll see a very seamless transition,” Hancock said. “Mike Pence wants to make Indiana an even more attractive place for business.”