In a press release issued in January 2025, the Indiana Economic Development Corporation (IEDC) announced a record-breaking $39.2 billion in committed capital investments for 2024, marking a 37% increase from the previous year. These investments are projected to create 17,062 new jobs with an average hourly wage of $36.09, equating to approximately $75,067 annually—7% above the national average and 28% higher than the state average.
Former Indiana Governor Eric Holcomb lauded this achievement, stating, “Indiana’s economy is winning, and it’s setting Hoosier businesses and residents alike up for success for years to come.”
Key highlights from 2024 include:
• Tech Industry Investments: Major technology firms such as Amazon Web Services, Google, Meta, and Microsoft collectively committed $14.8 billion towards establishing data centers across the state.
• Semiconductor Sector Growth: SK hynix announced a $3.9 billion investment to build a semiconductor packaging plant, bolstering Indiana’s position in the microelectronics industry.
• Life Sciences Expansion: Eli Lilly and Company pledged an additional $4 billion investment in their LEAP Lebanon Innovation District facilities, expected to create 500 new jobs.
• Electric Vehicle Advancements: Toyota Motor Manufacturing Indiana announced plans to invest $800 million to produce two new electric SUV models, aligning with the state’s push towards sustainable automotive solutions.
The IEDC also demonstrated robust support for entrepreneurship and small businesses in 2024. The Indiana Small Business Development Center (Indiana SBDC) provided no-cost assistance to over 6,150 entrepreneurs and small enterprises, facilitating the launch of 482 new businesses—a record number—and securing $64.98 million in capital infusion.
On the global front, Indiana attracted investments from 34 foreign companies across 16 countries, totaling $3.4 billion and resulting in 3,300 new jobs. The state’s “Indiana for the Bold” branding campaign extended its reach to 70 markets in 17 countries, enhancing Indiana’s international profile.
With strategic investments in innovation, community development, and entrepreneurship, Indiana continues to solidify its position as a premier destination for business growth and talent attraction.
