Business

GOVERNOR HOLCOMB ANNOUNCES HISTORIC YEAR FOR JOB COMMITMENTS, HOOSIER WAGES

November 10, 2017 07:43 AM
Governor Etic Holcomb with the Indian trade delegation in India.--Photo IEDC

INDIANAPOLIS (BALBIR SINGH)

After a recent successful trade mission to India by a high-powered Indiana delegation, led by Indiana Governor Eric Holcomb, on Wednesday announced a record-breaking year for economic development in Indiana. In 2017, with one month still to go, businesses across Indiana and around the world have committed to creating up to 28,846 new Hoosier jobs in the coming years – an all-time high since the Indiana Economic Development Corporation was established in 2005, according to IEDC press release. .

Newspaper Indianapolis Star quoted Mr Holcomb as saying “With recent, large job commitments from India-based companies, we are building even greater momentum to send more Hoosier-made goods to India and recruit more Indian businesses to grow here in Indiana. I’ll remain focused on taking our state to the world and bringing the world back to our Hoosier communities.”

Indiana Governor Eric Holcomb and Ravi Kumar S President and Dy. COO of Infosys at Infosys’ Global Education Center II (GEC II) on October 31 during the Indiana delegation's visit to Karnataka. The Trade mission to India nets 500 jobs, sister state and plenty of good will. TechPoint President and CEO Mike Langellier was part of the Indiana trade delegation. Raju Chinthala Founder and President Indiana India Business Council was also a member of the trade delegation. Raju Chinthala, originally hails from Hyderabad (Telangana).

Indiana Governor Eric Holcomb and Ravi Kumar S President and Dy. COO of Infosys at Infosys’ Global Education Center II (GEC II) on October 31 during the Indiana delegation's visit to Karnataka. The Trade mission to India nets 500 jobs, sister state and plenty of good will. TechPoint President and CEO Mike Langellier was part of the Indiana trade delegation. Raju Chinthala Founder and President Indiana India Business Council was also a member of the trade delegation. Raju Chinthala, originally hails from Hyderabad (Telangana).

Bengaluru-based product engineering firm AXISCADES in Karnataka (India) also plans to invest $10 million over the next five years to set up operations in Indiana. In exchange, the company will receive up to $4.3 million in conditional tax credits and up to $500,000 in training grants, pending approval from the Indiana Economic Development Corp.

There are currently nine India-based companies in Indiana. In March, Infosys became the latest Indian company to announce plans to add an Indiana site with the creation of a tech and innovation hub. The company will invest $8.7 million and employ up to 2,000 Hoosiers. Wipro, which acquired Indianapolis-based Appirio last year in a $500 million deal, is based in the same state in India as Infosys, according to IndyStar.
Governor Holcomb said "Indiana's pro-business environment continues to be heard around the world as Hoosier businesses grow and companies across the globe choose Indiana," Today, we celebrate a record-breaking year, applauding the nearly 29,000 new Hoosier jobs that have been announced to-date in 2017. In 2018, we will take Indiana to the next level with an unwavering focus on the issues that matter most to Hoosiers and our state’s vitality."

So far this year, the IEDC has secured 270 commitments from businesses across all industries to locate or grow in Indiana, together planning to create 28,846 new positions at an average hourly rate of $27.38 or nearly $57,000 annually. This average wage is more than 27 percent higher than the state's average wage of $21.52/hour and is higher than all previous annual average wages of jobs committed to the IEDC, including 2016’s record high of $25.43/hour.

So far this year, the IEDC's largest announcements, based on the number of new jobs planned, are Infosys, UPS, Axiscades, HMD Trucking, Beijing West Industries (BWI), Toyota Motor Manufacturing of Indiana, Forest River, Knowledge Services and KAR Auction Services. In addition to these projects, 2017 economic development commitments to the IEDC show the following trends:
Manufacturing: With one-fifth of all Hoosiers working at more than 8,500 manufacturing facilities throughout the state, the industry continues to strengthen Indiana's economy. In 2017, manufacturing companies account for 47 percent of expansion and job creation commitments made to the IEDC. So far, 126 manufacturers like BWI, Grand Design RV, Fort Wayne Metals and Android Industries have committed to growing in Indiana, together planning more than $5.2 billion in planned investment and creating up to 10,259 new jobs.

Technology: So far this year, the IEDC has secured 58 commitments from tech and tech-enabled firms, including Infosys, Knowledge Services, Vibenomics, WorkHere and Levementum. Together, these firms plan to create 6,924 high-wage Hoosier jobs in the coming years, accounting for nearly one quarter of new jobs committed to the IEDC in 2017, with average salaries of these positions topping $76,000 annually, according to IEDC press statement.

Logistics: In 2017, logistics companies like HMD Trucking, UPS, Spot Freight and TPS Industrial Services have planned significant growth in Indiana, together committing to invest more than $343 million and create up to 2,848 jobs. As part of Governor Holcomb’s Next Level Roads plan, more than $4.7 billion will be invested to improve Indiana’s roads over the next five years, creating an infrastructure system that supports Hoosier job creators in transporting goods.

International Investment: So far this year, 34 foreign-based companies have committed to locate or grow in Indiana, planning to invest more than $1 billion in the Hoosier state and create up to 5,230 new, high-wage Hoosier jobs. The state has secured commitments from global companies like AXISCADES, BWI, NTK Precision Axle Corporation, Fukai Toyotetsu Indiana Corporation and Ludo Fact USA, which will strengthen Indiana's global economy that is home to more than 800 foreign-owned business establishments.

Small Business: In addition to these 28,846 committed jobs, the IEDC also works to support entrepreneurs and small businesses through the Indiana Small Business Development Center (ISBDC) and the Indiana Procurement Technical Assistance Center (PTAC). So far this year, the ISBDC has assisted in 222 new business starts and in the creation of 687 new jobs. In addition, PTAC counseled 751 existing small businesses, helping 86 clients secure nearly $31 million in federal contracts.

Indiana’s business climate ranks first in the Midwest and fifth in the nation, offering companies the tools they need to grow their businesses. Companies of all sizes continue to choose to expand and add new jobs across the state. Governor Holcomb's 2018 Next Level Agenda, which was announced today following news of the IEDC's record-breaking year, places a greater emphasis on building Indiana's workforce to fill high-wage, high-demand jobs, ensuring that companies expanding in Indiana will have the talent needed to grow and succeed here in the state. 

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