Indiana’s Economy Midway Through The Year

At the midway point in the year, the Indiana Economic Development Corporation (IEDC) announced it has worked with 173 companies that have made decisions to expand or establish new business operations in Indiana for a total of more than 17,040 projected new jobs. This compares to 150 decisions by companies to locate a projected 11,715 new jobs in the state at this time last year and more than any other year on record at the midpoint. The new positions, which companies anticipate hiring over the next five years, pay an expected average hourly wage of $21.27, above the state’s current average hourly wage of $20.03. The 173 companies anticipate investing $3.23 billion in their Indiana operations in the coming years. Meanwhile, the average amount of state conditional tax incentives offered to companies on a per job basis is $8,759, down from around $37,000 prior to 2005. Under the IEDC, state incentives are activated only when new jobs occur.