State is strategic in its efforts to attract out-of-state companies
Growing the Indiana economy is the mission of the Indiana Economic Development Corp. The IEDC works with the state to offer incentives such as tax credits, workforce training innovation resources and public infrastructure assistance.
When those incentives attract a company from out of state to scout for property, the decision to locate hinges on site selection, making it crucial that counties understand the importance of knowing what properties are available and sharing that with the IEDC.
Jessica Tower and Sarah Salisbury spoke to Radius Indiana’s Women in Economic Development Leadership Series Oct. 5 in Bloomfield about how their counties can position themselves to land one of these companies.
The types of companies the state works with varies. Tower, IEDC vice president of attractions, said over the next 20 to 30 years, sectors that are projected to grow include:
Microelectronics
Life sciences
Entrepreneurs
Energy
Tower and Salisbury work with consultants hired by the out-of-state firms to scout locations that companies are looking for. Once the property needs are identified, the IDEC sends out an “active need” email to communicate to economic development leaders across the state the site selector needs.
A site selector database on the IEDC website is another valuable tool for county economic development leaders to market potential sites.
Similar to other property listing websites, the site contains a photo, parcel description and other features a developer might want such as its proximity to rail service, utilities and building specs. (To find the site, search on Google Indiana Zoomprospector.)
In 2021, Salisbury said she received 147 requests for site proposals.
“It’s very competitive,” she said. “Communities need to put their best foot forward.”
How to help with site selection
Salisbury offered advice on how counties can improve their chances.
- Build relationships with real estate brokers
- Get on the IDEC “active need” email list
- Submit parcels for Zoomprospector
- Stay informed
Nancy Eckerle, executive director of the Jasper Chamber of Commerce and also a member of the Jasper City Council, was among the leaders attending the luncheon.
“The Radius Women in Economic Development program has provided me with so many opportunities. The chance to meet so many other women who are involved in the economic development field has been a true joy and a tremendous asset,” she said. “I enjoy the networking that occurs with each session plus the informative speakers who highlight topics of interest for the economic development field.”
The latest data from the IEDC
2022 Commitments: Businesses have committed to investing $21 billion in their Indiana operations in the coming years.
Of these commitments, the average wage is $34.01/hour, which is 26.1% higher than the state’s average wage.
2021 Commitments: 31,710 new jobs, $8.77 billion investment.
Of these commitments, the average wage was $28.49/hour.
According to Indiana Procurement Technical Assistance Center, $17 million was awarded in federal government contracts in 2021.
The Indiana Small Business Development Center, there were 87 business starts and 239 new jobs created in 2021.
About the program
Radius Indiana’s Women in Economic Development Leadership Series provides professional development opportunities for women in the industry. Established in 2018, the program meets bi-monthly in virtual and in-person meetings.
The series focuses on a broad range of topics, including business attraction, retention, and expansion, entrepreneurship, quality of life initiatives, networking, and international business etiquette. In 2021, participation increased to include nearly 30 women across 11 southern Indiana counties, covering all eight counties in the Radius Indiana region, as well as Pike, Perry, and Spencer.