Southern Indiana Business Report
ODON — The Indiana Economic Development Corporation announced last week it has secured record-setting commitments of capital investment of $20.68 billion so far in 2024.
The news was announced during an IEDC board of directors meeting at WestGate that included a visit by Indiana Gov. Eric Holcomb.
“This is a significant time in Indiana’s history,” said Holcomb. “Decades from now, we’ll look back on these years as a critical turning point that transformed Indiana’s future, cultivating the growth of future industries and creating high-paying, in-demand career opportunities for Hoosiers for generations to come. We are proud to share that Indiana has secured another $20.68 billion in committed capital investment in just the last three months, and that, most importantly, this will positively impact our communities and our residents.”
The meeting also included an overview of Naval Surface Warfare Center Crane’s mission and the ecosystem that has developed around the naval base.
Crane is the third largest Naval base in the world. The sprawling base in southern Indiana is a joint base occupied by NSWC and Crane Army Ammunition Activity.
“What we do at Crane is incredible,” Capt. Rex Boonybhas, commanding officer of NSWC Crane, said. “We’ve evolved from a depot to a high-tech federal laboratory.”
Over the past few months, it was announced that modernization projects costing $500 million are planned at Crane. A new pyrotechnics facility will replace Crane AAA’s current pyrotechnics facility and last month, NSWC held a groundbreaking on a new hypersonics testbed facility.
The planned investments create economic development opportunities on and off the Crane base. Crane’s economic impact in the region is a staggering $3 billion, Boonyobhas said, and that will continue to grow.
“As conflicts rise, so do the demands for our expertise. One of the reasons NSWC Crane is uniquely qualified to conceptualize, develop, test and field rapid solutions to the warfighter is through our extensive innovation ecosystem,” he said.
About 250 different organizations representing industry, academic institutions, nonprofits and government entities make up the Crane ecosystem.
“A robust ecosystem and partnerships are helping to ensure we’re bringing the best solutions to bear for the challenges ahead for our nation,” Boonyobhas added.
45 companies committed to locate, expand
The governor, along with Secretary of Commerce David Rosenberg and IEDC Chief Strategy Officer Ann Lathrop, unveiled at the board meeting that in the first quarter of 2024, 45 companies committed to locate or expand in Indiana, investing $20.68 billion in their operations and creating 5,158 new jobs with an average wage of $33.79/hour – or more than $70,000 annually (over 20% the state average wage and approximately the national average wage). This committed capital investment already totals 72% of the capital investment committed in all of 2023 ($28.7 billion), which was an all-time high for the IEDC.
Indiana rolled out a new, comprehensive economic development strategy in 2021, marking an intentional shift to a more proactive organization with a focus on building a high-growth, high-tech economy of the future. In partnership with Holcomb and the Indiana General Assembly, the IEDC has made significant modernizations to the state’s economic development toolkit and committed unprecedented investments to innovation, entrepreneurship and quality of place, equipping the organization to better compete for and win large, critical industry investments.
Since that time, the IEDC has celebrated two consecutive record-breaking years in 2022 and 2023, securing a total of $71.57 billion in new committed capital investment since the beginning of 2022. This includes the growth of new-to-Indiana sectors like electric vehicles and semiconductors, as well as commitments such as Canadian Solar (Jeffersonville), Eli Lilly and Company (Lebanon), ENTEK (Terre Haute), General Motors and Samsung SDI (New Carlisle) and StarPlus Energy (Kokomo).
“Indiana’s strategic focus on creating the economy we want is working,” said Rosenberg. “In partnership with Gov. Holcomb and the Indiana General Assembly, we’ve created a more competitive environment in Indiana, attracting once-in-a-generation investments from companies that will be at the forefront of the future economy.” This historic economic momentum will bring new life to our communities – both urban and rural – and create more quality career opportunities for current and future Hoosiers, ensuring all residents can prosper and succeed.”
During his visit to WestGate, Holcomb presented awards of recognition by the state of Indiana to three NSWC Crane employees for their leadership in an upcoming NATO exercise. He also received a tour of Constitution Grove by NSA Crane.
Constitution Grove is a forest of white oak trees managed and grown by the US Navy for the sole purpose of restoring the USS Constitution, the oldest commissioned US Navy ship still sailing.