“Government does not create jobs; it only creates
“Government does not create jobs; it only creates the conditions that make jobs more or less likely.” Governor Mitchell E. Daniels, Jr. State of the State Address, January 18, 2005. Indiana Economic Development Corporation.
“Government does not create jobs; it only creates
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Presentation Transcript
“Government does not create jobs; it only creates the conditions that make jobs more or less likely.” Governor Mitchell E. Daniels, Jr. State of the State Address, January 18, 2005
Indiana Economic Development Corporation • The IEDC is a public-private partnership governed by a 12 member board chaired by Governor Mitch Daniels. • The IEDC is focused exclusively on economic development and has incorporated all state entities with economic development responsibilities.
2011 Business Development Regional Map Confidential - Draft
Building the ‘Best Sandbox’ • AAA Credit Rating • Financial Stability • Indiana has the lowest business costs in the Midwest and is one of the top 10 lowest cost locations in the U.S. • Forbes (Oct. 2010). • Leading the Nation in Job Growth • Per capita Indiana was 7th in the nation in private sector job growth for 2010
Executives Rank Indiana Best A Midwest leader and 16th nationally Best and Worst States for Business 2010 Survey of more than 650 chief executives
CNBC Names IndianaTop State for Business • Fourth nationally for overall “business friendliness”
10TH LOWEST BUSINESS COSTS Indiana has the 10th lowest business costs in the nation, based on labor, energy and taxes. Source: Forbes magazine, October 2010
Best in Midwest for Low Taxes • 1st in the Midwest • and 10th nationally • Illinois (23rd), Kentucky (19th), • Michigan (17th), Ohio(46th) October, 2010
2010 In Review • Record Breaking Year • 200 Projects • 23,017 Projected Job Commitments • $23.02 Projected Average Wage • $4.38 Billion in Projected Capital Investment
Private Sector Job Projections Year-to-Date • As of 5/23/11
Private Sector Investment Projections Year-to-Date • As of 5/23/11
Total Competitive Projects Year-to-Date • As of 5/23/11
HoosierAverageWage • As of 5/23/11
Low Cost of Incentives Yields Quicker Return • Direct state incentives include tax credits, training grants and infrastructure assistance • Tax credits are performance-based linked to IEDC certification of new jobs • Average time of return on investment: approximately 2 years • As of 5/23/11
Business Incentives • EDGE – Tax Credit for hiring; competitive project. • HBI – Tax Credit for investment; competitive project. • SEF – Training Grant; competitive and non-competitive projects. • IDGF – Community Grant; competitive project.
2011 Legislative Summary • Balanced Budget • Corporate Income Tax Reduction • Reduced over 4 years from 8.5% to 6.5%, beginning in 2012. • No New Taxes
Reasons for Success • Assembled experienced economic development team • Streamlined processes • MARKETABLE PRODUCT
IEDC Contacts • Chad Pittman • Executive Vice President • cpittman@iedc.in.gov • 317-233-4459 • Mindy Kenworthy • Central Region Director • Mkenworthy@iedc.in.gov • 317-234-4088 • David Behr • North Central Region Director • dbehr@iedc.in.gov • 574-288-6834 • Jim Staton • Northwest Region Director • jstaton@iedc.in.gov • 219-644-3694 • Charlie Sparks • Vice President • csparks@iedc.in.gov • 317-233-5122 • Brook Steed • Northeast Region Director • bsteed@iedc.in.gov • 260-436-3000 • Trevor Lane • Southeast Region Director • tlane@iedc.in.gov • 812-346-1895 • Dorrie LoBue • Southwest Region Director • dlobue@iedc.in.gov • 812-492-4415
