IEDC Closes Holcomb Term with Eighth-Consecutive Record-Breaking Year for Economic Development

In 2024, the IEDC secured more than $39.2 billion of committed capital investment, setting a new record.

INDIANAPOLIS - The Indiana Economic Development Corporation has closed Governor Eric Holcomb's term with an eighth consecutive record-breaking year for economic development. 

In 2024, the IEDC secured more than $39.2 billion of committed capital investment, setting a new record. The investments helped launch 482 new small businesses and awarded another $500 million in quality of place funding to communities across the state through READI 2.0. 

“Indiana’s economy is winning, and it’s setting Hoosier businesses and residents alike up for success for years to come,” said Gov. Holcomb. “As a state, we’ve spent the last eight years putting the right tools and the right strategies in place to win once-in-a-generation investments, propel innovation and entrepreneurship, build vibrant communities and create even more opportunities for current and future generations to prosper. I am immensely proud of our work together, and, most importantly, the impact it will have on Hoosiers and their families.”  

In 2024, the IEDC secured 169 commitments from companies to locate or expand in Indiana, making plans to invest more than $39.2 billion (+37% from 2023) in their operations and create 17,062 new jobs with an average wage of $36.09/hour – or approximately $75,067 annually (+7% the national average wage and +28% the state average wage). This marks the highest capital investment and annual record for average wages since the IEDC was established in 2005.  

Of these commitments, more than 72% are from companies already operating in Indiana committing to continued growth, nearly one third are from small businesses with less than 500 employees, 21% are from companies growing in rural and mixed-rural communities, and 20% are from foreign-owned businesses. 

"Under the leadership of Gov. Holcomb, we’ve put Hoosiers at the forefront of our work and our actions day in and day out,” said Sec. Rosenberg. “Each new investment and each new business start is another opportunity to drive our communities and our people forward. As we wrap up yet another record-breaking year, we reflect on the new, in-demand jobs created, the growth of our entrepreneurial ecosystem, and the historic investments being made in quality of place and quality of life that will provide for the next generation of Hoosiers.”