Record number of businesses set to locate, expand in Indiana

2012-11-28T11:30:00Z 2012-11-29T15:23:29Z Record number of businesses set to locate, expand in IndianaBy Dan Carden dan.carden@nwi.com, (317) 637-9078 nwitimes.com
November 28, 2012 11:30 am  • 

INDIANAPOLIS | The state's economic development agency has signed more deals this year with companies looking to relocate or expand in Indiana than in any of its eight prior years of existence.

"With nearly five weeks left in the year, 2012 has already broken the state's all-time record for number of deals won," said Dan Hasler, CEO of the Indiana Economic Development Corp. "This is especially remarkable considering the ongoing concerns over the 'fiscal cliff' that have caused many companies to curtail investment plans."

Through Wednesday, the IEDC has worked with 220 companies coming to or expanding in Indiana. The previous annual record, set last year, was 219 commitments.

"Indiana is on a hot streak and we have no plans to slow down," Hasler said. "We expect many more announcements in the month ahead and look forward to placing a big exclamation point on the eight years of success built by this administration."

Last week, ITR America, a Hobart-based distributor of heavy machinery equipment parts, announced it plans to invest $6.2 million to build a new 100,000-square foot facility in the NorthWind Crossings Business Park. The company also plans to hire up to 20 new workers by 2014.

In Porter County, Paul Wurth Inc., a steel and iron engineering manufacturer, opened a new Valparaiso facility in May and plans to expand over the next six years, creating up to 40 new jobs. Kouts is home to an expanded home furnishings and commercial fixtures manufacturing center owned by Leggett and Platt, Inc., which consolidated operations from Kentucky.

Overall, the 220 companies plan to invest a total of $3.6 billion in their Indiana operations and expect to create up to 20,866 new jobs in coming years.

According to the IEDC, the new jobs will pay an average hourly wage of $22.35, nearly $3 more than Indiana's current average hourly wage. Average conditional state tax incentives total $8,916 per job.

"Under Gov. Daniels' leadership, this administration has taken pride in tackling challenging but common sense issues to make Indiana the most sought-after business location in the country," Hasler said. "From its right-to-work status to its falling corporate and property taxes to its AAA credit rating, these results are proof that Indiana works for business."

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