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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Indiana Economic Development Corp. says it will finish 2024 with its highest amount of committed capital investment in its history, capping off a year of major technology, life sciences and microelectronics deals.
The state eclipsed its previous annual record ($28.7 billion in 2023) in the third quarter, reporting $38.3 billion in committed investments from 124 companies.
The investments include commitments to create more than 13,000 jobs with an average hourly wage of $37.31—or $77,604 annually, according to the IEDC. Only about two dozen projects have been publicly announced; the state agency says the remaining companies have committed to deals that aren’t ready
to be released.
Two major announcements were Eli Lilly and Co.’s additional $9.8 billion investment into its LEAP Research and Innovation District campus and SK Hynix’s $3.87 billion semiconductor packaging facility at the Purdue Research Park in West Lafayette.
The South Korean chip manufacturer announced plans in April to open a 430,000-square-foot building spanning 90 acres in the second half of 2028. Total employment at the site is expected to reach more than 1,000 by 2030. The U.S. Commerce Department awarded SK Hynix up to $450 million of 2022 CHIPS Act support in August for the project. That funding was on top of an initial $700 million incentives package from the Indiana Economic Development Corp.
Other capital investments announced in 2024 include:
◗ Amazon Web Services’ $11 billion data center in St. Joseph County;
◗ Toyota’s $1.4 billion Princeton campus expansion;
◗ Google’s $2 billion data center in Fort Wayne;
◗ Microsoft’s $1 billion data center in La Porte.
In July, the Commerce Department announced that Indiana would receive $51 million to kick-start its workforce development and startup support initiatives as part of the new Tech Hubs Program of which the IEDC is a key partner. The life-sciences-focused Heartland BioWorks Hub is one of three tech hubs, or partnership alliances, based in Indiana and is meant to convene an innovation-focused ecosystem of companies and research entities in
targeted sectors.
The IEDC is also working to develop the former General Motors stamping plant site west of downtown Indianapolis, now rebranded as the Levee District. The agency plans to attract buyers, partners or users for 30 acres adjacent to the $150 million Elanco Animal Health headquarters that is set to open next year.
Gov. Eric Holcomb went abroad on six trade trips this year, largely on the IEDC foundation’s bill.
And while Holcomb was in Ireland in October, he announced the launch of a nonstop trans-Atlantic flight between Dublin and the Indianapolis International Airport. The IEDC, airport and the city of Indianapolis provided incentives to Aer Lingus.•
Check out more year-in-review stories from 2024.
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