Brad Chambers confirms he’s considering run for governor

Brad Chambers

Brad Chambers, Indiana’s outgoing secretary of commerce, publicly acknowledged for the first time that he’s considering entering the 2024 governor’s race.

“I’ve been humbled by the interest and speculation,” Chambers told IBJ an interview Wednesday, when asked if he was considering a gubernatorial bid. “But that’s a complex decision that I’m going to give due consideration. Family is involved, business is involved, community is involved. There’s a lot of ingredients to that.”

His comments confirmed weeks of speculation that he was pondering a run for governor and come two days after announcing that he will step down as head of the Indiana Economic Development Corp. effective Aug. 6. Chambers did not give a timeline as to when he would make a decision.

Should he enter the governor’s race, Chambers would face at least four candidates in the Republican primary, three of which already have a leg up in fundraising.

Chambers, who spent 40 years in the private sector as president of Indianapolis-based real estate development firm Buckingham Cos., a company he founded while a student at Indiana University, reduced his day-to-day involvement at the company while leading the IEDC. The firm was ineligible for state incentives during his tenure, and he also declined to take a public salary.

Whether he will resume a more active role at the company when his two-year contract with the IEDC ends remains an open question, Chambers said.

“It’s going to be hard for me to go in and reinsert myself because they’ve grown so much and they’ve done such a good job. I’m going to take some time and reflect on these two years that I’ve enjoyed so much.”

The IEDC said it secured more than $30 billion in committed capital expenditures from companies looking to expand or move their operations to Indiana during Chambers’ leadership. Notable projects include a planned $3 billion electric vehicle battery cell plant in northern Indiana, a $2.5 billion EV battery facility in Kokomo and Eli Lilly and Co.’s $3.7 billion manufacturing campus in Boone County.

Chambers also oversaw the early developments of the LEAP Innovation District, a planned 10,000-acre technology and manufacturing hub near Lebanon that could serve as the blueprint for additional commercial and industrial parks across the state. LEAP is an acronym for “Limitless Exploration/Advanced Pace.”

When asked who would replace him at the IEDC, Chambers deferred to Gov. Eric Holcomb, who is charged with appointing heads of state agencies.

“That’s not my role,” Chambers said. “I’m assuming he’ll want to pick my brain on that at some point in time, but he is as comfortable with the team as I am, and we have a lot of momentum and strength in the organization with or without me.”

As Chambers considers a run for governor, other candidates are busy raising campaign cash.

Semi-annual campaign finance reports filed this week by the Republican gubernatorial candidates show U.S. Sen. Mike Braun raised more than $2.2 million during the first six months of the year for his gubernatorial bid and has $4.6 million cash on hand. Lt. Gov. Suzanne Crouch, who announced her candidacy on the same day as Braun, raised $1.1 million in the past six months and has $3.8 million cash on hand. Fort Wayne businessman Eric Doden raised $1.7 million so far this year and has $3.8 million cash on hand.

Former Indiana Attorney General Curtis Hill officially entered the race last week, after the reporting period.

The only Democrat to declare in the race is Jennifer McCormick, the former state superintendent of education who flipped from Republican to Democrat at the end of her term in 2021. McCormick, who announced her candidacy in May, raised $207,000 in 2023, with most donations coming from individuals giving $1,000 or less, according to campaign finance reports.

Candidates were unable to raise money while the state legislature was in session from Jan. 9 through April 29, so most of their donations came during May and June.