Indiana defines state’s economy as ‘incredibly strong’

Rosenberg talks about the state of Indiana's economy at the Morris Park County Club on...
Rosenberg talks about the state of Indiana's economy at the Morris Park County Club on Wednesday, Nov. 15, 2023.(WNDU)
Published: Nov. 15, 2023 at 6:40 PM EST
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SOUTH BEND, Ind. (WNDU) - Just what is the state of Indiana’s economy?

In a word, “Strong.”

In two words, “Incredibly strong.”

Those words came today from Indiana Secretary of Commerce David Rosenberg, who spoke about the state of the economy at an event sponsored by the South Bend Regional Chamber of Commerce.

“18 months ago, we had zero EV battery facilities. Now we have four in the state, and we are very close on a fifth,” Rosenberg told the crowd at the Morris Park Country Club. “18 months ago, we had zero semi-conductor facilities; now we have seven and continue to grow that number as well.”

Rosenberg explained that two years ago, the state moved from a transactional organization to a strategic one. “Meaning we’re going to go get the economy we wanted for the state, not just sit back and see who called us and said we want to come to Indiana.”

He went on to say, “We’ve had $33 billion of new committed capital expenditures in the last six quarters. That’s a figure that normally would have taken the state six years to achieve, but we’ve been able to do it in six quarters.”

Rosenberg adds that the development is happening all over the state, with 50% in urban areas and 50% in rural areas, and that the projects create high-paying careers, not just jobs.

Rosenberg also stressed that speed was now the most important incentive to be offered in trying to lure a new plant to Indiana.

“These companies need to make their investment and then get a return on that investment even sooner, so deals that used to take, you know, six to nine months to where they’re even signing, and these are multi-billion dollar deals that are moving at this speed.”