Tuesday, January 11, 2011

Indianapolis Sets Record for New Job Commitments, Capital Investment in 2010

More than 8,700 new jobs and $934 million in investment promised by 73 companies

Mayor Greg Ballard and Scott Miller, CEO of Develop Indy, announced today that Indianapolis secured commitments for 8,737 new jobs and $934 million in capital investment in 2010, setting new record highs for both. The announcement was made today on the City’s Northwestside at Hat World, Inc., one of 73 companies that committed to hiring new workers.

“Our aggressive pursuit of new jobs is paying off,” said Mayor Ballard. “Not only did we secure commitments for more new jobs and a greater amount of capital investment in 2010 than any other year on record, we exceeded the total number of new job commitments secured from 2003 through 2005 combined. Our pro-business attitude and the business-friendly climate that exists in Indianapolis continue to allow us to retain and grow our existing companies while making it much easier to attract new companies to our city.

The greatest number of new job commitments came from the life sciences industry with 3,761, followed by information technology with 1,466 and logistics with 1,323. The average wage for new jobs is $23.81 per hour, as compared to $21.48 in 2009.

Develop Indy also worked with Indianapolis-based companies to retain 7,159 jobs with an average wage of $22.59 per hour, as compared to $21.83 in 2009. The greatest number of retained jobs was in the life sciences industry with 3,391 jobs. The second and third highest numbers of retained jobs were in advanced manufacturing with 1,168 and logistics with 1,043.

“We are thrilled that even during challenging economic times, companies overwhelmingly chose Indianapolis as the place to hire new workers and invest capital,” said Miller. “However, with many Indianapolis residents still looking for work, we won’t take these successes for granted. We will continue to implement strategies to retain and grow our existing companies and attract new companies to our city, concentrating our efforts on industries such as life sciences and information technology that are poised for further significant growth.”

Dow AgroSciences, Arcadia Health Care, AIT Laboratories, Hat World, Inc., Ascension Health, Beckman Coulter, Dallara, Clarian Health, USA Football, Exact Target, and Fusion Alliance were among the list of new and growing companies in Indianapolis in 2010.

Miller also noted an increase in the ratio of private dollars versus public dollars invested through incentive programs, including tax abatement.

“In 2010, for every dollar of public money invested in tax abatement, the City received private investment commitments of $17.88, the highest ratio in the past decade. Simply put, more private investment is following the public dollars used to attract these businesses than any other time in the recent past,” Miller said.

Since 2008, Develop Indy has secured commitments from companies to create or retain 36,500 jobs and invest more than $1.4 billion in Indianapolis. In early 2010, the City of Indianapolis increased its funding of Develop Indy so the organization could add additional staff and provide additional resources to companies seeking to expand or locate to Indianapolis.

The Develop Indy 2010 Jobs Report can be accessed online at http://www.developindy.com/ContentFiles/435/2010%20Progress%20Report_Low%20res.pdf.

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