Indiana is one of the most favorable manufacturing economies in the United States with low taxes on industrial and commercial establishments which is why it was named the “13th Best Place for Business” by Forbes magazine.
In 2016, Indiana’s GDP grew 1.5 percent. According to the US Department of Commerce, Indiana’s durable goods manufacturing represented 16% of that total, and non-durable goods manufacturing made up 13%. It is estimated that this year the manufacturing sector is expected to break all previous metrics.
Indiana proudly impacts the pharmaceutical industry both in the US and around the world. In fact, they are the 11th strongest pharmaceutical industry within the U.S. for the most exports. The primary destination of the exports are Europe and Asia. Eli Lily is the main pharmaceutical player in the state and is the 10th largest employer.
In addition to pharmaceutical manufacturing, Indiana is one of the largest producers of automotive parts and accessories with the coveted Rolls Royce brand contributing to their success, making Indiana the seventh largest exporter of vehicles and parts. State tax credits and a skills enhancement grant encouraged Rolls Royce to invest approximately $600 million to renovate its plants and invest in technology research in 2015.
Indiana’s medical device manufacturing deserves mention also, as it ranks number four in the US, creating 20,000 jobs for the state and has an annual growth rate of around 7%. Cook Medical, the second largest company in Indiana helps make this possible as a manufacturer of minimally invasive medical devices. Medical device manufacturing has been very successful and allows its employees to earn a salary 56% higher than the state average.
The many educational programs in Indiana have created a well-educated and trained workforce, which generates greater productivity. Combined with the state’s desire to be an attractive place to do business, Indiana’s manufacturing success is an intended consequence.
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