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How We Stack Up
Business Environment
- Government initiatives and legislative successes have made Indiana extremely attractive to businesses looking for new investments, relocation or expansion.
- Adoption of the state–of–the–art telecommunications legislation has led to new investments in broadband and fiber optics across the state.
- Indiana’s transportation infrastructure is being dramatically improved through the “Major Moves” program, which will provide $12 billion in funding for comprehensive infrastructure improvements during the next 10 years.
- Indiana has created a state tax exemption on partial income derived from federal patents for new technology or processes. Under the law, qualified utility and plant patents are exempt from taxation on certain income derived from patents.
- Indiana recently created a state R&D sales tax credit, which provides an exemption to companies on the amount they paid in state sales taxes on research and development equipment. The credit applies to laboratory equipment, computers, computer software, telecommunications equipment or testing equipment.
- Indiana has reduced regulatory barriers to development by streamlining permit processes and by inaugurating shovel-ready sites throughout the state.
- Indiana ranks 4th in terms of the number and concentration of life science jobs, and 5th in terms of pharmaceutical sales, shipments, receipts, and revenue. (Battelle Memorial Institute, 2006)
- The world’s second-largest FedEx hub in the world is located at the Indianapolis International Airport.
- Indiana ranks 12th among states in the Small Business Survival Index. (Small Business and Entrepreneurship Council, October 2006)
- Indiana has three state-of-the-art international ports – each a Foreign Trade Zone – located on two major inland waterways.
- Indiana ranks 15th in terms of industrial R&D, according to Indiana Technology Profile. (October 2005)
- Indiana has the 4th lowest business costs in the nation, based on labor, energy, and taxes. (Forbes, July 2007)
- Indiana’s working environment is ranked 7th best in the nation, based on job opportunities, job quality, and other factors, according to the University of Massachusetts–Amhurst 2005.
- Indiana is one of only three states with a specialty in 3 of the 4 sectors in life sciences: agricultural feedstock and chemicals medical devices and equipment drugs and pharmaceuticals (Biotechnology Industry Organization, 2006)
- Indiana is the #1 manufacturing state in terms of employment and in terms of the number of plants. (Manufacturers News, August 2006)
- Nearly 450,000 Indiana residents are employed in manufacturing.
- Indianapolis ranks as the 9th highest MSA in the U.S. in terms of bioscience employment.
- In terms of drugs and pharmaceuticals, Indianapolis ranks 4th and Evansville ranks 38th. (Battelle Memorial Institute, February 2007)
- Indiana ranks #6 in consumer electronics manufacturing. (Cyberstates 2005)
- Indiana is working to enhance regional economic development organizations, comprising business community and elected leaders, which are being formed in order to enable regions to work closely with workforce boards, state agencies and educational institutions to craft and implement growth strategies and encourage collaboration.
- Indiana is #6 in terms of plastics employment. (Society of the Plastics Industry, 2007)
- Indiana is the 10th highest exporting state. (U.S. Census Bureau, 2007 Foreign Trade Statistics)
- With 134,000 Indiana residents working abroad for U.S. subsidiaries of companies headquartered out of the United States, Indiana ranks #14 in terms of the number of in-sourced jobs. (Organization for International Investment, 2006)
- Among states with a personal income tax and among states with a capital gains tax, Indiana ranks as having the 4th lowest rate in each category. (Small Business and Entrepreneurship Council, October 2006)
- Indianapolis is 10th in the nation in the production of fast-growth, super-achieving companies. (Inc., August 2006)
- Indianapolis is the third least expensive big city in the U.S. for business, according to KPMG LLP, 2006.
- Indiana ranks 15th in terms of industrial R&D. (Indiana Technology Profile, October 2005)
- In terms of health care startups, Indiana led the way in attracting venture capital in the Midwest. (BioEnterprise, April 2007)
- Indiana ranks 4th in venture capital invested per deal. (PricewaterhouseCoopers, 2004)
- Indiana is #1 in manufacturing productivity among major industrial states, with $113,570 in gross productivity per employee. (Wisconsin Manufacturing Extension Partnership, October 2005)
- Indiana has the 7th best working environment. None of our neighboring states ranks higher than 16th. (University of Massachusetts-Amherst, October 2005)
- Indiana has the 12th best business climate in the U.S. and is the most highly rated in the Midwest. (Tax Foundation, 2006)
- Indiana is ranked in the “Best” category of states for business. (Chief Executive, Jan.-Feb. 2006)
- Indiana has the 6th best business climate in the U.S. (Site Selection, February 2007)
- Indianapolis is the 3rd least expensive large city in which to do business – and is nearly #1. Using a benchmark cost index of 100, here are the top four low-cost cities:
- Atlanta, Georgia: 96.4
- Tampa, Florida: 96.5
- Indianapolis: 96.6
- Milwaukee, Wisconsin: 98.5
(KPMG LLP, March 2006)
- Indiana has the:
- 5th lowest unemployment tax rate
- 11th lowest electric utility costs
- 4th lowest workers compensation rates
- 7th lowest costs in per capita state and local government expenditures
(Small Business Entrepreneurship Council, October 2006)
- Indiana has the 8th best liability system in the U.S. (U.S. Chamber of Commerce, May 2007)
- Indianapolis ranks 10th among the top 200 largest metro areas in the U.S. in which to start a business or a career. (Forbes, May 2006)
- Indiana ranks #14 in the U.S. Economic Freedom Index. (Pacific Research Institute, 2004)
- Indiana’s credit rating is AA+. (Standard & Poor’s Ratings Service, January 2006) (Also: Moody’s Investors Services, August 2006)
- Indiana is the 4th leading state in soybean production and the 5th leading state in corn production. (World Book Encyclopedia, 2007)
(Source: Indiana Economic Development Corporation)
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