IEDC releases job data, regional development vision

Hoosier economic development leaders on Thursday celebrated updated job creation data and outlined a push for regional strategic plans.

As of Dec. 1, the Indiana Economic Development Corp. has secured company commitments to add 10,600 new jobs, leaders said.

Those roles are expected to pay an average of $40.59 hourly, up from last year’s $36.09. Incentive spending per job, meanwhile, dropped to $15,485 from the $46,850 expended last year, according to the IEDC.

“Our strategic focus on increasing wages and jobs in Indiana is working,” Gov. Mike Braun said in a news release. “By supporting Indiana companies and the Main Street economy, we’re helping businesses to grow, encouraging more high-wage career opportunities, and creating the next generation of entrepreneurs. All in all, these results will deliver a more robust economy.”

Braun leads the quasi-public agency’s board of directors, which convened Thursday afternoon for its first meeting since releasing the results of a forensic analysis into the activities of IEDC and several partners.

It was also new Chief Administration Officer Alison Grand’s first meeting. She’ll have general counsel duties and serve as one of IEDC’s two ethics officers.

Her role is among changes prompted by the findings, which included lackluster oversight and questionable spending.

IEDC’s nonprofit arm, which previously funneled largely anonymous donations into economic development travel, hasn’t accepted contributions in months. The $1.9 million left in the account will be used to support the agency’s initiatives, said David Fagan, the board’s audit and finance committee chair.

The board has also revamped its conflict of interest policies — with screened members exiting the room for certain projects — and investment policies. Only the full board makes binding votes now, with committees offering recommendations.

“The foundation is firmly in place; 2026 is all going to be about execution,” Commerce Secretary and CEO David Adams said.

That includes a renewed focus on regional economic development.

IEDC has contracted McKinsey & Company to create the guidelines for regional strategic plans. That’s expected to be done this year, Adams said.

The 15 regions will create and submit their plans in the first quarter of next year, and then execute them with state support, according to a slide deck for the meeting.

The agenda also included the approval of changes to investment policies and loans with the Indiana Angel Network Fund. It’s part of Elevate Ventures, one of the “entities of interest” examined in the forensic analysis.

One loan amendment lets IEDC convert the remaining outstanding balance into ownership of the Indiana Angel Network Fund since the loan’s maturity date has passed. The board also approved a new, $5 million loan for the group.

New IEDC President Josh Richardson also made his board meeting debut.

Braun appointed him to the position in October, after lawmakers decreed the IEDC’s president and CEO roles should be held by two separate people.