Indiana's unemployment rate fell to 5 percent in May, led by a boost in hiring in trade, transportation and utilities.

Gregg said the plan won't require any new or increased taxes, relying instead on shifting existing resources.

According to the IDEC, the state has created more than 26,000 jobs last year and more than 8,000 this year.

Indiana has trailed the nation in gross domestic product growth during three of the past four years. But the Kelley School of Business panel's annual economic forecast projects that the state's GDP will grow at a slightly faster rate into 2017.