purdue university advanced manufacturing summit indiana government presentation wednesday, march 25,...
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Purdue University Advanced Manufacturing Summit
Indiana Government PresentationWednesday, March 25, 2009
E. Mitchell Roob, Jr.Secretary of Commerce
Commitments for New Jobs, InvestmentCommitments for New Jobs, Investment
New Capital Investment
* As of 03/20/09
• Since its creation, the IEDC has worked with over 650 businesses who have committed to create more than 80K new jobs and invest over $19B
• The average wage for new jobs committed in 2009 is $20.39/hour –
well above state average of $18/hour.
New Job Commitments
2003 2004 2005 2006 2007 2008
2005 2006 2007 2008
Bil
lio
ns
2009*
2009*
Increasing Hoosier IncomeIncreasing Hoosier Income
* As of 03/20/09
* As of 03/10/09
* As of 03/20/09
• Direct state incentives include tax credits, training grants and infrastructure assistance
• Tax credits are performance-based linked to IEDC certification of new jobs• Average time of return on investment: approximately 2 years
Low cost of incentives yields quicker Low cost of incentives yields quicker returnreturn
2005 2006 2007 20082004 2009*
• Indiana continues to seek a high return on its investment in the form of dollars in Hoosiers’ pockets.
$3.22
$5.64$5.88
$4.61
$3.41
First Quarter Results Comparison First Quarter Results Comparison (1/1 – 3/24)(1/1 – 3/24)
33
$414.4M
2,41328
3,433
3,504
3,4333,504
• More than 15,800 new jobs & $8 Billion investment from FDI since 2005
• First in North America for attraction of production jobs through FDI
• Focus on Asia, Europe creating new jobs for Hoosiers
In-Sourcing In-Sourcing
8
$509 M
$800 M
$640 M
$218 M
$500 M
$65 M
$604 M
$58 M
$56 M
$211 M
$426 M
$137 M
$342 M
$341 M
$594 M
$9.0 B
$2.3 B
$2.5 B$1.1 B
$1.6 B
$14.8 B
$5.0 B
$459 M
$838 M
$691 M
$2.4 B
$751 M
$250 M
$2.1 B
$1.7 B
$372 M
$871 M
$1.138 B
$1.2 B
$1.0 B
Source: Center for Budget and Policy Priorities and various news clipsFigures reflect best available information on FY09 budget shortfalls. States shaded red without shortfall figures are projecting FY10 budget shortfalls.
Surplus
Deficit
$606 M
$88 M
$1.7 B
$295 M
$917 M
$1.65 B
$310 M
$1.65 B
04/18/23
Projected 2009 & 2010 State Budget ShortfallsProjected 2009 & 2010 State Budget Shortfalls
1st in the Midwest and 11th nationally• Best Places for Business Survey• 543 top CEOs Source: Chief Executive Magazine, Jan./Feb. 2009
Executives Rank Indiana Best in MidwestExecutives Rank Indiana Best in Midwest
• Skills Enhancement Fund (SEF)
• 21st Century Research and Technology Fund
IEDC Programs IEDC Programs
Skills Enhancement FundSkills Enhancement Fund
• Provides reimbursement of eligible training expenses to businesses committed to training their workforce.
• Could be applied toward implementation of corporate sustainability programs including:
o Waste prevention
o Clean processing
o Lean manufacturing
o Specific Quality Initiatives
2121stst Century Research and Technology Century Research and Technology FundFund• Provides seed capital to promising entrepreneurial
ventures developing innovative technology
• Leverages Indiana’s network of business and academic partners
• Creates high-wage, high-skill jobs in Indiana through commercialization of new technology-based products
• Awards range from $100,000 to $2,000,000
• Proposals accepted year-round
Stimulus UpdateStimulus Update
• GOAL: To leverage the federal dollars to create assets of lasting economic value
• State’s role is to maximize participation and ensure funds are used effectively
• 2 Streams of Funding:o Formula-based o Competitive Grants
• INvest.IN.gov