Indiana Economic Development Corporation
State Agency Focused on Fueling Indiana’s Economic Growth
The Indiana Economic Development Corporation (IEDC) is a statewide public-private partnership that drives economic growth by supporting local companies and bringing new business opportunities to the state.
Established in 2005, the Indiana Economic Development Corporation (IEDC) is the driving force behind Indiana’s economic growth. This agency leverages public-private partnerships to support local businesses, attract new companies and ultimately invest in the future of our economy. From tax credits to workforce training grants, the IEDC manages a wide array of economic development initiatives to bring new business and opportunities to the Hoosier State.
In recent years, the IEDC has developed a comprehensive growth strategy called the 5E Approach, which stands for: Environment, Entrepreneurship, Energy, External Engagement, and the Economy of the Future. This five-pronged strategy aims to transform Indiana into a strong business environment that supports entrepreneurship and invests in cutting-edge industry innovation.
This includes a targeted, intentional effort to attract and retain foreign-owned businesses from all across the globe. The IEDC is acutely aware of the unique opportunities and challenges faced by international businesses looking to expand in the U.S. market. That’s why they work to support the 1,050+ foreign-based companies that call Indiana home, ensuring they have the resources they need to thrive in our community.
When companies come to Indiana, the IEDC helps facilitate their transition, fostering international connections while promoting business collaboration. The IEDC actively endorses and connects companies with organizations like The International Center, which offers cross-cultural training and relocation services for expatriate employees. Other partners include INzone—the nonprofit that administers the Foreign-Trade Zone program in Central Indiana—and the U.S. Export Assistance Center in Indianapolis.
The IEDC also makes an effort to connect companies with corresponding nonprofits that represent their community and culture. Indiana is home to many such organizations, including the Indiana India Business Council, the Japan-America Society of Indiana, and the Indiana-Germany Business Council.
These organizations play a pivotal role in strengthening ties between their home countries and Indiana, facilitating the exchange of innovative ideas and fostering entrepreneurship in the Hoosier state. The IEDC has also established offices in key international regions like Korea, Germany, Italy and the UK to ensure companies have a direct IEDC contact available in their native country.
The IEDC is already beginning to see the results of their strategy—with a record-breaking $22.2 billion in new capital investment in 2022. That year, over 200 companies committed to locate or expand in Indiana, creating over 24,000 new jobs with wages averaging 27% higher than the state average. This success is on top of the $13.7 billion in foreign direct investment that’s come to Indiana since 2017.
In 2022, the IEDC also hosted the inaugural Indiana Global Economic Summit, bringing together global leaders, executives and dignitaries to discuss opportunities for collaboration. They welcomed over 900 guests and 30 international delegations for the event, demonstrating Indiana’s rising prominence on the global stage. Events like these help the IEDC strengthen Indiana’s global reputation and showcase our state’s value as a potential business partner.
Together, these initiatives have cemented Indiana’s status as a global destination for business and entrepreneurship. In fact, Forbes recently ranked Indiana the #1 Best State to Start a Business, while Startup Genome named Indianapolis one of the Top 40 Global Destinations for entrepreneurs. Thanks to their efforts, the IEDC has forged a clear path forward for Indiana, as the Hoosier State becomes synonymous with collaboration and partnership on a global scale.
