Indiana Economic Development Corporation
Encyclopedia
The Indiana Economic Development Corporation is a body corporate and politic (i.e., a public-private company) in Indiana that focuses on encouraging business to setup shop or expand their existing operations within the state with tax benefits, grants, and other incentives authorized by the state.
When Mitch Daniels
was elected Governor of Indiana
, he stated his number one priority was job creation. To achieve that goal, he created the quasi-public Indiana Economic Development Corporation (IEDC), became chairman of its board, and ordered it to “act at the speed of business, not the speed of government” to attract new jobs. During its first year, the IEDC closed more transactions than similar efforts had during the previous two years combined. Between 2005 and 2008, 485 businesses committed to creating more than 60,000 new jobs and investing $14.5 billion into the Indiana economy. In 2006, the IEDC topped its 2005 results. It landed three high profile automotive investments from Toyota, Honda
, and Cummins
. In 2007, the IEDC announced its third consecutive record-breaking year for new investment and job commitments in Indiana with its largest deal being made with BP to construct $3.2 billion in facilities to assist in recovery of fuel from the Canadian tar sands.
Unemployment dropped during Daniels' first years as Governor, increased during the 2008 recession, and gradually came back down in the following years. Daniels was able to make progress on his clean energy agenda during his early years in office with support from the Democrats in the General Assembly. Indiana subsequently became one of the leading states in biofuel production with 15 plants, including the world's largest soybean bio-diesel plant.
In March 2010, WTHR Indianapolis News published a story claiming that up to 40% of the jobs the corporation reported to have helped create never came to fruition, and questioned the job numbers produced by the IEDC. The news story cited changes in companies' plans as the primary reason for the failures and criticized IEDC's annual report for prematurely claiming credit for the job creation. The IEDC revised the numbers in response to the report and found that 13% of the job commitments they had received had not came to fruition.
When Mitch Daniels
Mitch Daniels
Mitchell Elias "Mitch" Daniels, Jr. is the 49th and current Governor of the U.S. state of Indiana. A Republican, he began his first four-year term as governor on January 10, 2005, and was elected to his second term by an 18-point margin on November 4, 2008. Previously, he was the Director of the...
was elected Governor of Indiana
Governor of Indiana
The Governor of Indiana is the chief executive of the state of Indiana. The governor is elected to a four-year term, and responsible for overseeing the day-to-day management of the functions of many agencies of the Indiana state government. The governor also shares power with other statewide...
, he stated his number one priority was job creation. To achieve that goal, he created the quasi-public Indiana Economic Development Corporation (IEDC), became chairman of its board, and ordered it to “act at the speed of business, not the speed of government” to attract new jobs. During its first year, the IEDC closed more transactions than similar efforts had during the previous two years combined. Between 2005 and 2008, 485 businesses committed to creating more than 60,000 new jobs and investing $14.5 billion into the Indiana economy. In 2006, the IEDC topped its 2005 results. It landed three high profile automotive investments from Toyota, Honda
Honda
is a Japanese public multinational corporation primarily known as a manufacturer of automobiles and motorcycles.Honda has been the world's largest motorcycle manufacturer since 1959, as well as the world's largest manufacturer of internal combustion engines measured by volume, producing more than...
, and Cummins
Cummins
Cummins Inc. is a Fortune 500 corporation that designs, manufactures, distributes and services engines and related technologies, including fuel systems, controls, air handling, filtration, emission control and electrical power generation systems...
. In 2007, the IEDC announced its third consecutive record-breaking year for new investment and job commitments in Indiana with its largest deal being made with BP to construct $3.2 billion in facilities to assist in recovery of fuel from the Canadian tar sands.
Unemployment dropped during Daniels' first years as Governor, increased during the 2008 recession, and gradually came back down in the following years. Daniels was able to make progress on his clean energy agenda during his early years in office with support from the Democrats in the General Assembly. Indiana subsequently became one of the leading states in biofuel production with 15 plants, including the world's largest soybean bio-diesel plant.
In March 2010, WTHR Indianapolis News published a story claiming that up to 40% of the jobs the corporation reported to have helped create never came to fruition, and questioned the job numbers produced by the IEDC. The news story cited changes in companies' plans as the primary reason for the failures and criticized IEDC's annual report for prematurely claiming credit for the job creation. The IEDC revised the numbers in response to the report and found that 13% of the job commitments they had received had not came to fruition.