Indiana is analyzing regional cities across the country that experienced positive economic transformation to identify tools that can benefit growth and investment. This study will provide Indiana’s cities with information and resources to initiate their own transformative economic development strategies. To conduct the study, the Indiana Economic Development Corp. (IEDC) has selected Fourth Economy Consulting, a national economic development consulting firm.
“Indiana has become a national role model for economic development as other states have enacted similar business-friendly policies, practiced fiscal discipline and replicated the IEDC’s structure,” said Eric Doden, IEDC president. “But we also have our eye on other states, where several cities have transformed themselves into regional economic powerhouses. We need to know what our Indiana cities can do to energize growth and witness a tomorrow even more prosperous than today.”
Gov. Mike Pence called for a study of regional cities across the country to identify best practices and tools that could be used in Indiana. The 2014 General Assembly responded by passing House Enrolled Act (HEA) 1035 with broad, bipartisan support. The study will be completed this fall, in advance of the 2015 General Assembly.
In parallel with the study, the IEDC will encourage Indiana community leaders to think differently about economic development and to develop an economic vision for their future. Using information gleaned through the study process and contained in the final report, communities can begin identifying their strengths, including cultural amenities, industry assets and natural resources, to include in a strategic plan that can help them achieve their vision for strong growth.
“A strong foundation of manufacturing, life sciences, logistics and agriculture has helped our Hoosier cities build a solid base for growth,” said Doden. “Given Indiana’s core assets, this initiative will help our communities continue to grow and better attract talent and capital. Indiana’s economic success – like that of every state – depends on attracting and retaining talented and productive individuals and companies. Following a strong vision, I’m confident that Indiana will continue to remain a competitive location for business and a vibrant place to call home.”