Photo: Indiana Economic Development Corporation
Forget what you think you know about Indiana. While the Hoosier state may be recognized for a love of basketball, the Indy 500, or the birthplace of folks like James Dean and Michael Jackson – recently Indiana’s garnering national attention as a proven leader in business. As an Indiana-based outsourced manufacturer, our ALTEX Wire and Cable team is proud of the fact that Indiana’s business climate ranked number one in the Midwest and fifth best nationally according to Business Facilities’ 2014 State Rankings Report.
Indiana earned top scores for its strength in the biotechnology and automotive manufacturing industries, ranking second and third respectively. The state also ranked in the top five states for skilled labor availability, water availability and cost, distribution and supply chain hubs, rail and highway accessibility and corporate tax environment – all of which make it an attractive choice for business leaders.
“When companies consider where to locate new jobs and invest, they examine the same factors these rankings consider,” said Victor Smith, Indiana secretary of commerce. “From workforce availability to location and infrastructure, to the regulatory environment and business expenses, companies need a place where they can do their best work. Indiana’s rise to the top reflects the same conclusion that companies around the world are reaching with their own research — Indiana is a state that works for business.”
Indiana also leads the nation as one of the most manufacturing-intensive economies in the U.S., with manufacturing making up more than 30 percent of the state’s GDP. The Hoosier state has seen 6 consecutive years of A-level performances in manufacturing and logistics industry health, tax climate and global reach, according to Conexus Indiana’s 2014 Manufacturing and Logistics Report.
Business leaders worldwide continue to choose Indiana as a top location for manufacturing. Indiana is the highest-ranking state in the U.S. for attracting international manufacturing jobs, with 29 countries represented by manufacturing plants in Indiana.
Global trends are changing the manufacturing landscape, making manufacturing in the U.S. a more viable option for companies. According to a study by the Boston Consulting Group, cost structures in both Mexico and the U.S. have improved more than in all of the other 25 largest exporting countries.
“Because of low wage growth, sustained productivity gains, stable exchange rates, and a big energy cost advantage, these two nations are the current rising stars of global manufacturing,” the report says.
“These dramatic changes in relative costs could drive a large shift in the global economy as companies are prompted to reassess their manufacturing footprints … (and) more goods consumed in the Americas, Asia, and Europe will be made closer to home.”
Indiana’s business climate is poised to excel if the reshoring trend continues. ALTEX Wire and Cable team is thrilled to play a role in helping bring manufacturing closer to home and boosting the economy through providing customers with cost-effective, efficient and high quality customized manufacturing solutions that help improve profitability. And we’re not the only ones excited for the buzz surrounding Indiana’s economic state. The state’s impressive streak of high rankings has Indiana leaders optimistic about what the future holds.
“As Indiana champions innovative partnerships and economic incentives, these numbers come as no surprise,” said state Senator Brandt Hershman. “Every day, our low-tax, job-friendly environment draws more employers to Indiana. As state leaders continue to work hard to attract job opportunities for Hoosiers, I anticipate these trends will continue.”