In the past decade, Indiana is literally a turn-around story on a grand scale, with a legacy of great leadership and a continued commitment from Governor Pence to maintain and improve the Hoosier success story. As Indiana plots that course, the word trajectory becomes very important.
Trajectory is a word that doesn’t designate so much of a beginning or an end, but an arc toward something. Indiana is on a trajectory for success and continuous improvement. The state’s focus on business-friendly policy to stay competitive in the 21st century, dark fiber, better connectivity, infrastructure investments, improved rail, lowering business costs and reducing tax burdens all have stimulated additional investment and job growth.
Indiana’s attractive policies and continued improvement to the Hoosier landscape are seminal touch points to attracting new business. Indiana is on the right path and it’s working. That’s why Indiana’s current trajectory is important as a state moving forward in a positive direction.
On this trajectory of continued improvement, Hoosiers have a competitive advantage. In addition to location, dedicated workforce and economic policies, Indiana collaborates better than other states. In too many states, the legislature reacts to what the private sector needs and pursues a disconnected agenda that many times puts the private and public sectors at odds with each other.
By working together to deliver long-term economic solutions that benefit all Hoosiers, Indiana has maintained a AAA credit rating, balanced the state budget and lowered taxes every year for the last two years, with additional cuts scheduled every year through 2017. That sound fiscal positioning has attracted a record number of jobs and investment to Indiana recently, with a 2013 year-end total of 261 company deals, more than 21,000 new job commitments and $2.6 billion in new investment. Just to put those numbers in perspective, 261 new Indiana company commitments is more than 1 new company per business day for the entire year.
So why is Indiana attracting so many new jobs in the first place? Essentially, the Hoosier State’s business environment has been on a constant trajectory of improvement for over 8 years, and every time the state improves infrastructure, lowers tax or increases efficiency, the economy picks up just a little bit more momentum, and improves the course for economic development.
Part of Indiana’s success involves keeping costs low and stable, which has allowed Indiana to bank a portion of the annual state budget in cash reserves. That cash position allows Indiana to invest in new opportunities, a luxury that most states simply don’t have right now. It affords Indiana the opportunity to invest inward and take an already great infrastructure and make it even better..
As other states raise taxes to pay for budget deficits, dividing the public and private sector in policy wars, Indiana is enjoying the benefit of fiscal strength and solvency that came about from an ability to connect on issues that benefit both the state’s economy, infrastructure and quality of life.
That’s the trajectory of Indiana’s economic development efforts. It took years to steer things in the right direction, and today’s results are the positive reflection of those efforts. Where Indiana is going tomorrow is a function of momentum and trajectory and the state economy is solidly positioned on a course for success.
By continuously listening to what businesses need to reach their full potential and working to get those things done, Indiana is definitely a State that Works for plotting a trajectory for success that will create prosperity and opportunity for many generations of Hoosiers to come.