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Indy Chamber Hails Metro Success in "Advanced Industry" Economic Development

Posted by chamberadmin on August 8, 2016

INDIANAPOLIS, IN - The Brookings Institution released a study of recent progress in the nation’s most innovative industries.  “America’s Advanced Industries: New Trends” ranks the Indianapolis region 20th out of the largest 100 U.S. metros in advanced industry job growth from 2013-2015, including 50 specific areas of manufacturing, the life sciences, technology and energy that invest heavily in R&D and employ a high percentage of skilled science, tech, engineering and math (STEM) workers. 

The Indy Chamber hailed the Brookings report as evidence of a “stronger and smarter” regional economy:

“Advanced industries are the most talent-dependent, innovative and globally-competitive areas of our economy,” said Michael Huber, President & CEO of the Indy Chamber.  “The Brookings analysis shows that advanced industry employers are choosing Indy to make their most important investment, growing their workforce.”

Important highlights of the Brookings “America’s Advanced Industries” report include:

  • The Indianapolis region ranks 20th among the 100 top metros in annual advanced industry job growth since 2013, outpacing the national average at 4.27% (Indy) versus 2.46% (U.S.);
  • The region also ranked 21st in advanced industry output in 2015; Indy’s highly productive advanced industry sector generates roughly a quarter of metro economic output, while accounting for one of every ten jobs;
  • Pharma is the largest sector of the Indy region’s “advanced economy,” but tech is driving recent job growth:

Computer system design, data processing, internet services and software are among the largest sources of new jobs, along with management consulting and R&D services;

  • Advanced industries continue to represent the most innovative, globally-competitive areas of the U.S. economy, accounting for 89% of private sector R&D, 80% of new patents, and 60% of total exports;
  • With heavy employment of STEM workers and double the national rate of productivity growth, advanced industries also pay higher wages – an average of $89,394 annually, compared to $49,321 for all industries.

Looking ahead, Huber said that the region is embracing a broader vision for economic development that prioritizes workforce development, talent attraction and retention, and innovation as top priorities, focusing on a business climate that will encourage continued advanced industry growth.

“During much of the timeframe that Brookings studies in this report – 2014-2015 – the Indy Chamber was reaching out to thousands of employers, economic experts and elected officials to create a new strategy for higher-value investment and higher-paying jobs,” he said.

“Behind the Brookings data are decisions by hundreds of CEOs to invest in Indianapolis, the efforts of the Central Indiana Corporate Partnership around workforce and other industry challenges, the vision of John Lechleiter and other leaders to champion innovation initiatives like 16 Tech and the Indiana Bioscience Research Institute,” Huber finished.  “A strong business climate and an engaged business community are driving our advanced economy momentum, and we’ll need a proactive strategy and regional teamwork to keep it going.”

The full “America’s Advanced Industries: New Trends” report from the Brookings Institution can be found here.

ABOUT INDY CHAMBER
The Indy Chamber is the voice of progress and improvement for the Indianapolis region's business community. With membership of nearly 2,000 businesses in the Indianapolis region, the Indy Chamber is leading the effort to strengthen the business climate, improve the state of education, revitalize neighborhoods and enhance the region's workforce. For more information, visit IndyChamber.com