Emerging Innovation Clusters and Redevelopment Drive $1.1 Billion in Economic Development to Indianapolis

The city's economic development organization, Develop Indy, details 64 successful projects in 2022, creating and retaining over 8,500 jobs at an average wage of $38.42.

Ind. (Dec. 08, 2022) — Develop Indy, the City of Indianapolis' economic development organization housed within the Indy Chamber, and the City of Indianapolis reported initial business attraction and retention results for 2022 today, with high job growth in emerging sectors like radiopharmaceuticals, advanced manufacturing, innovative engineering, and more.

Early year-end numbers indicate Indianapolis's economic development investment from growing industries, creating an environment that attracts employers, drives placemaking, and creates an opportunity for breakthrough innovations.

"2022 has been a historic year for community and economic development across Indianapolis neighborhoods," said Mayor Joe Hogsett. "From large-scale projects to growing the stock of affordable housing, to the release of a historic number of redevelopment opportunities—Indianapolis is creating a better city for residents and businesses."

Three companies made announcements this year to advance lithium-ion battery research and development and production in Indianapolis for use in EVs and other applications. EnPower moved its staff and operations from Phoenix, Arizona, to Indianapolis after acquiring EnerDel assets. Slovakia-based InoBat and its partner Ideanomics announced plans to choose Indianapolis as the location for its first research and development facility in the US. Massachusetts-based 24M was one of the first tenants at the new Emerging Manufacturing Collaboration Center (EMC2) at 16 Tech.

"The city of Indianapolis has demonstrated an ongoing commitment to identify industry leaders that are answering Marion county's biggest challenges through innovative work," said Portia Bailey-Bernard, senior vice president, Develop Indy. "The emerging market economies we're seeing in Indianapolis have the chance to offer greater returns to investors and our city due to their rapid growth."

The technology sector in Marion county continues to offer significant job growth and nurture and grow new startups. Indianapolis-based Combined Curiosity announced plans to create more than 300 jobs to grow its innovative portfolio of online learning brands. UKG, a leading provider of human capital, payroll, and workforce management software solutions for all people, is expecting aggressive growth in its downtown office, adding 200 new jobs over the next three years.

Legacy employer Rolls-Royce announced a $217 million investment in the modernization of engine test facilities to establish further the Indianapolis site among the most advanced manufacturing campuses that Rolls-Royce operates anywhere in the world. California-based RayzeBio, a radiopharmaceutical company focused on the development of cancer therapies targeting solid tumors, will invest $45 million in their first Indianapolis R&D facility creating 70 new jobs, the latest in the growing cluster of radiopharmaceutical companies choosing Indianapolis for long-term growth.

Of the $1.1 billion in economic development investment this year, roughly half was through real estate development supporting businesses, residents, and tourism. 1820 Ventures' planned Cole Motor redevelopment site will bring $120 million in mixed-used development, including a concert venue. The $175 million Gershman Partners and Citimark development of City Market East properties will focus on creating more apartments in the city's center through office-to-residential building conversion and new construction. An additional 19 acres of city-owned land is scheduled for redevelopment in the coming years.

"Neighborhoods throughout Marion County are preparing for continued investment in their communities based on the needs of the resident population," said Bailey-Bernard. "Indianapolis' strengths in logistics and manufacturing allow our region to build off of the existing skill set to ensure new tech and advanced science industries have the opportunity for success in our city."

In the next few years, the city of Indianapolis expects continued downtown redevelopment activity, including high-end hotels, apartments, transit-oriented development, and a new vision for the Circle Centre Mall, which spans two city blocks. These opportunities will continue to pave the way for the creation of higher-paying jobs throughout Marion County and increased economic mobility for our talent.