The latest data reveals that Indiana's economy continues to experience strong growth, with nearly $21 billion in economic investment during the first quarter of 2024. This investment has attracted 45 companies to build new facilities or expand current operations in the state, leading to the creation of over 5,100 new jobs with an average annual salary of $70,283. These investments put Indiana on track to surpass last year's record of $28.7 billion in economic growth. Since the beginning of 2022, businesses have chosen to invest more than $71.5 billion in new facilities or expansions in Indiana, highlighting the state's attractiveness to businesses. Notable investments include an $800 million project by Meta, the parent company of Facebook and Instagram, to build a data center in Jeffersonville. This project is expected to create 100 permanent jobs and require 1,200 construction workers, with the data center set to open in 2026. State Commerce Secretary David Rosenberg attributes the record quarter to Indiana's focus on economic development [a4bcf68f].
According to the latest news from cw34.com, Amazon plans to invest in Port St. Lucie, Florida, and other locations, creating over 1,300 new jobs. The company will build a one-million-square-foot Inbound Cross-dock in Port St. Lucie to handle third-party and Amazon products. Additionally, three delivery stations will be established in Melbourne, Jacksonville, and Tampa. These new sites are expected to open in 2024. Since 2010, Amazon has invested over $36 billion in Florida. Port St. Lucie Mayor Shannon Martin welcomes the expansion, which will create 1,000 jobs in the city [9000bb55].
A new study conducted by Amazon economists found that counties with Amazon facilities see a boost in employment, with the employment-to-population ratio increasing by 1.7% on average. This implies a job-multiplier effect of 1.9, meaning that for every 10 jobs created directly by Amazon in a county, nine additional jobs are created there. The study also found that the median household income in these counties increased by up to 2.2%, resulting in families receiving an additional $1,350 per household per year. The impacts of Amazon's investments go beyond income, as newly hired workers contribute to the tax base and spend money in local businesses, stimulating the local economy. The study compared counties with Amazon investments to similar counties without investments and used various regression techniques to identify the changes resulting from Amazon opening facilities in these locations [dd02ffd5].
According to a report by Greater Louisville Inc. (GLI), the Louisville region's economy saw strong employment growth in 2023. The region, which includes five counties in Indiana (Clark, Floyd, Harrison, Scott, and Washington) and ten counties in Kentucky (Bullitt, Hardin, Henry, Jefferson, Meade, Nelson, Oldham, Shelby, Spencer, and Trimble), experienced a 10-year high in employment with an unemployment rate of 3.3%, below the national average of 3.7%. GLI's project pipeline also grew by 93% in 2023, attracting companies to relocate or expand to the region. Clark Welch, the VP of economic development at GLI, stated that the Louisville region has done a good job capitalizing on the strong economy. To continue the momentum in 2024, GLI plans to initiate two new marketing strategies, including a targeted national marketing campaign and launching a website called Greater Louisville Partnership to highlight the counties in the region [98f33b17].
A report by Greater Louisville Inc. shows that there were 34 active business attraction projects and 23 expansion projects in the Greater Louisville region in spring. These projects represent over 8,100 potential new jobs and nearly $3.8 billion in potential new investment. Despite ongoing inflationary pressure, the region continues to attract new businesses and grow existing ones. One major win for the region was the announcement of MMY US's new facility in West Louisville, which will create 73 full-time jobs. Greater Louisville Inc. is the Metro Chamber of Commerce and represents 15 counties in Kentucky and Indiana [2a20e832].
Louisville Metro Government's Department of Economic Development and Greater Louisville Inc. (GLI) have jointly received the 2024 Mac Conway Award for Excellence in Economic Development from Site Selection magazine. The award is based on the capital investment and new jobs announced in the 15-county region, which reported $1.8 billion in capital investment and 4,731 new jobs in 2023. The majority of these investments and jobs are located in Louisville-Jefferson County. This is the 10th straight year that Louisville Metro Government's Department of Economic Development has received the Mac Conway Award and the eighth year in a row that the Department and GLI have shared the award. The projects that contributed to this award include the location of Stellar Snacks, PACCAR Parts, Thai Summit Kentucky Corporation, Unifirst Corp., Four Roses Distillery, and Fort Dearborn Co. Louisville has also received numerous accolades and recognitions, including being ranked among the Top 10 Best Cities to Move to in 2024 by Forbes and named a Top 10 U.S. Metro for Economic Development by Site Selection magazine [ae40c6d2].
Amazon's investments in communities like Harlem have had a significant impact on the American economy. A study conducted by Amazon's economists compared counties with Amazon investments to similar counties without. The study found that counties with Amazon facilities experienced a boost in employment, with an average increase of 1.7% in the employment-to-population ratio. For every 10 jobs created directly by Amazon, nine additional jobs were created in the county. The median household income in these counties increased by up to 2.2%, resulting in an additional $1,350 per household per year. The investments also had downstream effects on local businesses, as Amazon employees spent money in the community. The study indicates a strong correlation between improved economic outcomes and Amazon's investments [92333576].
Amazon has invested more than $1.3 billion in Nebraska since 2010, creating over 3,500 jobs in operations and logistics. The company has contributed over $1.1 billion to the Nebraska economy and supported more than 4,200 indirect jobs across the state in 2023. Amazon has invested over $280 billion in small towns and rural areas across the country since 2010. The company was named the #1 Investment Hero of 2024 by the Progressive Policy Institute. Places with Amazon facilities see improved economic outcomes, including increased household income and employment. A typical mid-sized county that received Amazon's investment had on average 4,400 more new jobs than a similar county that did not receive an investment. Median household income increased by up to 2.2% in counties that received Amazon investment. Amazon's investments in infrastructure totaled over $36 billion in 2023 alone [07fca9be].
Amazon has also made significant investments in Connecticut, with over $9.5 billion invested in the state since 2010. These investments have created over 17,000 jobs and supported over 17,100 indirect jobs. The state GDP has been boosted by $9 billion as a result of Amazon's investments. The company has established 6 fulfillment and sortation centers, 11 Whole Foods Market locations, and 7 on-site solar locations in Connecticut. Additionally, Amazon has supported over 5,000 independent sellers in the state. Overall, Amazon's investments in small towns and rural areas across the US since 2010 have exceeded $280 billion. The company was recognized as the #1 Investment Hero of 2024 by the Progressive Policy Institute. Areas with Amazon facilities have seen positive economic outcomes, including increased household income and employment. Counties that received Amazon's investment experienced an average of 4,400 more new jobs and a 2.2% increase in median household income. Small and medium businesses account for approximately 60% of Amazon's physical product sales and have created an estimated 2.2 million jobs [7cd4ef86].