The Hoosier State is nearing record-level private sector employment, according to the latest Bureau of Labor Statistics released data today by the Indiana Department of Workforce Development.
“The Indiana economy continues regional leadership in job creation, which emboldens our economic development efforts,” said Victor Smith, Indiana Secretary of Commerce. “We are telling Indiana’s story around the region, county and globe, attracting more expansions in the state that, in turn, drive Hoosier job creation and wage growth. Already this year, we’ve seen a significant increase in wage rates over our 2014 projects.”
The Indiana Economic Development Corporation is setting a record pace again this year, with more than 150 companies already committed to investing over $3 billion in Indiana operations and creating thousands of jobs in the coming years. These new jobs are expected to pay an average hourly wage of $25.29, which is a 15 percent increase from 2014 and tops both the current state average of approximately $21.43 and the national average wage of $24.96.
More than 50 percent of these projects are in the information technology sector, which traditionally boasts competitive wages, while 18 percent are in advanced manufacturing – an industry that accounts for approximately 25 percent of the state’s economy.
“Companies are growing in Indiana today with confidence,” said Smith. “Businesses choose Indiana because of our commitment to their success. That commitment has enabled Indiana to build one of the strongest economic environments in the nation, making job creation and wage growth possible.”
According to the Bureau of Labor Statistics, Indiana has added more than 119,000 private sector jobs, averaging 4,100 per month over the last two years, since January 2013. Meanwhile, the state’s unemployment rate decreased for the second consecutive month, now 0.4 percent below the national average. At 5.1 percent, Indiana’s unemployment has decreased by 3.3 percent since January 2013.