IEDC Pipeline: We Built It

IEDC we-built-itEconomic development doesn't just happen overnight, and it doesn't always follow a predictable path to the greatest population density or the source of the heaviest media coverage. In fact, some of the biggest reputations for having powerhouse economies are often the most expensive, litigious and regulated environments for business. Look at the top U.S. states for international brand recognition and you’ll find some of the lowest rankings and highest costs for business.

New York and California are certainly two of the most widely recognized of the 50 states around the globe. Both have huge reputations for business because of iconic locations like Wall Street and Silicon Valley, but no one seems to notice that California ranks 50th for regulatory freedom and New York is right behind at 47th in the nation, according to the 2013 Freedom in the 50 States study from George Mason University.

We don’t believe higher costs and regulations are a sustainable model for economic development. In fact, we've spent the last nine years building an environment in Indiana that promotes long-term economic growth by lowering overall business costs and decreasing regulations that get in the way of business. Today, in the same Freedom in the 50 States study, Indiana is the number one state for regulatory freedom, and our legacy of balanced state budgets and cash reserves has allowed us to actually lower taxes at a time when most states are raising them.

In Indiana, we’re building something much more important than a perception of significance. We’re building a reality that offers concrete and measurable benefits. By decreasing costs and red tape, we’re increasing the ability of Hoosiers to succeed on their own terms. We offer an opportunity for success that you can’t find just anywhere, and it truly is a rare environment where the public and private sectors work together to create long-lasting solutions for economic growth and prosperity.

It’s worth noting that we didn't just find our current fiscal strength and stability by accident. We recognized that companies from all over the world were searching for a business environment where they could succeed. It didn't happen overnight, and it didn't follow a predictable path to a state with a bigger reputation, but it happened just the same. We built that environment here in Indiana.