McCormick-Goodin Release Balanced Economic Development Strategy and Commonsense Economic Development Plan Ex

Today, Indiana gubernatorial nominee Jennifer McCormick announced her Balanced Economic Development Strategy and Commonsense Economic Development Plan, marking a significant shift in Indiana’s economic development approach. The Balanced Economic Development Strategy prioritizes recruiting and retaining people in Indiana while building on the business-friendly policies Indiana has previously implemented. This strategy, focusing on education, quality of life, regional empowerment, and healthcare, offers a hopeful vision for Indiana’s future. The Commonsense Economic Development Plan provides concrete steps to implement this transformative strategy.

“For twenty years, Indiana’s economic development strategy has focused on the largest corporations, not Hoosier workers or small businesses,” said McCormick. “Our balanced strategy will prioritize people and small businesses–strengthening education, workforce development, and quality of life in every county.” This shift in focus is a testament to our commitment to valuing and supporting the backbone of our economy – the people and small businesses of Indiana.

During twenty years of one-party rule, Indiana has lost 55,000 jobs, and the real wages of manufacturing workers have fallen 14.4%. Despite two decades of pro-business policies and incentives from the IEDC, Indiana’s economic development efforts aren’t keeping up. Reform and increased transparency in the IEDC are necessary to ensure the best interests of Indiana’s residents and businesses.

“Indiana’s economic development strategy of tax incentives and regulatory reductions has not translated into sustained economic growth,” McCormick said. “Indiana’s underlying economic fundamentals make long-term business attraction difficult, and it’s common sense to shift our focus to balance our existing pro-business climate with a prioritization of people retention and recruitment.”

Over the last twenty years, Indiana’s economy has lagged behind the rest of the country. Indiana and the Indiana Economic Development Corporation have primarily focused on creating a “favorable business environment” through tax incentives, regulatory reductions, reducing wages paid to workers, and even functioning as real estate developers. This approach has not led to sustained economic growth. Workforce challenges, particularly talent attraction and retention, remain Indiana’s most prominent barrier to significant growth. Indiana’s future economic development efforts should shift from prioritizing the largest employers to prioritizing people and small businesses.

• Invest in Education and Workforce Development. Indiana currently ranks 41st in educational attainment, making it harder to attract and retain high-wage employers and workers. By increasing funding for pre-K, K-12, and higher education, including implementing workforce training programs in partnership with Indiana’s colleges and universities and union apprenticeships, we can create a more diverse and educated workforce. This, in turn, will allow Indiana to compete for higher-paying industries and encourage Hoosier young professionals to stay in Indiana, paving the way for significant economic growth.

• Expand Quality of Life Investments. Business leaders consistently cite Indiana’s inability to attract young, talented workers due to low investment in quality-of-life projects. The problem is especially acute beyond central Indiana, with economic and population growth centered around the capital. Modeling the Regional Cities Initiative across the state to invest in quality-of-life improvements like affordable housing, cultural amenities, and public spaces will make a difference. Prioritizing infrastructure that enhances Hoosiers’ livability, such as parks, transit, and infrastructure, will make Indiana more attractive for young professionals and families. Creating more vibrant, livable communities across the state will make Indiana more appealing to workers, making economic growth more straightforward.

• Look Beyond Central Indiana. Many talented Hoosier workers are forced to leave their communities to relocate to Central Indiana or, worse, out of state to earn higher wages. Indiana should consider implementing local talent retention programs in each region, including tuition support payment assistance, housing stipends, and tax breaks for individuals who stay and work in smaller communities after graduation.

• Empower Local Governments and Customize Economic Solutions. A one-size-fits-all strategy doesn’t address the specific challenges faced by different regions. Increasing local input over economic development funds allows counties to tailor initiatives based on their unique strengths–agribusiness in northern Indiana, logistics in southeastern Indiana, or tourism across the state. State agencies should provide technical support and guidance, giving localities more flexibility in attracting industries and workers that align with their regional economies. Localized strategies will allow every county to leverage competitive advantages and help foster statewide economic diversity.

• Invest in Tourism and Agritourism. Rural and smaller communities often need more industry diversification, currently relying too heavily on one or two sectors. Indiana should invest in agritourism and outdoor recreation to drive economic growth. Programs should incentivize local entrepreneurs to develop businesses like bed-and-breakfasts, farm tours, wineries, and eco-tourism. The state should provide grants and marketing support. This investment will diversify the economies of smaller communities, making them less dependent on single industries and more attractive as destinations for visitors and potential new residents.

• Support Small Businesses. Hoosier small businesses are the cornerstone of our economy and the beating hearts of our communities. Over and over again, we see that the way to build a strong economy is by investing in Main Street, not Wall Street. That’s why my administration will provide targeted support for small businesses and startups by increasing access to capital, creating incubator programs and mentorship networks, and nurturing a vibrant entrepreneurial ecosystem statewide. We will also improve access to resources for women, veterans, and minority-owned businesses. It’s common sense that Indiana can’t be just business-friendly but small business-friendly, and this starts by bringing balance back to our state’s economic policies, focusing on workers and small employers and not just the state’s largest corporations.

• Strengthen Public Health and Healthcare Accessibility. High healthcare costs and lessening accessibility are significant deterrents for businesses and people considering a move to Indiana. Increasing Indiana’s investment in public health and healthcare infrastructure across the state – emphasizing the reduction of costs for vulnerable Hoosiers – will improve accessibility and turn the tide against the disappearance of rural healthcare providers. We will also incentivize companies to create wellness programs, reducing the long-term cost of care. A healthier workforce is more productive, and affordable quality healthcare makes Indiana a more attractive place for people to live and work.

• Restore Common Sense to Government. Indiana took a significant reputational hit globally during the RFRA debate ten years ago, making many believe we are not a welcoming state that values diversity. After twenty years of single-party and extremist rule, we must restore Indiana’s reputation by bringing balance and common sense to the Statehouse. We’ll start by repealing Indiana’s extreme abortion ban, legalizing and regulating adult use of cannabis, and stopping the extreme and socially divisive policies. We will never be able to retain and attract outstanding talent if the State is seen as unwelcoming. 

Achieving more sustainable growth across Indiana requires the state’s economic development strategy to move away from massive tax giveaways to the largest corporations and instead focus on attracting and retaining highly skilled people. Indiana shouldn’t pick​​ winners and losers but instead focus on developing a statewide, locally-driven economic development strategy in all 92 counties. By prioritizing talent attraction through broad investments in education, healthcare, infrastructure, and local empowerment, and by ending the extreme social policies of single-party rule, Indiana can ensure that every region –not just central Indiana–can thrive. This shift will drive inclusive, statewide growth and make Indiana a great state for business – because it will once again be a welcoming place to live, work, and raise a family.