50 in 50: Indiana

50 states in 50 weeks: U.S. states economic and infrastructure highlights.

Key Economic Indicators

GDP: $352.6 billion

GDP 5-year compounded annual growth rate (CAGR) (2017-2021): 2.0% (U.S: 1.6%)

GDP per capita: $52,495 (U.S.: $58,154)

Population: 6.8 million

Population 5-year CAGR (2017-2021): 0.5% (U.S.: 0.5%)

Unemployment: 2.2% (U.S.: 3.9%)

Economic outlook ranking: #7 out of 50

Fiscal health ranking: #13 out of 50

Overall tax climate ranking: #9 out of 50

Key Sectors and Metro Areas

Top five industry sectors by 2021 GDP:

GDP ($ billions)
% of total GDP
Real estate and rental and leasing
Health care and social assistance
State and local
Wholesale trade

Top three industry sectors by GDP 5-year CAGR (2017-2021):

GDP 5-year CAGR
Management of companies and enterprises
Professional, scientific, and technical services

Top three metro areas by GDP:

  • Indianapolis-Carmel-Anderson
  • Fort Wayne
  • Evansville

Top three metro areas by population 5-year CAGR (2016-2020):

  • Indianapolis-Carmel-Anderson
  • Fort Wayne
  • Lafayette-West Lafayette

Infrastructure Highlights


A report card issued by the White House in 2021 gave the state of Indiana a C- grade for its overall infrastructure condition. Indiana has approximately 1,157 bridges (6%) that are structurally deficient and over 5,478 miles (about 23%) of highways in poor condition. Between water and wastewater systems, the state needs an estimated $14.7 billion in future investments. With recent inflationary pressures, state lawmakers will likely have a challenging process of planning 2023 spending. A Law Enforcement Academy building project in Indianapolis for instance, is 22% above costs projected in 2019. Some projects may get downsized or postponed, increasing ad hoc repairs in an effort to save. Over the next five years, Indiana’s BIL funds will address the following categories of projects (additional funds may be deployed as federal grants get awarded to states):

Improvement Area
$6.6 billion
Roads and highways
$751 million
Water infrastructure
$680 million
Public transportation
$401 million
Bridges replacement and repair
$170 million
$100 million
Electric vehicle (EV) charging network
$100 million
Broadband (minimum allocation)
$20 million
Wildfires protection
$20 million
Cyberattacks protection

Construction spending (Value of Construction Put in Place – CPiP):

  • Private Nonresidential 2020 CPiP: $6.5 billion; 5.7% 5-year CAGR (2016-2020), above overall U.S. CAGR of 2.0%
  • State & Local 2020 CPiP: $6.4 billion; 3.4% 5-year CAGR (2016-2020), below overall U.S. CAGR of 4.8%

AE Industry

ENR 500 firm headquarters (2022): 8

M&A activity since 2018:

  • 9 deals with buyers from Indiana
  • 25 deals with sellers from Indiana

For customized market research, contact Rafael Barbosa at [email protected] or 972.266.4955. Connect with him on LinkedIn.

Weekly real-time market and industry intelligence from Morrissey Goodale.

Read Newsletter

The AE industry’s weekly go-to source for the latest information on M&A deals and trends.

Read Newsletter

Bringing you snapshots of key market sectors, business management ideas, and must-know information for managing and leading your firm.

Read Newsletter

Brining you new ideas for impacting people performance including the latest on company culture, work-life balance, time management, developing next-generation leaders, and new management ideas being implemented in other industries.

Read Newsletter

An insider’s look at the latest trends in attracting, recruiting, retaining, and hiring people in the competitive AE industry.

Read Newsletter

A guide to help you better understand how AE firms are valued and – perhaps more importantly – what you can do to build value now.

Read Newsletter

Overviews on what industry consolidation means and forecasts for where activity, deals, and pricing is headed.

Read Newsletter

At-a-glance snapshots of key market indicators in various market sectors and geographies.

Read Newsletter

Achieve goals and outcomes and reshape your future!

Purchase Today!

Subscribe to our Newsletters

Stay up-to-date in real-time.