50 in 50: Indiana

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:

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

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

Infrastructure:

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):

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.