Indiana ranks high in low taxes, 1st among mid-western states for favorable corporate taxes, 4th among states for low property tax index and 9th for low individual income tax index. Indiana ranks in the top ten states for favorable state business tax climate according to latest CNBC “Cost of Doing Business” rankings. This ranking takes into account corporate, business, individual income, unemployment insurance and property taxes.
Low Cost of Doing Business
Everyone seems to agree, Indiana is good place for business. Forbes ranks it number 6 in the country for business costs, and in their “Directorship’s Boardroom Guide to the Best Places for Business” the rank it 8th overall and 2nd for Litigation. CNB ranks Indiana even higher, 6th overall, 3rd for “Business Friendliness” and 4th for transportation. Their overall ranking combines rankings for Cost of Business, Workforce, Economy, Education, Quality of Life, Technology & Innovation, Transportation, Cost of Living, Business Friendliness and Access to Capital.
The Indiana Economic Development Corporation did their own analysis of business costs among groups of states. The study combined total state business taxes, sum of corporate state income tax, worker’s compensation and unemployment insurance (2010) and was based on a taxable income of $1M and employment of 100. They used the U.S. Bureau of Labor Statistics, the U.S. Department of Labor and the Bureau of Economic Analysis as the sources for the study. It found that Indiana was1st among Mid-western states, and even finished 2nd among Eastern, Southern and Western states.
Chief Executive magazine does a ranking for the Best and Worst States for Business each year. Indiana has ranked in the top 14 states for each of the last 5 years (2005 – 2009), and is ranked 6th in nation and 1st in the Midwest this year.
Indiana also as the 13th lowest average electricity cost of any state.
38% of the labor force in Elkhart County is in manufacturing and Indiana ranks 3rd in the country in Manufacturing GDP for states where Manufacturing is the number 1 industry. In fact, Indiana is one of only 6 states to receive a grade of “A” for friendliness to manufacturing and logistics. Workers are well-trained in these jobs and their expertise can be easily converted to other industries.
Wages for jobs in Elkhart County compare favorably to those for other areas Indiana and the Country. In construction jobs, eg. the average Elkhart County wage is $40,971, less than the highest in Indiana by over $13,000/year and less than the country’s highest average by over $76,000. The average wage for every category of job in Elkhart County is lower than the highest in Indiana and lower than the highest in the Country. Another specific example: manufacturing average wage in Elkhart County is less than half the highest in Indiana and and less than 25% of the highest in the country.
Because of the national recession in manufacturing, Elkhart County had very high unemployment recently. At one time we had the worst in Indiana, but are now ranked 55th of the 92 counties. Indiana had the 3rd largest decrease in unemployment between February 2010 and February 2011 of all states and ranked 1st in the largest percentage of new jobs created in the private sector.
If you are a manufacturer, you find the workforce in Elkhart County and Indiana’s low union membership to be two of the main advantages to moving or expanding here.
Other similar companies in Elkhart County
Elkhart County has a diversification of industry, with manufacturing being 38% of the workforce. Their are nearly 1,000 companies in Manufacturing in 14 different categories.
The EDC of Elkhart County has a “director of business retention and expansion” on staff, full-time, to talk to and facilitate interactions between companies in Elkhart County. As we like to say, “We make things here.”
Available buildings and properties
Elkhart County currently has over 60 buildings of over 30,000 sf each available (the largest is 425,000 sf). In addition we have almost 20 properties available, from 13 acres to 173 acres. We also have parcels in 5 industrial parks left. Each property is listed on this website and also at the IEDC (Indiana Economic Development Corporation) website. We would be happy to put you or your site selector in contact with the appropriate realtor or developer, and would be happy to assist in you selection process in way you think would be the most useful to your circumstances.
We consider our job at the EDC of Elkhart County to be very simple in description. Help you, in way you see fit, to select Elkhart County for your location or expansion, and to be successful after your move. There’s no hiding the fact that Elkhart County was hurt by the nation’s recession, but we didn’t sit around and wonder what happened. We got to work. Conway Data Inc.’s new plant database said we were the top destination for new corporate investment in 2009 among metropolitan areas with populations less than 200,000. Apparently there are those that agree with us!