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BUSINESS DEVELOPMENT
EDC of Wayne County Releases Target Industry Analysis
Late last year, the EDC partnered with the Economic Growth Group to conduct a detailed and in-depth analysis focusing on industry sectors that would match the attributes Wayne County possesses. Foote Consulting Group, LLC, a firm with global site selection and economic development experience, was hired to conduct the analysis. As part of their research, Foote Consulting looked at industry activity in 2009 as well as a database of major, private sector site locations and expansions. The firm also researched several other demographic -based databases and conducted extensive interviews with Wayne County companies, utilities and other stakeholders. The resulting report identified the industry sectors that would find the economic climate in Wayne County best suited to their needs. While several sectors were identified, resources dictate focusing on only a couple of sectors at a time. Which industries to target and the process of how to market to the chosen sectors are underway.
Free Web Portal Connects Indiana Businesses with Indiana Suppliers
Indiana businesses can now connect with in-state suppliers through a new, web-based service called Indiana Supplier INsight, developed by Conexus – Indiana, the state’s advanced manufacturing and logistics initiative. The site can be found at https://app.suppliergateway.com/conexus. The goal is simple, yet powerful – help Hoosiers do business with Hoosiers. The web-based community connects Indiana companies from all industries to suppliers in the state with procurement opportunities. The benefits of the web portal are threefold: Indiana firms will boost business for other in-state companies, supply chains will be streamlined and opportunities will be realized that previously may have gone unnoticed. Prior to Indiana Supplier INsight manufacturer-supplier networking opportunities were limited to a few hundred participants at industry “meet and greet” events. But when state leaders toured Indiana, small to medium sized manufacturing and logistics firms all said there was a need for a better way to connect with business opportunities in a more timely and efficient manner. According to Conexus officials, as businesses put more and more postings on the system, it automatically broadcasts to matching registered suppliers. The new database already has 5,000 businesses registered. Be sure to check out the new site, sponsored by the Indiana Economic Development Corporation, to see if there’s an opportunity for your business. Officials believe as success stories increase the list of participating firms will continue to rapidly grow.
New Tax Credit Available for New Indiana Employers
A new tax credit is available for new employers in Indiana who meet specific criteria. For up to two years the new program provides an annual tax credit based on a percentage of payroll paid to qualified employees by the new business. A company employing at least 10 employees who decides to either locate, relocate, expand or organize in Indiana retroactive to January 1, 2010 up until December 31, 2012 could be eligible to receive the New Employer Tax Credit. (For the company’s employees to be considered eligible they must be full-time, be a resident of Indiana and not have more than a 5% stake in the business, among other requirements.) To participate, a company must fill out an application for incentives available from the Indiana Economic Development Corporation (IEDC) who must approve the application. The application is part of the pre-commit process for IEDC. Using the New Employer Tax Credit could restrict the use of other tax credits available through the state. It is advisable for companies to work closely with IEDC to determine which tax credit programs would be the best choice. For more information about the new tax credit, contact Eric Shields, Legislative Liaison at
317-234-3997.
Ahaus President Appointed by Governor Daniels to Ivy Tech Community College Board
Kevin Ahaus, President of the Richmond-based Ahaus Tool and Engineering, Inc. was recently appointed by Governor Mitch Daniels to the Ivy Tech Community College State Board of Trustees. The Ahaus family and company has hired and promoted the college’s apprentices since the late 1970s. The Ahaus Machine Tool Lab on Richmond’s Ivy Tech campus is named for the family. Ahaus also serves on the Purdue University College of Technology Richmond Advisory Board, the Wayne County Area Chamber of Commerce, is a member of the Indiana Manufacturers Association and was recently named Chairman for the Economic Development Corporation of Wayne County. He earned his Bachelor’s of Science degree in Mechanical Engineering Technology and a Master’s in Management for Purdue University.
COMMUNITY DEVELOPMENT
Construction on Milton’s Wastewater System to Begin Soon
The town of Milton held a groundbreaking ceremony on May 14th to kick off the construction of their new $5.5 million wastewater collection system. As with many small towns in Indiana, Milton faces failed and failing individual septic systems that are too small to be corrected, according to today’s ordinances. The installation of a new wastewater system will allow home owners to correct their failing septic tank issues, improve property values and allow new home construction to occur, as well as possible business development. The town will receive over $4.9 million in grant funding from the State Revolving Loan Fund (SRF) and the Community Development Block Grant (CDBG) program through the American Recovery and Reinvestment Act of 2009, in addition to a $616,385 loan from SRF. The EDC of Wayne County has been working with Milton for several months providing grant administration and project development services. The Eastern Indiana Development District has also assisted in the project. Strand Associates, Inc. is the engineer for the project. Construction should be completed in a little over a year.
AVAILABLE SITES/BUILDINGS
Flexible Industrial Space for Sale or Lease
Located in Richmond, IN there are 289,708 SF of industrial space available just minutes from Interstate 70 at exit 149A. Formally used for CD manufacturing and recording, this property has no vibration nuisance, two clean rooms and an integrated security system. The property consists of 198,503 SF of manufacturing space with 20’ clear height, 75,000 SF of warehouse space with 21-26’ clear height, over 15,000 SF of office space, 16 dock doors and 5 drive-in doors. The owner will subdivide and lease as little as 34,000 SF. The property listing can be viewed here.
FAST FACTS
ACCRA 1st Quarter, 2010 Cost of Living Index
(Composite Index Numbers)
The ACCRA Cost of Living Index measures price levels for consumer goods and services in 322 U.S. cities. The average for all participating areas equals 100, and each participant's index is read as a percentage of the average for all places.
| Richmond, Indiana | 93.7% |
| Evansville, Indiana | 98.6% |
| Lafayette, Indiana | 96.93% |
| Chicago, Illinois | 118.3% |
| Minneapolis, Minnesota | 109.7% |
| Manhattan, New York | 218% |
Wayne County Unemployment Rate
| April 2010 | 11.4% |
| March 2010 | 12.4% |
| April 2009 | 11.9% |
(Note: Unemployment rates are not seasonally adjusted)
For more April employment statistics, visit the Indiana Department of Workforce Development
and click "view" to see up-to-date reports.
DID YOU KNOW?
Autocar, LLC, located in Hagerstown, Indiana has built over 700 natural gas powered vehicles in the past 18 months and they are in service across the continental United States?
Since January of 2009, the EDC of Wayne County, through its EDIT fund has assisted existing businesses in the commitment to the retention and creation of over 160 jobs and provided training assistance funds to 13 companies. These projects have resulted in $13.5 million in new investment in Wayne County. The county's consolidated EDIT fund comes from funding provided by partnering towns in Wayne County who have agreed to provide half of their EDIT proceeds yearly for county-wide economic development projects. Partners in county-wide economic development currently include Wayne County as well as the towns of Cambridge City, Centerville, East Germantown, Economy, Hagerstown, Milton, Mt. Auburn, Richmond, and Whitewater.