On Thursday, August 5, Mitch spoke to a group of young professionals about his vision for the future of Indiana and why he started Aiming Higher PAC. He also talks about why it is so important to get involved this fall and help win a majority in the Indiana House of Representatives to make sure that vision becomes a reality. Watch the video and then leave us a comment to let us know what you think.
VIDEO: Gov. Daniels on what it means to Aim Higher
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Building the Best Sandbox: Leading the Nation in Private Sector Job Growth
Indiana has 2% of the population, 10 % of the jobs.
On the first day of his administration, Governor Daniels formed the Indiana Economic Development Corporation. This organization replaced the old Commerce Department and was tasked with bringing more businesses and jobs to Indiana.
The results speak for themselves. In 2005 Indiana attracted $457 million in new investment. In 2010 its projected to be $1.37 billion. Since its creation, the IEDC has worked with over 800 companies and secured commitments of over 100,000 jobs and $20 billion in investment.
To do this, Indiana needed to become more competitive with our neighboring states, and have we ever accomplished that. Some of the things that were done include;
- Major Moves. A ten-year fully funded transportation plan upgraded Indiana’s infrastructure, making the state much more attractive to new business.
- Regulatory Reform. All agencies were aligned toward job growth, meaning that they were predictable and consistent.
- Increased research and development credits and a patent income exemption. While maybe not the sexiest reforms, these have real meaning to businesses.
- Re-focusing of the 21st Century Fund. This fund was created to help entrepreneurs and venture capitalist. Over time, a large portion of the money began flowing to our state’s largest universities. Not anymore. Now it is focused again on helping startups and businesses that need an extra push to get themselves to market.
And despite what some would have you believe, Indiana only pays out incentives to companies after they deliver on the jobs they promise!
Indiana is leading the entire nation in private sector job growth at 2.1% (see this piece from the Wall Street Journal http://bit.ly/doFiOY) and second place is not even close. Put another way with 2% of the population, Indiana is creating 10% of the jobs. These jobs are on average higher paying than existing jobs in the state.
If you build a great sandbox, everyone will want to play in your backyard.
Best in the Midwest
When it comes to jobs and strong management, everyone around the country is talking about Indiana.
Governor Daniels has made the mission of his administration to increase the disposable income for Hoosiers. To do this, he embarked on an aggressive course to make Indiana the best possible climate for business investment, based on the assumption that government does not create jobs, it simply exist to create the conditions for private sector job growth.
Indiana excels at job growth and making the state attractive to businesses, but don’t take our word for it.
- Largest increase in private sector jobs (WSJ article)
- Midwest leader in Best States to do Business (CEO Magazine April 2010)
- Best in the Midwest for low taxes (The Tax Foundation, September 2009)
- Best in Midwest for Business (Forbes Magazine 2009 Index of States)
- 5 straight years of record breaking job commitments.
What makes Indiana’s story even more remarkable is that we don’t have some of the natural attractions that other states have to lure business and people. There are no mountains or oceans, we don’t have the best weather all year around.
What we do have is great people, top notch universities, strong community leaders, a great business climate, and a predictable regulatory regime that allows companies to confidently make long-term investments. See this recent article by Forbes magazine for more information.
Keep your money and grow the economy
Lower taxes spur economic growth and, most importantly, empower people and not government.
One of the great benefits of keeping taxes low is that individuals get to keep more of their hard earned money. They can then decide if they want to invest in their business, buy a car, save for another day, or provide for their family in a way of their choosing.
Low taxes also means business are more likely to invest in Indiana. According to the Wall Street Journal, one of the reasons that Indiana leads the nation in private sector job creation (http://bit.ly/doFiOY) is because Indiana taxes are low, and now thanks to the property tax caps, stable. That makes Indiana not only very attractive for new business investment, but also for companies that have had to consolidate operations to do so in Indiana.
For example, in 2009, one of the worst economic environments in decades, the Indiana Economic Development Corporation closed 150 deals, the same number of deals as they did in 2008. However, 59 of those deals were consolidations, where companies decided to close up shop in some other state in order to expand their existing business in Indiana. One of the main reasons was our low tax structure which allows businesses to invest in its products and in jobs.
Every tax dollar government takes from a Hoosier family or business is one less that they have the freedom to spend as they choose.
New energy, new jobs, a bright future
Indiana is a leader in new energy and it’s not by accident. It’s because the Daniels administration, entrepreneurs and citizens all across the state wanted it that way.
- Indiana has a vast amount of coal, most of it located in the southwest part of the state. But Hoosiers want to make it cleaner, so in Edwardsport the nation’s largest clean coal facility is being built, which will help us use our own natural resources in a more environmentally safe way.
- In central Indiana, EnerDel has housed its lithium battery operation. These batteries have the potential to transform the cars we drive, using long-lasting and easily rechargeable batteries that will reduce our need for foreign oil.
- In northern Indiana, the Think car will be built. These smaller cars first developed in Europe will provide another alternative for urban commuters who don’t need a large car to get to and from work or the grocery.
- The drive from Indianapolis to Chicago is much different than it used to be as windmills now dot the landscape. Indiana is using its location at the end of the wind belt to make renewable energy.
None of these projects existed six years ago. Because of a bold vision and the will to look to the future, Indiana is now a leader in renewable energy and investment and jobs for the future are the result.
Governor Daniels often says that we need to look at all new sources of energy. With a little courage and some imagination, Indiana can continue to lead the way in renewable energy. See this article for more .
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