What Is the Economy Like in Indianapolis?

As the capital of Indiana, Indianapolis is the state’s largest city and is home to a strong and diverse economy. Home to a variety of Fortune 500 companies, Indianapolis has become a leading financial and business hub within the Midwest. In this guide, we’ll explore some of the biggest economic sectors and trends affecting the Indianapolis economy.

The Basics

The greater Indianapolis region is home to over 2.2 million inhabitants, making it one of the largest metropolitan areas in the Midwest. With its attractive tax rates, low cost of living and business-friendly environment, the city is home to over 200 overseas-based companies from countries such as Japan, France, Germany, Canada and the UK. Moreover, Forbes called Indianapolis one of “America’s Most Affordable Cities.”

The city’s economy is worth some $100 billion and includes a wide variety of industries and sectors. The sector commonly associated with downtown Indianapolis are known as the “downtown 8”, comprising professional and financial services, tourism, trade, energy, education, healthcare and technology. The city is also home to a countless number of local companies involved in retail, manufacturing and logistics.

Key Economic Sectors

Manufacturing

Manufacturing forms the foundation of the economy in Indianapolis and has been an integral part of the city since its founding in the 1800s. With some 320 manufacturing companies operating within Marion County (the county in which Indianapolis lies), the sector is one of the largest contributors to employment in Indiana. Automotive components (like those for Cummins), precision components (like those for Rolls Royce) and pharmaceuticals are all major economic drivers.

Healthcare

Healthcare is one of the city’s most vibrant industries. The sector is home to some 3,000 healthcare companies, including major hospitals, medical centers and Biotech companies that collectively employ over 80,000 people. Healthcare continues to be a leading economic sector with a profitable output that garners billions every year.

Logistics

Logistics is another major economic driver in the city. With its ideal geographic positioning on I-65, I-70 and I-74, Indianapolis boasts several large transportation companies that facilitate hundreds of truckloads each day. These companies are crucial to the functioning of businesses in the area who rely on their services for both local and international shipping purposes.

Professional Services

KPMG, AT&T and OneAmerica are just a few of the major names that form a part of Indianapolis’ professional services industry. In total, there are some 1,000 professional service businesses in Marion County alone that provide a wide range of services from market research firms to law firms to accountants. Together they employ around 80,000 people and boost the economy with upwards of $50 billion in revenue each year.

Future Outlook

On the whole, the economy in Indianapolis looks very promising for the foreseeable future. The city is constantly investing in infrastructure and creating an even stronger business-friendly environment to attract more investors. Not only that, but job growth continues to remain strong with unemployment rates staying well below the national average at 3.1%.

The city is boosting its tech industry with multiple high-tech startup accelerators like Indytech Ventures and ScaleUP Indy providing training, mentoring and funding opportunities to high growth startups. There is also an abundance of venture capital firms like Allos Ventures that specialize in funding early-stage tech companies within Indiana.

The healthcare sector has seen positive growth for years due to healthy investments and collaboration between many of their most successful companies like Kindred Healthcare and Franciscan Health Network. With its competitive wages, job stability and excellent employee benefits (like tuition reimbursement), it’s no surprise that healthcare continues to be a major driving force in Indianapolis’ growing economy and sustained job growth.

Overall, with its solid industrial base and strong investments being made into developing tech infrastructure, there’s no doubt that the economy in Indianapolis will continue to see positive growth and sustained job creation in the years ahead. For more information on running a business in Indianapolis or finding employment opportunities in the city, be sure to visit GrowthPartnersIndiana, where you can find a wealth of helpful advice and resources.

An Insider’s Guide to Indianapolis: Discovering the Hidden Gems

Welcome to Indianapolis, a city known for its motorsports, vibrant culture, and thriving economy. As you explore this beautiful city, you’ll find that it’s full of hidden gems, waiting for you to discover. In this insider’s guide, we’ll take you off the beaten path and introduce you to some of the most captivating and unique experiences Indianapolis has to offer.

Local Attractions: Beyond the Tourist Trail

While the Indianapolis Motor Speedway and the Children’s Museum are two of the most popular attractions, there are many places to explore that only the locals know about. Have you ever heard of the White River State Park, the Oldfields-Lilly House and Gardens, or The Indiana Medical History Museum? These places are full of fascinating history, breathtaking scenery, and fun activities for the whole family.

Dining Spots: Savoring the Local Cuisine

Indianapolis is a melting pot of cultures, and that is reflected in its cuisine. You must try the famous breaded pork tenderloin sandwich, spätzle, and the iconic sugar cream pie. Take a walk through the City Market, and you’ll find food stalls selling everything from Greek gyros to Chinese dim sum. Did you know that Indianapolis is also home to James Beard Award-winning chefs and some of the best craft breweries in the country?

Cultural Experiences: Immerse Yourself in Indy’s Traditions

Indianapolis is a city of diverse people and cultures, and that is reflected in its festivals, art, music, and customs. Visit the Eiteljorg Museum of American Indians and Western Art to learn about Native American culture, attend the Indy Jazz Fest, or see a show at the Indiana Repertory Theatre. You can also experience the Indy Pride Parade and Festival, the Star Wars Celebration, and the Indiana State Fair, just to name a few.

Local History: Fascinating Stories that Bring the Past to Life

Indianapolis has a rich history that dates back to the pre-Columbian era, and there are many captivating stories to discover. Did you know that the city was once known as the “Crossroads of America” because of its many railroads? Or that the Indiana World War Memorial was built in remembrance of Hoosiers who died in World War I? Explore the historic neighborhoods of Lockerbie Square and Fountain Square, or take a tour of the famous Crown Hill Cemetery.

Off-the-Beaten-Path Suggestions: Unforgettable and Unique Experiences

If you’re looking for something truly unique and memorable, Indianapolis has plenty of options. Take a carriage ride through the city’s historic neighborhoods, rent a bike and explore the Monon Trail, or go hot air ballooning over the city. Did you know that you can even take a balloon ride over the Indy 500 Speedway? And if you’re feeling brave, visit the Indiana Fear Farm, one of the scariest haunted attractions in the country.

In conclusion, Indianapolis is a city that has something for everyone. Whether you’re a history buff, a foodie, or an adventurer, you’ll find something to love here. This insider’s guide was just a taste of what the city has to offer, so come and discover the rest for yourself. We guarantee you won’t be disappointed!