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How the Economy Impacted Indiana in 2023

2023-12-31 – BE&O GS

Throughout 2023, Indiana businesses, investors, and residents had major impacts on the economy on a state and national level.

Pharmaceutical giant Eli Lilly and Co. prepared to launch their obesity-fighting drug, Zepbound. Now approved by the FDA, Lilly markets the drug as a way to “Lose weight and keep it off.” A successful clinical trial showed that the average patient experienced 20% weight loss when using the drug.

Lilly is expected to sell $1000 billion worth of the weight loss drug in the next six years, and Goldman Sachs is forecasting a 140% rise in Lilly stock. If that happens, Lilly could become the first pharmaceutical company worth $1 trillion. 

With Chrysler and General Motors factories across the state, Indiana was also impacted by the six-week labor strike by the United Auto Workers (UAW) union. With a record-breaking deal reached between the union and car manufacturers, auto workers in Indiana can expect an 11% immediate pay raise and a wage increase of an additional 14% over the next four years. 

To help boost the more than 500,000 small businesses in Indiana, the Indiana Economic Development Corporation (IEDC) spent 2023 improving its efforts to enhance innovation and entrepreneurship across the state.

Working with venture capital firm Elevate, the IEDC has seen an increase of $3 million in its funding for venture capital. That number is expected to increase in the coming years.     

Indiana Governor Eric Holcomb says he will spend his last year in office working to help local officials and nonprofits focus on state programs created during his tenure to help small businesses. Holcomb wants increased attention on the economic development programs, from apprenticeships to manufacturing readiness grants. 

Sponsored by: IEDC