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Indiana Economic Update 

2024-04-21 – BE&O ATC

A new study shows Indiana is among the most competitive states for attracting new businesses. 

Jane King, a NASDAQ Analyst, says a new study from the American Legislative Exchange Council shows Indiana is ranked fifth for its economic wellness and competitiveness. King says the high ranking can be attributed to Indiana’s favorable taxes and the fact it is a right to work state.    

In other economic news, King says Indiana saw the largest increase in gas prices in the nation from February to March. At an increase of $0.19/gallon, King says the rise in price is mostly due to thousands of visitors flocking to Indiana to view the recent solar eclipse. The increase in demand sent prices soaring.  

King says a recent survey of small business owners showed their optimism about the future of the economy falling to an 11-year low. Small business owners cited inflation and rising labor costs as reasons.  

Purdue University broke ground recently on what will become its largest residence hall. With room for over 900 students, the new building is set to open in 2026. 

Finally, King says Caitlin Clark will bring big dollars to Indiana. King says to expect more than 26,000 fans to visit Indianapolis in the coming year to watch Clark play with the Indiana Fever. The boost in visitors will bring dollars to local hotels, restaurants, and more.