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Indiana Economic Update for May 

BEO 5-19-24 A&B

Toyota Material Handling is set to break ground on a new 295,000 square foot facility in Columbus, Indiana later this month. 

Jane King, a NASDAQ Analyst, says the new facility will cost more than $100 million and expand Toyota’s existing facility. King says the new building, designed to manufacture industrial equipment like forklifts, pallet jacks, and tires, will retain all its existing 1,100 employees and add an additional 85 jobs. 

King also highlighted the large jump in sales last quarter from Indianapolis-based Eli Lilly. The drug maker saw sales jump to $8.8 billion last quarter, with a 46% rise in overall earnings. King says the rise in sales is thanks to popular medications like Zepbound, Mounjaro, and Jardiance. 

In other Indiana economic news, King shared news of a new grant coming to Ivy Tech Community College from the U.S. Economic Development Administration designed to help student-farmers learn more about precision farming. The $1.2 million grant will go to help young farmers discover data-driven ways to make farming more productive, sustainable, and profitable.