According to the U.S. Bureau of Economic Analysis, Indiana’s GDP growth rate ranks as the third highest growth rate in the U.S. behind North Dakota and New York. Coupled with having the third highest GDP, the Standard & Poor’s Ratings Service, an independent provider of credit ratings, has reaffirmed its ‘AAA’ credit rating for the state of Indiana. The report cited Indiana’s diversifying economic base, budget with solid level of reserves, active budget management controls and low overall debt levels.
“What positive announcements for the State of Indiana,” said Rep. Heaton. “These rankings put Indiana head and shoulders above the rest of the nation and come as a reminder to continue to move forward with building a strong economic environment for Hoosiers’ businesses and employment opportunities.”
Paralleled to these announcements, Indiana continues to foster economic growth, passing legislation that spurs business development and job creation. Rep. Heaton played a key role in aiding microenterprises, authoring
House Enrolled Act (HEA) 1192 which transfers control of the Microenterprise Partnership Program under the administration of the Indiana Housing and Community Development Authority while creating the small businesses fund to be administered by the Indiana Economic Development Corporation.
“The Microenterprise Partnership Program will help foster the growth of small businesses by increasing access to community banks. I hope to see these grants go towards training, access to financing, and technical assistance to small businesses,” said Rep. Heaton.
Rep. Heaton’s bill is effective beginning on July 1st. The General Assembly as a whole passed legislation to help further the economic climate of the state such as HEA 1004, which increases access to start-up capital for Indiana businesses, HEA 1006 which promotes economic development locally and regionally, and HEA 1007 which allows enhanced abatement schedules and hiring incentives to encourage local job growth.