Recently, Indiana was ranked the best place to do business in the Midwest and the sixth best place to do business in the nation according to Chief Executive Magazine. This is a big jump from just one year ago when Indiana was ranked sixteenth in the United States.
Our growth on this ranking is testament to the fact that the General Assembly in conjunction with Governor Daniels has worked hard to make Indiana desirable to businesses and to make us competitive in the Midwest when vying for economic development.
Indiana's economic activity was also noticed by Area Development Magazine. The magazine gave Indiana their top honor, the 2011 Gold Shovel Award, for economic development efforts, which is based on the performance categories of total job creation, job creation per-capita, new capital investment and number of new facilities.
These awards are validation that across the nation people are beginning to notice what Indiana has to offer to the private sector.
Southwest Indiana has been a driver in making Indiana's economy robust. A number of businesses have announced expansion and relocation plans to Southwest Indiana.
This March, SS&C Technologies announced a plan to open a new service and technology center here, which will create up to 500 new jobs by 2014. The company's capital investment will be 3.9 M. SS&C provides software and software-enabled services for trading, accounting, reporting, risk management and fund administration to hedge fund clients, insurance companies and institutional asset managers, among other finance industry clients.
SS& C chose Indiana over neighboring states such as Illinois and Kentucky. As an incentive to choose Indiana, Indiana's Economic Development Corporation offered SS&C Technologies up to $8.3 M in performance-based tax credits and up to $200,000 in training grants based on the company's job creation plans.
This company will create high-paying, professional jobs, the kinds of jobs we need more of.
Sugar Steel, a wholly-owned subsidiary of Reliance Steel & Aluminum Company, provides first-stage processing capabilities for steel beams, angles, channels, tubes, pipes, plates and other structural components, has recently located a structural steel service center in Evansville and will create 26 new jobs by 2012. We were once again able to offer this business a home through being competitive by offering performance based tax credits.
The completion of I-69 in conjunction with legislation passed this session will continue to make more companies like SS&C Technologies and Sugar Steel find a home in our region.
Regions that see the highest volume of economic development activity have interstate access. The completion of I-69 will play a major role in Southwest Indiana continuing to capture business by making Southwest Indiana more geographically accessible and desirable.
In addition to bringing businesses in, we wanted to put vehicles in place for people who want to start or expand their business. Legislation passed this session will help those with an entrepreneurial spirit.
In an effort to help those businesses who are in their infancy stages, we created the Venture Capital Investment tax credit, which provides companies with necessary start-up capital. The Venture Capital Investment tax credit program will be extended and increased to help fast-growing businesses at little or no cost to the state.
A one-stop shop for businesses and entrepreneurs was developed this session. When individuals are filing information and documents with states agencies there is currently much red tape plaguing the process with hassles. The one-stop-shop will remove these obstacles subsequently enabling these businesses to get set-up faster and easier, streamlining the process.
Bringing more jobs to Southwest Indiana will continue to be one of my top priorities. We have worked hard to make our state desirable to businesses and have put tools in place to foster budding companies. Our state is on the right track for future success and I believe many good things are headed our direction and that we will continue to see growth and expansion in our region of the state.