[r85] Rep. Pond on the Economy of Indiana (2/5/2008)

Tuesday, February 5, 2008

Start Date: 2/5/2008 All Day
End Date: 2/5/2008
The state of Indiana, also called the Crossroads of America, is highly recognized for its industrial manufacturing, elevated education standards and low cost of living. The economic wealth of Indiana has increased throughout the past couple of years, and this looks to continue.

According to the Indiana Economic Development Corp., Indiana is No. 1 in manufacturing productivity among industrial states, with 450,000 currently employed in this field.

Employment rates in many other areas are increasing as well. Last year, the Indiana Economic Digest reported Indiana seeing job gains of 0.3 percent higher than its neighboring states Illinois and Michigan. Michigan has confronted its economic woes by increasing taxes $1.4 billion. Michigan residents continue to grapple with a sluggish economy that leads the nation in job losses and unemployment rates.

According to the IEDC, Indiana's sales and use tax is one of the lowest in the Midwest. Also, Forbes ranked Indiana as having the fourth lowest business costs in the nation, based on labor, energy, and taxes. Gov. Daniels' current plan to place permanent limits on property taxes by capping homeowner property by 1 percent, rental by 2 percent and businesses by 3 percent will provide even more relief to Hoosier tax payers.