Thursday, February 2, 2023
About this Event
The Indiana Economic Development Corporation (IEDC), in partnership with Conexus Indiana, announced today that 186 Manufacturing Readiness Grants totaling $22.7 million were awarded in 2022, supporting $352.7 million in technology-enabled capital investment among manufacturers. The innovative program, structured to allow Indiana based manufacturers to increase production efficiency, invested in 60 counties across Indiana in 2022.
Launched in 2020, the Manufacturing Readiness Grants program was created to stimulate private sector investments to modernize Indiana’s manufacturing industry. Since then, a total of 384 awards totaling $39 million have been awarded to companies in 69 counties, prompting proposed projects with combined budgets of $484 million.
“Indiana’s rich manufacturing history paired with these new investments will ensure that Indiana continues to lead as the world transitions into Industry 4.0,” said Indiana Secretary of Commerce Brad Chambers. The Manufacturing Readiness Grants program is propelling Indiana’s innovative economy with strong returns on each dollar spent and is creating high-quality career opportunities throughout the state”
In the 2022 Manufacturing Readiness Grants Impact Report, Conexus Indiana and the Purdue University Dauch Center for the Management of Manufacturing Enterprises provided an in-depth look into the impacts achieved via grant recipients through June 30, 2022. Key findings from the impact report, in addition to a revenue impact survey conducted in collaboration with the IEDC, include:
Companies that adopted a smart manufacturing technology on average added five new positions; they also anticipated payroll to grow on average $196,000 per project.
The average revenue impact to companies was $2.5 million, with 37% of those companies reporting that they anticipated revenue growth of more than 10%.
The capital investment coupled with projected increases in both revenue and wages equate to a significant internal rate of return for the state’s investment in the Manufacturing Readiness Grants program.
“Conexus Indiana data show that the percentage of companies budgeting for Industry 4.0 technology, such as advanced robotics, cobots, machine vision and additive manufacturing, has doubled from 2020 to 2022,” said Mitch Landess, vice president of innovation and digital transformation at Conexus Indiana. "Manufacturing Readiness Grants have served as a catalyst to accelerate digital adoption projects for hundreds of companies, and recent findings support that this is leading to significant economic growth.”
Manufacturing Readiness Grants award recipients through December 31, 2022, can be found on the Conexus Indiana website.