IEDC Invests Nearly $23 Million in Manufacturing Readiness Grants to Hoosier Businesses in 2022

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.

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.  

For more information, visit the Indiana Economic Development Corporation.