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CATALYZE COMMITTEE
Life science and agribusiness industries are in the midst of an unprecedented wave of U.S. manufacturing and R&D expansion. Over the past 18 months, many of the world's largest life sciences companies have announced multi-billion-dollar commitments to build new facilities or expand existing operations in the United States. Johnson & Johnson has pledged more than $55 billion in U.S. investments over the next four years, while Roche and AstraZeneca have each announced plans to invest $50 billion. Bristol Myers Squibb has committed $40 billion over the next five years to expand its U.S. research, development, and manufacturing footprint. These specific announcements are part of a broader industry trend, as pharmaceutical, biotechnology, diagnostics, and medical technology companies invest hundreds of billions of dollars to strengthen domestic production, modernize manufacturing, and build more resilient supply chains.
These projects typically take 3–5 years to site, permit, construct, and become operational, but the location decisions being made today will shape regional economies for decades.
States are aggressively competing for these projects through investments in site readiness, infrastructure, workforce, and targeted business attraction. Indiana has already demonstrated its competitiveness, with major investments from companies like Eli Lilly and Roche, but competition from peer states is intensifying.
Decisions are being made now, and Indiana must be prepared to capture a share of the market.
CIRDA’s committee focused on economic development has identified six strategic priorities to support this work. The pillars include:
- Regional Marketing, Opportunity, and Business Development
- Regionalism and Land Use
- Infrastructure
- Talent Development and Recruitment
- Higher Education and Hospital Research Commercialization
- Regional Funding and Incentive System
REGIONAL REDEVELOPMENT TAX CREDITS
The IEDC recently announced the rollout of Regional Redevelopment Tax Credits. The IEDC is now tasked with awarding $35 million of redevelopment tax credits to regions per fiscal year. CIRDA is responsible for assessing all projects that are submitted and ranking the projects that are most significant in the region. To be considered for the first round of funding, projects must be submitted to CIRDA by Monday, October 12, 2026. Please contact CIRDA for additional information.
READI STATUS UPDATE
READI 1.0: READI 1.0 is funding 421 projects around the state. Of those, 281 are beginning to close out. All $500 million has been obligated, with $487 million going to projects, and $430 million of that disbursed. Final disbursement requests must be made by September 30, 2026.
READI 2.0: 154 of 399 projects statewide are fully approved for compliance, with about $55 million in funding disbursed. Another $391 million has been obligated. If you have questions about the status of your project, please contact jenna@centralindianarda.org.
READI 2.0 – Arts: The IEDC announced awards for 49 arts projects across the state. Information on the projects that were awarded can be found here.
READI 2.0 – Blight: Of the $185 million allocated for blight projects, $151 million has been awarded across 46 projects. All funding will be obligated before the end of the year, and the IEDC is not seeking additional applications from CIRDA at this time.
ENERGY & WATER COMMITTEES
CIRDA’s Energy Committee met in July to continue collaboration with Central Indiana’s utilities and stakeholders on best practices to support economic development projects in Central Indiana.
CIRDA’s Water Committee met in August to continue discussions on regional water planning and governance. At the White River Alliance’s Water Summit, Indiana Secretary of Energy and Natural Resources Suzanne Jaworowski said a series of studies on the state’s various watersheds by the Indiana Finance Authority are all nearly complete. The studies, which began in 2018, will help inform the creation of a framework mandated by Gov. Mike Braun in an executive order last year that focuses on regional water planning for economic development. More information can be found here.
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