Indiana’s 2022-2023 Budget
Helping small businesses and accelerate economic recovery
- Invested $500M of federal stimulus dollars in the Regional Economic Acceleration and Development Initiative (READI) to support communities across the state and encourage innovative policies that will spur population growth and economic expansion
- Directed $60M of federal stimulus dollars to the Hoosier Hospitality Small Business Restart Grant Program to help small Hoosier businesses get back on their feet (HB 1004)
- Created the Career Accelerator Fund to incentive educational programs that lead to high wage, high demand jobs, and capitalizes the fund with a $75M appropriation from federal stimulus dollars
- Increased the annual cap on the Venture Capital Investment (VCI) tax credit to $20M per year beginning in CY 22 and establishes a bonus credit amount for investments in minority and women-owned businesses
- Appropriated $10M per year for Manufacturing Readiness Grants
- Increased the 21st Century Research and Technology fund annual appropriation to $32.75M – a $3M increase each fiscal year
Making strategic investments in infrastructure
- Appropriated $250M of federal stimulus dollars for broadband expansion
- Provided $160M of federal stimulus dollars for water infrastructure grants
- Allocated $550M to a capital reserve account for state building projects
- Appropriated $60M for Next Level Trails from federal stimulus dollars
- Directed $25M of federal stimulus dollars to support conservation land acquisition and preservation
- Appropriated $900M to the Next Level Connections fund for future state infrastructure projects
- Provided funding to upgrade several National Guard Armories and the Indiana State Police post and laboratory in Lowell
- Provided $50M of one-time funding in FY 22 to cash fund the Fall Creek Pavilion at the Indiana State Fairgrounds
Across Indiana, companies are looking to hire hardworking Hoosiers to fill great jobs – jobs in high-demand industries like manufacturing, life sciences, technology, and logistics. By 2025, there will be more than one million job openings across the state due to retirements and the creation of new jobs.
Through Indiana’s Next Level Jobs plan, Hoosiers have the opportunity to build the skills needed to fill these in-demand, high-wage jobs. Next Level Jobs provides Hoosiers with free classes and access to certificate programs through partners like Ivy Tech Community College and Vincennes University.
Next Level Jobs also helps Hoosiers already on-the-job by providing employers with grants to skill-up their workforce! To learn more about Next Level Jobs, visit https://www.nextleveljobs.org/.
Moving forward the challenge lies in the lack of alignment between economic development and workforce development. Cindy will continue to work to help identify the gaps in communication, data, information and services so that we can meet the goals and objectives necessary to improve our local workforce as well as our local population and income levels.