Mike Wolanin | The Republic Jason Hester, president of the Greater Columbus Economic Development Corp., welcomes guests to the Greater Columbus Economic Development Corporation annual meeting at The Commons in downtown Columbus, Ind., Wednesday, Sept. 25, 2024.
County officials say 2024 was an exceptional year for economic development.
When not adjusted for inflation, 2024 represented the highest announced capital investment on record, according to Greater Columbus Economic Development Corp. (GCEDC) President Jason Hester.
It was also the fourth highest year for job creation associated with announced projects, he said.
“In total, we tracked $382.81 million in announced investments this year, calling for 583 new direct jobs to earn an average wage of $27.94 an hour,” Hester said.
Although much of the economic development news stemmed from development in German Township, Hester say his organization tracked and supported record investments from one end of Bartholomew County to the other.
As he looks over the year, Hester cited four highlights:
Irresistible Foods Group’s new 155,000 square foot, $54 million production facility under construction near Taylorsville. The company is building two food processing manufacturing facilities: King’s Hawaiian and Grillo’s Pickles.
Toyota Material Handling’s new 260,000 square foot, $96 million factory under construction on Columbus’ south side.
Ninth Avenue Foods’s new $55 million expansion announced in October (approaching $200 million since they first announced in 2021).
July’s announcement that Cummins’ $150 million upgrade to the Columbus Engine Plant will include the creation of battery electric vehicle components.
But the numbers are just part of the story, GCEDC board member and Bartholomew County commissioner Tony London said.
“One of the things we were always known for was automotive,” London said. “But now, we’re branching out to food processing, food service, technology – sectors that give us a broader base.”
Commissioner’s Chairman Larry Kleinhenz say if Cummins has a down cycle, it will still hurt the local economy.
“But it’s not as painful as it was 30 years ago,” Kleinhenz said. “That’s because we are becoming diversified.”
However, a number of residents question why their property taxes keep rising when they’ve been told new investment will make their taxes drop, Kleinhenz said.
The question has been raised on whether tax-increment financing (TIF) and abatements save taxpayers money or costs them in the long run, the commissioner said.
“I do know all of these investments give our kids an opportunity to come back and raise their families,” Kleinhenz said. “It also attracts new families, so you have to conclude that (economic development) does improve our lives.”