Indiana Governor Eric Holcomb’s office revealed a significant boost to the state’s economic development efforts with the announcement of a $500 million allocation to 15 regions under the Indiana Regional Acceleration and Development Initiative (READI).

READI Expansion Details

The funding, greenlit during a special meeting of the Indiana Economic Development Corporation, aims to bolster various regions across the state, with a focus on enhancing quality of life and economic prospects. This expansion brings the overall commitment to the READI program to an impressive $1 billion.

Holcomb emphasized the state’s dedication to forward-looking investments, ensuring prosperity for current and future generations of Hoosiers. The initiative has already attracted over $12.6 billion in investments toward quality-of-life enhancements. With READI 2.0 and additional support from the Lilly Endowment, the state anticipates billions more in investment, preparing communities, industries, and talent for the future.

Proposal Submissions and Allocations

The 15 regions vying for funding submitted proposals earlier in the year, outlining their visions, growth strategies, and action plans for improvement. These proposals encompassed various facets, including quality of life, place, and opportunity enhancements.

Each region stands to benefit significantly from the allocated funds, with additional support from the Lilly Endowment Inc. The breakdown of regions and their respective funding allocations includes:

• Accelerate Rural Indiana: $30 million
• Central Indiana: $45 million
• East Central: $35 million
• Greater Lafayette: $35 million
• Indiana First: $15 million
• Indiana Uplands: $30 million
• North Central: $35 million
• Northeast: $45 million
• Northwest: $45 million
• Our Southern Indiana: $45 million
• South Bend-Elkhart: $45 million
• South Central: $30 million
• Southeast: $10 million
• Southwest: $45 million
• Wabash River: $10 million

Impacts and Future Prospects

David Rosenberg, Indiana’s secretary of commerce, underscored the importance of workforce development in the state’s economic landscape. He hailed READI as a crucial tool for talent retention and attraction, emphasizing Indiana’s historic investment in community development and economic growth.

Moving forward, the Indiana Economic Development Corporation will assist regions in identifying significant capital and infrastructure projects for investment. These projects will address blight reduction, redevelopment, and arts and culture initiatives, further enhancing the state’s appeal to businesses and residents alike.

Brad Chambers, former secretary of commerce and current Republican gubernatorial candidate, lauded READI’s transformative impact on both rural and urban communities. He pledged continued support for quality-of-life investments, aiming to retain Indiana’s youth and foster long-term prosperity.

Conclusion: READI’s Continued Impact

With the expansion of the READI initiative, Indiana reaffirms its commitment to fostering vibrant, resilient communities across the state. Through strategic investments and collaborative efforts, Indiana aims to solidify its position as a hub for innovation, opportunity, and growth.

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