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Economy of Indianapolis

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The economy of Indianapolis is centered on the City of Indianapolis and Marion County within the context of the larger Indianapolis metropolitan area. The Indianapolis–Carmel–Anderson, IN MSA, had a gross domestic product (GDP) of $134 billion in 2015. The top five industries were: finance, insurance, real estate, rental, and leasing ($30.7B), manufacturing ($30.1B), professional and business services ($14.3B), educational services, health care, and social assistance ($10.8B), and wholesale trade ($8.1B). Government, if it had been a private industry, would have ranked fifth, generating $10.2 billion.[1]

Compared to Indiana as a whole, the Indianapolis metropolitan area has a lower proportion of manufacturing jobs and a higher concentration of jobs in wholesale trade; administrative, support, and waste management; professional, scientific, and technical services; and transportation and warehousing.[2] The city's major exports include pharmaceuticals, motor vehicle parts, medical equipment and supplies, engine and power equipment, and aircraft products and parts.[3] According to the Bureau of Labor Statistics, the region's unemployment rate was 2.8 percent in May 2019.[4]

Three Fortune 500 companies are based in the city: health insurance company Elevance Health;[5] pharmaceutical company Eli Lilly and Company;[6] and agricultural chemical company Corteva.[7][8] The Indianapolis metropolitan area is also home to five Fortune 1000 companies: financial services holding company CNO Financial Group; auctioneer OPENLANE; hydrocarbon manufacturer Calumet Specialty Products Partners; pharmaceutical company Elanco; automotive transmission manufacturer Allison Transmission; and real estate investment trust Simon Property Group.[9] Other notable companies headquartered in the region include law firm and lobbyist Barnes & Thornburg; diversified media company Emmis Corporation;[10] retailers Finish Line, Herff Jones, and Lids;[11] loudspeaker company Klipsch Audio Technologies; manufacturer and distributor Lucas Oil Products;[12] financial services holding company OneAmerica Financial;[13] airline holding company Republic Airways;[14] contract research corporation Envigo; and fast food chains Noble Roman's and Steak 'n Shake.

Downtown Indianapolis is the largest employment cluster in Indiana, with nearly 43,000 jobs per square mile (17,000/km2).[15]

  1. ^ "Gross domestic product (GDP) by metropolitan area". U.S. Bureau of Economic Analysis (BEA). Retrieved July 13, 2017.
  2. ^ "The Indianapolis Metro Area" (PDF). Archived from the original (PDF) on July 1, 2010. Retrieved July 1, 2010.
  3. ^ "Metro Indianapolis Export Plan" (PDF). Indy Chamber. Archived from the original (PDF) on October 22, 2016. Retrieved August 16, 2016.
  4. ^ "Economy at a Glance". U.S. Department of Labor Bureau of Labor Statistics. Retrieved August 18, 2018.
  5. ^ "Anthem". Fortune. Retrieved February 13, 2022.
  6. ^ "Eli Lilly". Fortune. Retrieved February 13, 2022.
  7. ^ Russell, John (February 8, 2022). "Corteva names Indianapolis its new global headquarters". Indianapolis Business Journal. IBJ Media. Retrieved February 13, 2022.
  8. ^ "Corteva". Fortune. Retrieved February 13, 2022.
  9. ^ "Simon Property Group". Fortune. Retrieved February 13, 2022.
  10. ^ Holleman, Joe (September 24, 2018). "Longtime Emmis radio exec John Beck buying Arizona stations". St. Louis Post-Dispatch. Retrieved January 6, 2019.
  11. ^ Newman, Jeff (April 30, 2019). "Lids Sports Group leaving Zionsville HQ for smaller office space". Indianapolis Business Journal. Retrieved August 23, 2019.
  12. ^ Smith, Kevin (October 17, 2022). "Lucas Oil's move from Corona to Indianapolis will spur 93 layoffs". The Orange County Register. Retrieved May 29, 2023.
  13. ^ Andrews, Greg (September 21, 2018). "OneAmerica sailed through financial crisis but still learned lessons". Indianapolis Business Journal. Retrieved January 6, 2019.
  14. ^ Cook, Tony; Lange, Kaitlin (May 31, 2018). "Republic Airways opens pilot school, plans to add 600 jobs". The Indianapolis Star. Retrieved January 6, 2019.
  15. ^ Klacik, Drew (September 2013). "Why Downtown Indianapolis Matters" (PDF). Indiana University Public Policy Institute. Archived from the original (PDF) on September 3, 2017. Retrieved July 21, 2017.

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