MONROE COUNTY- The Bloomington Economic Development Corporation (BEDC) convened its annual meeting on Friday, February 23, 2024, at the Monroe Convention Center, showcasing a vibrant list of accomplishments and plans for Indiana and the region’s economic growth.
Keynote speaker Indiana Secretary of Commerce David Rosenberg shared insights into the Indiana Economic Development Corporation’s (IEDC) strategic vision for bolstering the state’s economy.
“The unprecedented economic momentum happening in Indiana wouldn’t be possible without the collaboration from our partners at the local level like BEDC and others across the state,” said Rosenberg. “Because of Indiana’s strategic focus on innovation and the bold visions of our local partners, I’m confident the Hoosier state will continue to secure wins in the industries of the future for years to come.”
Secretary Rosenberg also emphasized the major investments made across Indiana, including rural communities, in tandem with strategic partnerships like the one forged with the Applied Research Institute (ARI). This collaboration is instrumental in fostering innovation within critical sectors such as advanced microelectronics.
Following Secretary Rosenberg’s address, a panel discussion featured IEDC Senior Vice President of Global Strategy and Engagement Andrea Richter-Garry and ARI Executive Vice President of Finance and Operations Leslie Wolfe. The discussion delved into Indiana’s statewide innovation strategy, emphasizing recent federal hub designations and efforts to bolster key industries in Monroe County, including life sciences, advanced manufacturing, and defense, with federal funding support. The panel was moderated by Erik Coyne, Chancellor of Ivy Tech Community College Bloomington.
At the meeting, the BEDC also delivered its 2023 annual report and unveiled the organization’s new brand and logo. BEDC President Jennifer Pearl reviewed the previous years’ successes, which included:
- $680 million in capital investments tied to 11 projects facilitated by the BEDC across Monroe County from 2020-2023. These planned expenditures are in land, buildings, and equipment that lead to new tax revenue, new infrastructure, new jobs, and increased wages for the community.
- NHanced Semiconductors’ announcement of a planned $152 million investment and 250 new jobs by 2029, at an average of $100k per year, made in December 2023. This is a major investment in the former GE site owned by Cook Medical.
- Announcement of a $15 million investment and 21 new jobs by PHOENIX in September 2023, through their continued high-tech investments at the former Otis Elevator site.
- Groundbreaking for The Forge in October 2023, a 21,000 square foot tech center in the Trades District, Bloomington’s innovation district. The BEDC partnered with the City of Bloomington to secure US Economic Development Administration funding for The Forge, with The Mill managing the center and Trades District moving forward.
- Launch of Bloomington Life Sciences Partnership of workforce tours with Simtra, Catalent, IU, and Ivy Tech Community College in Bloomington.
- Addition of 9 new BEDC members and 3 membership upgrades in 2023, bringing the organization’s total membership past 100. BEDC members, sponsors, and grants power the organization’s work.
Looking ahead, Pearl outlined the BEDC’s plans for 2024, including developing a multi-year strategic plan and revamping the BEDC website to enhance community outreach and proactive business attraction efforts.
“We are committed to building upon our achievements and advancing economic vitality in Monroe County,” said Pearl. “Economic development is a team sport. The BEDC’s annual meeting served as a testament to the organization’s dedication to driving economic development and fostering collaboration within the community. We are grateful to our members and all of our partners.”
For up-to-date information about the BEDC and its initiatives, please follow the BEDC on LinkedIn.
