Indiana recently reached many milestones in terms of economic development.
According to the April Bureau of Labor Statistics report released by the Indiana Department of Workforce Development, the state added 12,000 jobs last month, resulting in 152,100 new private-sector jobs since January 2013.
Indiana also paid off its federal unemployment loan, saving Hoosier businesses $126 per employee or $327 million in penalties. As a result of a federal loan used to pay Hoosier unemployment claims during the 2008 recession, businesses across Indiana were paying a tax penalty, which will now be diminished to only the base federal unemployment tax. Indiana’s savings account can continue to grow at a safe rate in case of another economic downturn.
The annual Moody’s report ranked Indiana as having the 11th-lowest public debt in the nation, and Indiana’s AAA credit rating has been reaffirmed. Indiana has held the highest possible rating with all three credit agencies since April 2010, reflecting the state’s commitment to a balanced budget and strong reserves.
According to Chief Executive’s annual “Best & Worst States for Business” ranking, Indiana has established itself as the best state in the Midwest for doing business. House Republicans will work to maintain and further the state’s economic success through fiscal responsibility and supporting pro-growth policies.