News Summary
A recent study validates Indiana’s Regional Economic Acceleration and Development Initiative (READI), highlighting its effectiveness in promoting regional growth and quality of life. The findings, released by Governor Mike Braun, emphasize the model’s focus on local collaboration and tailored development. The second round of funding, approved in 2023, aims to streamline project implementation across Indiana’s 15 distinct READI regions, addressing local needs and fostering economic prosperity.
Indianapolis Supports Findings on Indiana’s READI Economic Development Strategy
Indianapolis, IN — A recent study commissioned by the state of Indiana confirms that the state’s Regional Economic and Acceleration and Development Initiative (READI) is an effective approach to fostering regional growth and improving quality of life for residents. The findings, released by Governor Mike Braun on August 15, highlight the positive impacts of Indiana’s targeted, region-based economic development model.
Study Affirmation of Indiana’s Regional Approach
The study, conducted by researchers from Indiana University’s Kelley School of Business, provides a comprehensive assessment of Indiana’s regional development efforts. It supports the strategy of organizing economic initiatives around 15 distinct READI regions, which align closely with districts established during former Governor Eric Holcomb’s administration. These regions are designed based on local collaboration and economic activity, helping to ensure tailored development efforts across the state.
Funding and Project Highlights
Established in 2021, READI initially received $500 million in federal and state funding to support local public-private projects. The original goal was to stimulate projects focused on housing, transportation, parks, and community centers with the aim of revitalizing communities and boosting regional economies. During the first round, applications far exceeded expectations, with requests totaling approximately $1.5 billion for around 800 projects, while available funds covered less than half that amount.
Following high demand, a second round of funding was approved in 2023, with an additional $500 million allocated to support new projects. This round aimed to address the need for faster processing, as the initial awards faced delays largely due to federal funding requirements. Unlike the first round, the second was organized around 15 regions, which are managed primarily by local governments, streamlining decision-making and project implementation.
Findings Confirm the Strength of Indiana’s Regional Structure
The Kelley School study found that Indiana’s regions are generally well-defined and effective. They are built through collaboration among local leaders, creating a foundation that accurately reflects economic activity across different communities. The study praised these regions for their ability to foster trust and cooperation, which is essential for successfully implementing development projects.
Compared to Indiana’s 12 Economic Growth Regions—which were established without significant local government input—the READI regions are more aligned with actual economic and social realities, according to the analysis. These regions better capture existing economic patterns, supporting more targeted and effective policies.
Challenges and Areas for Improvement
The study also highlights some challenges, particularly in southern Indiana. For example, the Economic Growth Region around Evansville spans three different READI regions, complicating the process of coordinating development efforts. The report recommends giving special attention to the southwestern part of Indiana to ensure equitable distribution of future project funds and support.
Implications for Indiana’s Future Growth
Indiana Secretary of Commerce David Adams stated that the study confirms the effectiveness of the state’s regional approach in promoting sustainable economic and workforce development. The analysis concludes that READI regions provide a socially efficient foundation for regional policy, fostering collaboration and improving economic conditions over time.
Indiana’s regional development model, validated by this recent study, suggests a promising path for ongoing economic growth and community revitalization. As projects continue to unfold, stakeholders anticipate that the collaborative regional approach will enable Indiana to address local needs more effectively and support long-term prosperity across the state.
Deeper Dive: News & Info About This Topic
HERE Resources
New Study Validates Indiana’s Regional Economic Development Strategy
Indiana Validates READI Regions for Economic Development
Additional Resources
- Inside Indiana Business: The Creative Economy is More Than Culture
- Building Indiana: Tackling Economic Development in Rural Areas
- Indiana Capital Chronicle: Braun, IU Report Affirms State’s Regional Economic Development Approach
- Wikipedia: Economic Development
- Encyclopedia Britannica: Economic Development
Author: STAFF HERE INDIANAPOLIS WRITER
The INDIANAPOLIS STAFF WRITER represents the experienced team at HEREIndianapolis.com, your go-to source for actionable local news and information in Indianapolis, Marion County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Indianapolis 500, Indy Jazz Fest, and the Indiana State Fair. Our coverage extends to key organizations like the Indy Chamber and Visit Indy, plus leading businesses in motorsports and healthcare that power the local economy such as Indianapolis Motor Speedway and IU Health. As part of the broader HERE network, we provide comprehensive, credible insights into Indiana's dynamic landscape.
