LAFAYETTE, Ind. (WLFI) – Tippecanoe County broke economic records with the announcement of its $1.02 billion investment total for 2013. About $566 million of that is due to 11 companies around the area, some for expansions.
Greater Lafayette Commerce CEO and president Joe Seaman said that more than 1,300 new jobs should be created based on the investments, but it could take some time before the impact is seen in the community.
“Some of that money would have actually been spent last year, but probably very little. Most of it will be spent in the 2014 year and 2015 year and then there might even be some left to be spent in 2016. When you look at major expansions, they just don’t happen overnight.,” said Seaman.
Greater Lafayette Commerce’s economic and community development director, Jody Hamilton, said the large investments are a good sign that these industries plan to stay in the area long term.
“A lot of the time, they’re expanding, or they are putting an investment in the equipment they have, which in turn means that they’ll be in the community for a long time and eventually create new positions and new jobs,” said Hamilton.
The area has already seen an impact from the investments. More than 2,000 homes were sold in the Lafayette area last year and the unemployment rate dropped to 5.5 percent in December. A one percent decrease from November.
With 2014 investments projected at close to a billion dollars. Seaman said the economic outlook looks positive for Tippecanoe County.
“Everybody benefits as we move forward. Schools will continue to grow, tax bases will continue to grow. It’s all the right things you want to have happen,” said Seaman.