AgriNovus Indiana study shows agbiosciences contributes $39 billion to Indiana economyNovember 12, 2020
INDIANAPOLIS (Nov. 12, 2020) — AgriNovus Indiana, an initiative focused on growing Indiana’s agbioscience economy, today released a comprehensive study that found the sector directly contributes more than $39 billion to the state’s economy.
Conducted by TEConomy Partners, the study, Innovative Agbioscience in Indiana: 2020 Assessment, identified more than six percent growth in the industry from 2012 to 2018, with an average wage of $51,825, more than eight percent higher than the statewide average.
“Indiana’s agbioscience economy is thriving, generating growth in both economic output and average wages,” said Mitch Frazier, president and CEO of AgriNovus Indiana. “This study identifies Indiana’s tremendous strengths in operations and academia across food production, animal health, agtech and plant science and establishes a clear platform for us to take Indiana’s agbioscience economy to the next level.”
According to the study, 2018 data shows Indiana’s agbioscience economy is driven by four innovation-based platforms, including:
- Value-Added Food and Nutrition – represents a significant $29.1 billion in output for Indiana, up 13 percent since 2012, and accounts for over 53,000 jobs totaling 14.2 percent growth.
- Animal Health and Nutrition – contributes $4.3 billion in ouput for Indiana, growing 8.6 percent since 2012. Employment has also grown by 18.6 percent, totaling over 11,300 workers.
- Agricultural Equipment, Technologies and Systems – responsible for $1.8 billion in output, up 15.6 percent since 2012, and employs more than 5,400 workers totaling 5.5 percent job growth.
- Plant Science and Crop Protection – represents $3.9 billion in output, a decline of 26 percent since 2012. Employment has fallen by 15.6 percent, totaling over 6,500 workers.
“Noting the large-scale changes that have affected the agbiosciences globally, it is encouraging to see Indiana’s economic growth,” said Deborah Cummings, principal and senior director for TEConomy Partners. “Indiana should be encouraged by the progress and collaboration with partners across the state to continue on a growth trajectory into this new decade.”
The full study, Innovative Agbioscience in Indiana: 2020 Assessment, is available at www.AgriNovusIndiana.com.
About AgriNovus Indiana
AgriNovus Indiana is the state’s initiative focused on advancing the agbiosciences sector as a nationally recognized leader through education, research and talent development; strategic collaborations among corporations, industry associations, government and universities; the creation and support of new companies; and branding and targeted promotions to elevate the sector. AgriNovus Indiana is part of the Central Indiana Corporate Partnership (CICP), an effort dedicated to the region’s continued prosperity and growth. To learn more about AgriNovus Indiana, visit www.agrinovusindiana.com.