Top Industries by GDP Share
Indiana is the most manufacturing-intensive state in America by GDP share. More than a quarter of the state's economic output comes from manufacturing — steel, auto parts, pharmaceuticals, and medical devices lead the way. This manufacturing base, combined with Indiana's central location and extensive highway network, has made the state a logistics powerhouse.
Industry Details
| Industry | GDP Share | Employees | Details |
|---|---|---|---|
| Manufacturing | 27.1% | 532,000 | Largest manufacturing state by GDP share |
| Health Care & Social Assistance | 14.2% | 456,000 | Major hospital systems statewide |
| Retail Trade | 10.8% | 338,000 | Significant logistics and distribution hubs |
| Finance & Insurance | 7.5% | 124,000 | Growing sector in Indianapolis |
| Transportation & Warehousing | 5.9% | 178,000 | Crossroads location drives logistics |
| Construction | 5.2% | 152,000 | Steady growth from suburban expansion |
| Agriculture | 4.3% | 68,000 | Top 10 in corn, soybeans, and pork |
| Professional & Technical Services | 5.8% | 142,000 | IT, engineering, and consulting firms |
| Accommodation & Food Services | 3.1% | 278,000 | Tourism and hospitality |
| Government | 10.4% | 372,000 | State, local, and federal employment |
Major Employers
| Company | Industry | Headquarters | Indiana Employees |
|---|---|---|---|
| Eli Lilly and Company | Pharmaceuticals | Indianapolis | 10,400+ |
| Cummins Inc. | Engine Manufacturing | Columbus | 8,500+ |
| Anthem (Elevance Health) | Health Insurance | Indianapolis | 8,000+ |
| Roche Diagnostics | Medical Devices | Indianapolis | 5,000+ |
| Rolls-Royce | Aerospace | Indianapolis | 4,000+ |
| Salesforce | Technology | Indianapolis | 3,500+ |
| Cook Medical | Medical Devices | Bloomington | 3,300+ |
| Steel Dynamics | Steel Manufacturing | Fort Wayne | 3,000+ |
| Zimmer Biomet | Medical Devices | Warsaw | 2,800+ |
| Berry Global | Packaging | Evansville | 2,500+ |
Top Exports
Indiana exports $46.8 billion worth of goods annually.
Top Products
- 1 Pharmaceuticals
- 2 Vehicle Parts
- 3 Optical/Medical Equipment
- 4 Organic Chemicals
- 5 Machinery
Top Destinations
Tax Structure
| Income Tax Rate | 3.05% (flat) |
| Sales Tax Rate | 7% |
| Corporate Tax Rate | 4.9% |
| Property Tax Cap (Homestead) | 1% of assessed value |
| Property Tax Cap (Other) | 2% |
| Property Tax Cap (Commercial) | 3% |
Indiana's flat income tax and constitutional property tax caps make it one of the most competitive tax environments in the Midwest.
Agriculture
With 56,800 farms covering 14.7 million acres (64.8% of the state's land area), agriculture remains a cornerstone of Indiana's economy and identity. The average farm is 259 acres.
| Crop / Product | U.S. Rank | Value | Production |
|---|---|---|---|
| Corn | #5 | $5.2B | 5.5M |
| Soybeans | #4 | $3.8B | 5.8M |
| Hogs | #5 | $1.4B | 4.3M |
| Poultry/Eggs | #8 | $1.1B | 33M |
| Dairy | #15 | $0.6B | 193K |
| Hay | #18 | $0.3B | 590K |
| Wheat | #12 | $0.3B | 380K |
| Tomatoes | #3 | $0.2B | 4.2K |
Cost of Living
Indiana's cost of living index is 90.5, roughly 10% below the national average of 100. Housing is particularly affordable: the median home value is $183,200 and median monthly rent is $935.
| Cost of Living Index | 90.5 (national avg: 100) |
| Median Home Value | $183,200 |
| Median Monthly Rent | $935 |
| Homeownership Rate | 69.8% |
| Broadband Access | 87.3% |
| Health Insurance Coverage | 92.1% |
How Indiana Compares: Neighboring States
Indiana's economy stacks up favorably against its neighbors in cost of living, unemployment, and manufacturing intensity, while lagging slightly in median income compared to Illinois.
| Metric | Indiana | Ohio | Illinois | Michigan | Kentucky |
|---|---|---|---|---|---|
| Population | 6,833,037 | 11,780,017 | 12,582,032 | 10,037,261 | 4,526,154 |
| Median Household Income | $62,743 | $61,938 | $72,205 | $63,498 | $55,573 |
| Median Home Value | $183,200 | $175,300 | $239,100 | $186,600 | $164,000 |
| Cost of Living Index | 90.5 | 93.2 | 101.3 | 95.1 | 90.3 |
| Unemployment Rate | 3.3% | 4% | 4.4% | 4.2% | 3.9% |
| Poverty Rate | 11.4% | 13.4% | 11.1% | 14% | 15.5% |
| High School Grad Rate | 89.2% | 90.1% | 89.2% | 91% | 87.5% |
| Homeownership Rate | 69.8% | 66.3% | 66.3% | 72.4% | 67.4% |
| Manufacturing (% of GDP) | 27.1% | 16.8% | 12.1% | 18.5% | 17.2% |