Manufacturing Readiness Grants Program
2024 Impact Report
Four years after the Indiana Economic Development Corporation launched the Manufacturing Readiness Grants program, Conexus Indiana embarked on its second study measuring the impact of the program, which helps modernize Indiana’s manufacturing sector through capital investments in advanced technologies at small- to mid-sized businesses.
Since the program’s inception, $57 million in matching grants through 526 awards have been made in 79 Indiana counties. The program boasts a 13:1 leverage ratio, demonstrating that for every dollar granted, manufacturers have invested an additional $13 of private funding into their projects.
The 2024 Manufacturing Readiness Grants Impact Report analyzed program data from July 2020 through December 2023 to determine technology adoption trends and identify how and why those technologies are being deployed in manufacturers’ operations.
The report also analyzed the program’s reach across target demographics. In summary:
- At the end of 2023, 7.1% of Indiana’s eligible small- to mid-sized manufacturers had been supported through the program.
- At the end of 2023, Nearly a third of all grant dollars had been provided to manufacturers in rural areas.
- At the end of 2023, 75% of awards had been granted to businesses that have been in operation for more than 10 years and 12% of awards to businesses less than five years old.
The 2024 report also reveals a sustained commitment to driving Industry 4.0 adoption, with companies increasingly turning to automation, robotics and digital systems to boost productivity and alleviate workforce challenges. Among the highlights, which are based on 80 survey responses from companies that took advantage of the program, are:
- 35% of companies expect revenue increases exceeding 10%, with an average growth of $1.6 million.
- Each grant has, on average, led to the creation of four new jobs, accompanied by an expected $177,000 in wage growth per company.
- 60% of companies reported upskilling their workforce to meet the demands of new technology, addressing labor shortages through targeted training.
2024 Manufacturing Readiness Grants Impact Report
Read the 2024 Impact Report below to better understand the top technologies being funded by this program, the primary business drivers for these new technologies and to take a deeper look at the impact this program is having on individual Indiana manufacturing companies and the state of Indiana.
Download the full report here.
See Conexus Indiana’s entire library of advanced manufacturing and logistics research and reports here.