Pharmaceuticals and warehousing driving job growth in Indianapolis

Indianapolis saw healthier job growth than most of its Midwest peers in the first half of the year. Industries that have added the most jobs over the last few quarters include ambulatory healthcare, construction, and arts and recreation. We forecast job growth of 2.2% in 2024 and average annual growth of 0.7% in 2025 through 2028.

What you will learn:

• Home to Eli Lilly, Guidant, and Roche, Indianapolis’s most prominent industry is pharmaceutical manufacturing, which saw job growth of 5.4% in 2023. Eli Lilly is seeing tremendous potential from its weight loss drugs, Mounjaro and Zepbound, and recently announced a breakthrough on Alzhemier’s treatment. We forecast that pharmaceuticals jobs will grow 0.8% in 2024 and increase 1%, on average, in 2025 through 2028. We forecast GDP in this sector will grow 6.3% in 2024 and grow 3.1%, on average, in 2025 to 2028.
• Indianapolis is also recognized for its sizable warehousing and storage sector as it is strategically located at the crossroads of major highways. Unlike most metros, Indy did not lose warehousing jobs in 2023 but had job growth of 1.8%. We forecast that jobs will grow 0.8% in 2024 and increase by 1.7%, on average, in 2025 through 2028. Warehousing GDP is expected to grow 2.8% in 2024 and by 1.8%, on average, in 2025 to 2028.
• Indianapolis saw in-migration of 11,500 in 2023. We forecast in-migration of 10,900 in 2024 and 7,600 in 2025. Following population growth of 0.8% in 2023, we forecast population will grow 0.7%, annually, in 2024 to 2028.