May Indiana Economic Update

The Indiana state budget agency says revenues for April fell short of projections by more than $50 million. 

Even though it was the first time in five months that revenue for the stay had failed to meet projections, Jane King, a NASDAQ analyst, says revenue collections for the state only missed by 1.7%. However, total collections rose more than 10% compared to the same month 2024. 

After what King calls a “chaotic legislative session,” new towing laws have been passed by the Indiana General Assembly. Taking effect next month, new regulations for the towing industry will hold towing providers accountable, cap fees, and penalize “bad actors.”

The Indiana Dunes tourism region has unveiled a new initiative to weave together the region’s industrial heritage, cultural stories, and local communities. A host of towns, businesses, and residents along US Highway 12 in northern Indiana aim to build regional pride while highlighting the area’s balance between nature and industry.  

Lilly is expanding its 360 Initiative partnership with Purdue University. The collaboration will accelerate pharmaceutical innovations. King says the partnership has the potential to be the largest ever industry-academic collaboration in the country. One goal is to bridge the gap between lab discoveries and clinical applications, while creating a more sustainable and efficient supply chain.