How it's done
The business climate is the general economic environment that local businesses operate in. Reviewing and understanding the local business climate provides valuable insights about the economy, costs, risks, and incentives that may impact the success of your business. This activity will guide you to better understand the business climate in Indianapolis and help you answer the following fundamental questions.
What is the business climate in Indianapolis?
We have compiled the most important aspects of Indianapolis’s business climate as an interactive dashboard below. This dashboard provides valuable economic, resident, household, dwelling and development indicators that may influence the success of your business.
What costs and assistance should I know about?
Whether you have a new or existing business it is critical to be aware of costs, incentives and grants that impact your business. This dashboard provides you with a snapshot of the major costs of conducting business in Indianapolis and assistance available to Indianapolis businesses.
The viability of Indianapolis' strong business climate is creating a buzz for growth. There are no inventory or franchises taxes in the State. There is no tax on most business services. We have been ranked the 4th lowest property tax ranking in the U.S. and 9th best overall tax climate in the U.S. Below are a few key taxes:
- Indiana Corporate Adjusted Gross Income Tax: 6% (rate will decrease annually on July 1, resulting in a 4.9% rate on July 1, 2021)
- State Personal Income Tax: 3.23%
- Local Option Income Tax: 2.02%
- Indiana Sales and Use Tax: 7%
- Local Food and Beverage Tax: 2%
- Indiana Real and Personal Property Tax: Business property taxes are capped at 3% of the assessed value.
Prices for development varies based on the scope of project. Please check the OpenCounter tool which calculates the permits and licenses you need to open or expand a business.
Additionally, Develop Indy's Permitting and Regulatory Ombudsman can walk your company through the process and help determine fees upfront before engaging in the process.
According to the US Bureau of Labor Statistics, the average annual wage in the Indianapolis MSA is $49,115 in 2016. The average hourly wage is $22.52.
The Indianapolis region consistently ranks as one of the most affordable places to live and do business in the U.S. According to the National Assocation of Realtors, the median price of an existing single-family home in the Indianapolis MSA in 3rd quarter 2017 was $173,700. The Midwest average was $202,400 and the national average was $254,000. Our cost of living index is 92.5 (100 = US Average).
Whether you are a homegrown accelerating startup looking to expand, a thriving business looking to relocate, or find yourself somewhere in-between, we have the resources and connections to help you grow in Indy. Contact us to learn more!
111 Monument Circle, Suite 1950, Indianapolis, IN, 46204