Indiana University’s Public Policy Institute (PPI) estimates that the new medical device manufacturing facility at 38th and Sheridan in Indianapolis, built in partnership with Goodwill of Central & Southern Indiana and Cook Medical, will have an estimated economic impact of $25.9 million.
The $15 million, 40,000 sq. foot facility, which plans to begin production in the first quarter of this year, was constructed using 100% local, diverse (minority, women, disability and veteran-owned) vendors and strives to hire its 100 employees from the surrounding neighborhood. The IU Public Policy Institute was recruited to model the immediate and future economic impacts of the project and to provide a set of recommendations on instruments and metrics that will provide feedback on the project’s community impact and employment outcomes over time, enabling a long-term evaluation of this important and innovative project.
An overview of their findings can be found here, with deeper dives into redevelopment without displacement here, dynamic system partnerships here, and reimagining economic development investment here.
“Goodwill is grateful to be a part of this innovative project designed to empower people within their communities and to equip them with the tools needed to achieve success,” said Kent A. Kramer, president and CEO of Goodwill. “We expect this project to spur additional growth by attracting new businesses to the area.”
Employees will manufacture medical devices such as sheaths and drainage catheters. In addition to long-term employment and skills development, the facility will also offer holistic employee services such as mental and physical health support, substance use disorder support, soft skills training, housing stabilization, and other services necessary to remove barriers to socioeconomic progress. Investing in employees through education is one of the best ways to help them achieve personal and career goals.
“The community has been very clear that they wanted us to build with them, not on them. Every step of this project has been designed with that in mind,” said Pete Yonkman, president of Cook Medical and Cook Group. “We hope that the PPI study offers a roadmap for other businesses to follow. Our communities desperately need the resources, expertise and skills that industry can bring to the table.”
In its report, PPI dubs the relationship between project and neighborhood partners as “unique,” calling out not only the success of the facility but the success of the surrounding residents, with an emphasis on improving quality of life. Yonkman, who regularly attends neighborhood meetings, credits the strong collaboration of project partners in driving it toward success.
Additional results of the in-depth study found:
- One-time estimated construction-related economic contributions of $24 million (construction, design, wages)
- Estimated annual wages of $3.1 million for the facility’s 100 full-time employees, which does not include benefits
- When the manufacturing facility reaches 100 full-time workers, it is expected to add $25.9 million per year to the Marion County economy from direct, indirect and induced spending.
- Purchases of supplies, services plus employee spending are expected to generate an additional 52 full-time jobs in the local economy, and initially, $4.1 million in additional wages and benefits for each year of operation.
Learn more: www.38thandsheridan.com