Indiana might not be the first state that pops into your head when you think "corporate powerhouse," but that's exactly why smart businesses and job seekers are paying attention. While everyone else fights over real estate in Silicon Valley or Manhattan, Indiana's Fortune 500 companies are quietly generating over $300 billion in annual revenue and creating thousands of well-paying jobs that don't require selling a kidney to afford rent.
The pharmaceutical giant that's basically printing money
Let's start with the elephant in the room… or should I say, the $842 billion elephant. Eli Lilly has transformed from that company your grandparents might have known into the world's most valuable drugmaker. And no, that's not a typo. Eight hundred and forty-two BILLION dollars in market cap as of October 2024.
Here's what makes Lilly fascinating beyond just the eye-watering numbers. They reported $45 billion in revenue for 2024 and project somewhere between $57-61 billion for 2025. Those projections aren't based on wishful thinking either. Their diabetes drug Mounjaro and weight-loss treatment Zepbound are selling like hotcakes at a fireworks stand. Plus, they just got FDA approval for the first Alzheimer's treatment that actually modifies the disease in 35 years, after dumping $10 billion into research.
The company employs about 39,000 people globally, with over 12,000 right here in Indiana. And they're not done hiring. Four new manufacturing sites announced in 2025 will create 13,000 more high-wage jobs. That's not "would you like fries with that" money… we're talking pharmaceutical manufacturing salaries that let you actually buy a house.
Want another fun fact? Lilly holds 9,234 patents globally. That's more patents than most of us have unread emails. They've also committed $50 billion to U.S. manufacturing expansion since 2020, which is roughly the GDP of some small countries.
The insurance behemoth nobody talks about at parties
Elevance Health (formerly Anthem) might not have Lilly's swagger, but ranking 20th on the Fortune 500 with $171.34 billion in revenue isn't exactly small potatoes. They serve 46.8 million members, which is more people than the entire population of Spain.
Based in Indianapolis, Elevance employs over 2,600 people at their downtown campus alone. They're the largest for-profit managed care company in the Blue Cross Blue Shield Association, achieved 9.4% revenue growth in 2023, and somehow made it onto Fortune's "World's Most Admired Companies" list. Not bad for a company most people outside Indiana have never heard of.
Manufacturing giants that keep America running
The engine maker with a conscience
Cummins Inc. might sound like a law firm, but this Columbus-based company generates about $28.1 billion annually making engines and power generation equipment. They employ 73,600 people worldwide and have been named one of the "World's Most Ethical Companies" for 14 straight years. That's like being voted "most likely to return your shopping cart" but on a corporate scale.
What's genuinely impressive is their environmental track record. They've reduced greenhouse gas emissions by 31% since 2018 while investing $1.4 billion in R&D during 2023 alone. Their "Destination Zero" strategy sounds like a rejected action movie title but represents serious commitment to sustainability.
Steel, bones, and berries (yes, really)
Steel Dynamics in Fort Wayne brings in $22.3 billion as America's third-largest carbon steel producer. Not to be outdone, Zimmer Biomet in Warsaw generates $7.7 billion making orthopedic devices. Warsaw actually calls itself the "Orthopedic Capital of the World," controlling nearly one-third of the $38 billion global orthopedic industry. That's a lot of replacement knees.
Berry Global in Evansville employed 48,000 people before getting acquired by Amcor in 2025. They make plastic packaging, which might not sound sexy until you realize virtually every product you buy comes wrapped in something they probably manufactured.
The biggest employers you've actually heard of
Here's where things get interesting for job seekers. Walmart tops the list as Indiana's largest employer with over 43,000 workers across 300 locations. Before you roll your eyes, remember that's 43,000 people with health insurance and steady paychecks.
Amazon is aggressively expanding too. They're opening an 800,000 square foot fulfillment center in Elkhart that needs 1,000+ workers in 2025. And unlike some places, these aren't all seasonal gigs… they're hiring full-time positions with benefits.
But here's the plot twist: healthcare systems are the real employment juggernauts.
Top healthcare employers by size:
- Indiana University Health: 36,000-38,000 employees
- Franciscan Health: 18,000 employees
- Community Health Network: 12,254 employees
- Combined total: Over 100,000 Hoosiers
The federal government sneaks onto the list too. The Defense Finance and Accounting Service employs 12,000 people in Indianapolis. That's right, thousands of people in Indiana are literally handling America's military checkbook.
Why businesses actually want to be here
Taxes that won't make you cry
Indiana ranks 10th nationally for business tax climate, which is the highest among Midwestern states. The corporate income tax sits at a flat 4.9%, and there's no inventory tax, gross receipts tax, estate tax, or inheritance tax. It's like the state actively wants businesses to succeed.
Individual income taxes are dropping from 3.05% in 2024 to 2.9% by 2027. The 7% sales tax includes no local additions, so you actually know what you're paying at checkout. Revolutionary concept, right?
Infrastructure that actually works
Indiana isn't called the "Crossroads of America" just because it sounds nice on license plates. The state has 14 interstate highways converging here… more than any other state. A $10 billion infrastructure program added over 400 miles of new highways.
The logistics advantages are genuinely impressive:
- 4,500 miles of rail including five Class I lines
- Three international maritime ports
- World's second-largest FedEx hub
- Processes 111,000 packages per hour
- Saves $10 per ton versus other routes
Energy costs seal the deal. Industrial electricity averages 6.34 cents per kilowatt-hour, ranking 29th nationally. Commercial rates hit 9.14 cents, sitting 9.42% below the national average. Those pennies add up when you're running a massive operation.
Industries that are actually thriving
Manufacturing: Still the heavyweight champion
Manufacturing contributes $119.4 billion to Indiana's GDP, representing 26.9% of the state economy. That's massive. The automotive sector particularly stands out… Indiana is the only state hosting Honda, Subaru, and Toyota assembly plants simultaneously.
This sector creates over 215,000 private sector jobs paying $8 billion in wages annually. Manufacturing wages average $1,251 per week, significantly higher than service sector jobs. The Calumet Region produces 27% of U.S. steel, maintaining Indiana's position as the top steel-producing state since 1975.
Life sciences: The rocket ship sector
Life sciences contributed $77 billion to Indiana's economy in 2022, with over 2,700 companies employing 70,000 Hoosiers. Here's the kicker… average annual wages hit $148,000. That's "actually afford a boat" money.
Indiana led the nation with $13 billion in pharmaceutical exports in 2022. Warsaw's medical device cluster controls nearly one-third of the global orthopedic industry. When you need a new hip, there's a good chance it came from Indiana.
Patty Martin, CEO of BioCrossroads, puts it this way: "Growth in key areas of Indiana's life sciences industry, particularly in pharmaceutical manufacturing, where we now lead the U.S. in pharmaceutical exports, is strong."
Logistics: Location, location, location
Indiana moves 724 million tons of freight annually, ranking fifth nationally. The sector comprises 3.3% of state GDP and over 4% of jobs. Recent investments include FedEx's $259 million Greenwood distribution plant and Amazon's aggressive statewide expansion.
David Holt from Conexus Indiana notes that "Indiana's logistics and transportation industry is also a significant jobs-producer for Hoosier workers." When 80% of the U.S. population lives within a day's drive, that's not just geography… it's a business advantage.
Tech and innovation: The surprising dark horse
Here's what nobody expects from Indiana: the state surpassed $1 billion in venture activity in both 2021 and 2022. Indiana ranked 4th nationally and 15th globally for venture growth between 2017-2023. Not bad for a state better known for corn than code.
Venture capital investments hit $620 million in 2022, with Elevate Ventures increasing funding by 40%. The state announced $1 trillion in tech company investments over the next five years, focusing on AI, semiconductors, and EV battery technology. Purdue launched America's first comprehensive semiconductor degree program, because apparently they got tired of being just a really good engineering school.
Where Indiana is headed (spoiler: it's looking good)
Innovation hubs popping up everywhere
The 16 Tech Innovation District in Indianapolis houses the Indiana Biosciences Research Institute and is becoming a legitimate innovation hub. Heartland BioWorks Tech Hub secured $51 million in federal funding to advance biotechnology. These aren't vanity projects… they're creating real jobs and attracting serious investment.
Companies actually caring about the planet
Multiple Indiana companies earned 2024 Governor's Awards for Environmental Excellence. Cummins leads with their 31% reduction in greenhouse gas emissions and massive R&D investments. Even manufacturers are figuring out that sustainability and profitability aren't mutually exclusive.
Keeping talent in-state
Here's a stat that surprised me: 60% of biomedical engineering graduates from Indiana universities start careers within the state. Trine University saw 2,000% program growth, and somehow they're convincing graduates to stick around. The state offers Next Level Jobs training grants for high-demand certifications, actually preparing workers for jobs that exist.
David Rosenberg, Indiana's Secretary of Commerce, sums it up: "Indiana's entrepreneurial ecosystem is experiencing unprecedented momentum, earning recognition as the best state in the U.S. to start a business."
The bottom line (because you skipped to the end)
Indiana's business landscape proves you don't need to be on a coast to build something meaningful. With Fortune 500 anchors providing stability, manufacturing maintaining its strength, life sciences exploding, and tech gaining serious momentum, the state offers something increasingly rare: genuine opportunity without insane costs.
The state generated $419.5 billion in GDP in 2024, up 3.8% from 2023, with projections of 2.1% growth in 2024 and 2.9% in 2025. Unemployment sits at 3.7% versus 4.2% nationally. Cost of living runs 2% below the national average. These aren't sexy statistics, but they represent real stability in an uncertain world.
Whether you're job hunting, starting a business, or looking to relocate operations, Indiana's combination of established giants and emerging opportunities creates an environment where success is actually achievable. The corporate titans profiled here aren't just generating revenue… they're creating careers, driving innovation, and proving that the Midwest can compete with anywhere.
Just don't tell everyone. We kind of like the competitive advantage of being underestimated.
