Workforce 2040

Productivity in Indiana has grown faster than the nation since 2017, with 7 metropolitan areas impressively outpacing the rest of the country. Years of work to elevate the Hoosier workforce give Indiana needed momentum. New data offers good news. Between 2017 and 2023, real labor productivity (GDP divided by individuals employed) grew 7.7% in Indiana versus 7.2% nationwide. Between 2011 and 2017, Indiana only grew 1.8% while it grew 3.5% nationwide. Three metropolitan areas that have historically struggled grew the fastest between 2017 and 2022 - Kokomo at 31.1%, Elkhart at 15.5%, and Muncie at 15.3%. Productivity must grow before wages can grow. Better education and stronger skills drive productivity growth, but so do retention and recruitment of world class companies. Modern and well-maintained infrastructure is also an important contributor. Singular obsession with productivity growth ensures proper alignment of policy priorities and sustainable income growth for Hoosier workers. For more details, see "The Economic Science of Raising Hoosier Incomes" just published by the Indiana Business Research Center in the summer edition of the Indiana Business Review. https://lnkd.in/gFZFh2Un

McKinsey & Co. consultants discuss four approaches to adopting "Industry 4.0" technologies https://lnkd.in/ey-4vUhN

Qualcomm provides a helpful timeline of innovations that enable the emergence of generative AI technology. https://lnkd.in/gFSjdiUg

IBJ reports, "Amazon Web Services to build $11 billion data center campus near South Bend," in what the State of Indiana has said is the largest planned capital investment in our state's history. https://lnkd.in/gDGiZ2yN

On Friday evening, Conexus Indiana presented the inaugural Manufacturing Innovation Award to Smoker Craft, Inc. at TechPoint's 25th Annual Mira Awards Gala. The new award category recognizes an #industrial #firm that has taken an exception leap into the #fourth #industrial #revolution (aka Industry 4.0). It was a wonderful evening with friends and colleagues at The Old National Centre in downtown Indianapolis! With the support of an Indiana Economic Development Corporation (IEDC) Manufacturing Readiness Grant, Smoker Craft adopted a robotic welding system to automate every part of its pontoon assembly process, transforming the way the company produces pontoons. Learn more about this year's honoree and nominees: https://ow.ly/qbKn50RqbhT. Well done on the speech, Michael Boyle!

EdTech VC Owl Ventures shares unique and thought-provoking insights about the future of learning in this Q&A-style perspectives piece with Chris Dede, a Senior Research Fellow at the Harvard Graduate School of Education. #futureoflearning https://lnkd.in/gx8Y7DHc

Listen or read Larry Deboer offer a simple yet insightful mental model of the economy that suggests the 3 levels which may be most consequential for future growth and prosperity in his Purdue Capital Comments article below. https://lnkd.in/gRnDbx3E

AI is often the subject of many attention-grabbing headlines. Read the perspectives of an MIT economist, Stanford researcher, and D.C. think tank fellow here as they tease out actionable insights for local, state, and federal policymakers in this research brief on the future of work. https://lnkd.in/ggRA9BAF

Lilly, Cummins, and OneAmerica are several Indiana employers pioneering skills-based hiring programs. Read more about Inside Indiana Business' exploration of these initiatives and what these employers are learning here: https://lnkd.in/gVDMn-AP

Nvidia is planning a major investment in Indiana, an advanced-packaging facility in West Lafayette. The WSJ reports that Indiana was ultimately chosen over other states due in part to the pool of skilled engineers available through Purdue. https://lnkd.in/gctYn3ga