Indiana's Economy: Manufacturing, Pharmaceuticals, and Agriculture

Indiana has the highest manufacturing-to-GDP ratio of any US state — a genuine manufacturing powerhouse with significant pharmaceutical, automotive, and steel sectors.

Pharmaceutical Manufacturing
Eli Lilly and Company (headquartered in Indianapolis since 1876) is one of the world's largest pharmaceutical companies — maker of insulin (Lilly was the first company to mass-produce insulin, 1922), Prozac, Cialis, Trulicity, and a major COVID-19 vaccine line. Lilly employs 12,000+ in Indiana. The Lilly Endowment (funded by Lilly stock) is one of the largest private foundations in the US, with a specific focus on Indiana community development, religion, and higher education.

Automotive Manufacturing
Indiana is a major automotive state: Subaru of Indiana Automotive (SIA) in Lafayette produces the Outback, Legacy, Impreza, and Ascent — the most efficient auto plant in North America by some measures. Honda's Greensburg plant (Indiana's newest major automotive facility) produces the Civic. Stellantis (Chrysler) has facilities in Kokomo (transmission engineering center) and Belvidere (Jeep Cherokee). Toyota, AM General, and multiple Tier 1 suppliers round out the sector.

Steel (Gary)
Gary, Indiana is the heart of the largest steel-producing complex in the US — US Steel's Gary Works (opened 1908) was once the largest steel plant in the world. The Calumet Region (Gary, East Chicago, Hammond) produces more steel than many countries. The steel industry's decline from the 1970s onward devastated Gary; the city's population fell from 178,000 (1960) to under 70,000 today.

Agriculture
Indiana is a major corn and soybean producer — the state ranks 5th nationally in corn and 6th in soybeans. Popcorn (Indiana grows more popcorn than any other state — 25% of US supply), tomatoes (Red Gold, a Elwood-based company, is the largest private label tomato processor in the US), and mint are significant specialty crops.

Life Sciences Cluster (Indianapolis)
Beyond Eli Lilly, Indianapolis has developed a significant life sciences cluster — Roche Diagnostics, Dow AgroSciences (now Corteva Agriscience), Cook Medical, and dozens of medical device companies make Indianapolis one of the top-5 life sciences cities in the US.