The New Castle-Henry County Economic Development Corporation (EDC) recently released its 2024 Growth Report, detailing Henry County’s economic progress and development initiatives. The report includes key metrics such as community improvements, business expansions, workforce development, and tourism efforts.
Henry County’s Community Improvement
The community improvement efforts in 2024 included renovating the Memorial Park Shelter House and the expansion of the Indiana Basketball Hall of Fame Expansion. Both projects received Food & Beverage Funds.
Since 2020, Henry County received $790,000 in Environmental Protection Agency (EPA) Grant funds. The Enterprise Loan Fund (ELF) also loaned $241,608 to 11 businesses, and the EDC granted $180,000 to New Castle Career Center in equipment grants.
Recent Business Openings and Expansions
Middletown welcomed BCW Supplies, which brought 82 jobs and a $4 million investment. Legacy Feed opened in Millville, with 30 jobs and a $21 million investment. TS Tech added 46 jobs and a $19 million investment, while Draper added 25 jobs and a $10 million investment. Boar’s Head had the largest expansion, adding 120 jobs and a $126 million investment. Keystone Cooperative also expanded with a $13.5 million investment.
Workforce Development Includes Educational Connections
Workforce development efforts in Henry County included collaboration between educational institutions and local businesses, leading to work-based learning opportunities. New Castle Schools received a grant for career preparation, and Henry County Schools are adapting to the State’s new career-focused requirements.
The Henry County Education Fund is another workforce development effort. This fund supports post-secondary certificates with last-dollar scholarships. This fund was founded during Henry County’s Bicentennial celebration and aims to continue the county’s bicentennial legacy.
Tourism Growth and Impact
Henry County’s Destination Development (tourism) efforts have seen significant growth, reflected in a Rockport Analytics study completed in partnership with Indiana Destination Development Corporation. According to this report based on 2023 numbers, Henry County saw a $19.5 million annual economic impact through tourism. This impact has grown by 8.3%, placing Henry County in the top 24 Indiana Counties for tourism revenue growth.
Additionally, Henry County has had a 63% increase in Innkeeper’s Tax Revenue in the four years since the EDC began assisting with tourism. This increase is driven primarily by marketplace facilitators like Airbnb and VRBO. An electronic sign, backed by Food & Beverage Funds, welcomes visitors and residents at the major intersection of State Roads 3 and 38.
READI Funding
Henry County received $1.6 million in the first round of READI funding. These funds were used for infrastructure, trail development, library accessibility, and childcare. In the current READI 2.0 funding round, Henry County is expected to receive $4 million in funding for residential development and infrastructure for Memorial Park.
Learn more about what is happening through the New Castle-Henry County EDC by visiting GrowInHenry.com and following them on Facebook and LinkedIn.
Video Presentation of the 2024 Growth Report