Feasibility Study Company Independent Feasibility Analysis

Indiana · Market Intelligence

Indiana Feasibility Studies

A feasibility study in Indiana is dated before it is sized. By September 2026, 25 of the state's 92 counties had paused data centers 38, cities had followed, a new statute was unwinding local rental caps and a federal disaster declaration had reached the capital's own county, so the first fact in the file is the ruling that governs the parcel and the day it was made. Growth is handled the same way, as named projects rather than a statewide rate: the 38,579 residents Indiana added in its latest year 6 are a state total, while a chip plant, battery plants of unconfirmed status and hyperscale campuses sit in counties a state average does not describe.

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6.97
Million Hoosiers on July 1, 2025 3
12,197
Net domestic migrants, year to July 2025 1
1,237
SBA 7(a) loans in Indiana, FY2025 4
$76.9B
Announced investment in 24 tracked data center projects 5
The Indiana Thesis

Indiana's growth now arrives by a different route, and into fewer places.

Indiana counted 6,973,333 people on July 1, 2025, 2.8% above the April 2020 estimates base of 6,786,605 3, and the latest year alone added 38,579 6. The newsroom that reported that gain called the Indianapolis area key to it 6, and the Indianapolis page follows that growth out to a drug plant and a data center campus in Boone County. Elsewhere the growth the research documents stands beside particular projects: a memory-chip plant and one winter month of apartment permits in West Lafayette, battery plants in Kokomo whose 2026 status the research could not confirm, and a hyperscale campus planned next to shrinking lakefront cities in Lake County. A rate computed for the whole state describes none of those trade areas.

What changed most between 2025 and 2026 is how much of a site's outlook now rests on a public decision with a date: a county board's vote, a city's pause, a statute's effective date, a federal declaration. The rules, costs, hazards and events sections below date each one, and every market section says which of them reach its counties. Until a study places its parcel against the decision that governs it, the site is undescribed.

Four places on this page belong to federal metros that cross a state line, and each section below opens with its Indiana-only scope: Lake and Porter counties in the Chicago region, the South Bend metro with Cass County, Michigan, Evansville with its Kentucky side, and Clark County across the river from Louisville. Counties across the eastern line are Ohio's.

Statewide Economy

People and payrolls: what the 2025 and 2026 releases say.

The 2025 population release and the August 2026 payroll release point in different directions, and the split runs through particular sectors and particular kinds of movers.

Indiana's 2025 gain had three sources, and the Indiana Business Research Center's reading of the Vintage 2025 estimates shows each moving its own way. Arrivals from abroad, net of departures, added 17,852 people, a figure 53% below the prior year's 1. Net domestic migration climbed to 12,197 from 6,024 1. Births over deaths contributed 8,561, down 7% 1. Projects that sell to newcomers from abroad, apartments at a campus edge or beside a large employer among them, need a case in which that inflow keeps falling; a suburban childcare center or grocery-anchored pad leans more on households moving within the country, the source that rose.

Payrolls run the other way. Over the twelve months to August 2026 Indiana lost 16.1 thousand nonfarm jobs, leaving 3,266.5 thousand on the preliminary, seasonally adjusted count 2. Government carried the loss. In the Joint Economic Committee's August figures, state and local payrolls were 18,500 lower over that year, while private employers as a group were 4,500 higher 7. The private gains came in trade, transportation and utilities (5,500) and in private education and health services (6,700), and leisure and hospitality lost 13,600 7. A restaurant, hotel or attraction therefore has to show from local evidence why its trade area escapes its own sector's statewide decline.

The same update gives two month-to-month moves worth a note: manufacturing up 3,500 from July to August 2026 and financial activities down 1,000 7. The research holds no twelve-month change for the other sectors, so a project leaning on one needs the BLS series itself. Unemployment was 3.7% in August 2025 and 3.3% twelve months later 7, the labor market a payroll line is priced against (see the wage rules below).

Where one company sets a town's pace, the study needs that company's own count. Eli Lilly's key facts give 14,571 Indiana employees at June 30, 2026 8. The state development corporation's 2025 report adds a $200 million INCOG BioPharma expansion 9. For the largest private employers statewide the research has no primary ranking; a secondary list puts Walmart first, with headcounts that contradict each other, and neither is printed here 10.

Indiana household and income baseFigurePeriodSource
Households2,716,0092020-2024 ACS 5-year11
Residents aged 65 and over1,147,6272020-2024 ACS 5-year11
Renter-occupied housing units799,7662020-2024 ACS 5-year11
Owner-occupied housing units1,916,2432020-2024 ACS 5-year11
Civilian labor force3,472,0162020-2024 ACS 5-year11
Median household income$71,9572020-2024 ACS 5-year11
Median value, owner-occupied homes$218,2002020-2024 ACS 5-year11
Total personal income$443,688.8 million2024 (BEA CAINC1)12
Per capita personal income$64,0772024 (BEA CAINC1)12

The table is a base layer, not a trade area: its five-year responses pool 2020 to 2024 and lag the migration shift, so a study takes income and tenure from them and growth from the dated estimates. The older-adult count opens a senior housing or skilled nursing model, but the reviewer tests the age- and income-qualified share of one primary market area.

Capital Access

Where Indiana project credit comes from.

One SBA district office covers the whole state; behind it, Indiana Statewide CDC leads 504 lending, a few community banks share the third-party loans, and state programs fill specific niches.

An undated SBA press release places all 92 counties under the Indiana District Office 13. Its FY2025 count was 1,237 7(a) approvals worth $564.4 million, plus 129 504 loans worth $130.7 million that drew $184.5 million of third-party lender financing 4. The district puts the combined total at 1,366 loans, more than $695 million in direct SBA-backed lending and more than $879 million in total financing supported, and adds 152 microloans for $4.7 million 4.

The two programs moved apart. For FY2024 the district director's figures were 1,321 7(a) loans and $587.9 million, with 104 504 loans for more than $112.9 million and $143 million from participating lenders 14. By FY2025 7(a) had fallen and 504 risen; the releases give no reason, and a study should not invent one.

Among the intermediaries, Indiana Statewide CDC made 723 504 loans for $550.9 million between FY2010 and March 31, 2026, according to an aggregation of SBA's loan-level records 15. 1st Source Bank, headquartered in South Bend, made 1,710 7(a) and 504 loans in Indiana for $252.8 million over the same window 15. In the district's FY2025 lender awards, Huntington National Bank was named regional lender; 1st Source, First Merchants and Centier took the community lender awards; Bankable was mission lender; and Indiana Statewide CDC led the 504 categories 4. As third-party lender on 504 projects in FY2025, Citizens State Bank closed 10 loans for $12,676,053, First Merchants 9 and 1st Source 8, according to an outlet that discloses a sponsor relationship 16. With the bank side spread that thinly, no lender's familiarity can stand in for the study's evidence.

State programs fill narrower gaps. Under SSBCI 2.0 the Indiana Economic Development Corporation's undated program page lists a $99 million venture capital allocation and a Legend Fund loan participation program of up to $29 million 17. Its Loan Fund Investment Program asked for at least 1:1 private leverage, with responses accepted through December 31, 2025 18. The research did not find Indiana's total SSBCI allocation, nor any guarantee or loan-loss reserve run by the state for small business lenders. The Indiana Finance Authority's undated overview caps its Small Bond Program at $3 million and says tax-exempt bonds reach manufacturing, health care and private higher education, with volume cap needed outside 501(c)(3) borrowers 19. For affordable housing, IHCDA's 2025 plan requires a bond-financed share of 50% to 55% for 4% credits paired with tax-exempt bonds 20, a test the study's cost and sources tables must be built to meet.

SBA in Indiana

SBA rules as they meet Indiana's 504-heavy year.

Indiana 504 approvals rose into FY2025 while 7(a) fell, so this section starts with the development companies and the 504 contribution tiers.

Behind Indiana Statewide CDC, which tops the district's 504 awards (see the capital section), the loan-level aggregation ranks SomerCor second in Indiana 504 lending since FY2010 15. On the bank side, 1st Source Bank took the Community Lender Gold award for a twelfth straight year, by its own March 2025 release 89.

Under SOP 50 10 8.1 21, a 504 project carries 15% for a business in its first two years of operation or a building that is limited or special purpose, and 20% when it is both. Our worked 504 storage example takes a facility with no operating history through the 504 split at the new-business tier, covering debt service on the bank's first lien and on the debenture from projected revenue with that equity in place.

The rest of the SBA rule set, from coverage tests to loan limits and fees, is the same in every state and sits under SBA 7(a) and 504 lending. Whether a given Indiana file needs a feasibility study at all is a question 13 CFR 120.160(b) leaves to SBA, which may require one 22; our note on that paragraph reads its text.

USDA Rural Development

USDA programs in Indiana: what the record shows and what it does not.

The rural programs stop at the edge of Indiana's larger cities, and the published Indiana totals are thin.

Rural Development's clearest recent Indiana number is an undated release on its energy program: more than $12 million in REAP grants to 64 farmers and small businesses, announced alongside an application window of March 31, 2025 24. The research gives no award year for those grants and found no FY2025 REAP total. The grants pay for energy systems and efficiency upgrades, within reach of grain handling, cold storage, car washes and rural lodging with a large utility line; because awards are competitive and tied to a round, a grant counted in a study's sources needs its award letter and date beside it.

The research's Indiana Business and Industry total has no fixable fiscal year, so it is left out, and no FY2025 Community Facilities total was found; current obligations come from the state office.

Indiana projects meet two different rural tests, and a study should keep them apart. USDA's is a population test: the research reads it as excluding Fort Wayne, South Bend, Mishawaka, Elkhart, Evansville, Columbus, Kokomo, Lafayette, Hammond, Gary, Carmel and Fishers, with the urbanized areas next to them, though it cites no USDA document for the threshold; outer townships, and small towns such as those around Warsaw, can qualify subject to the agency's map, read parcel by parcel. SBA's FY2027 fee notice uses another: on 7(a) loans of $700,000 or less it waives the upfront fee for a business in a rural area, judged by the Census Bureau's rural share for the county 23. A parcel can pass one test and fail the other, so the sources and uses should say which test each saving rests on. USDA's own study requirement is described, for any state, under USDA Rural Development; the five USDA components, worked through and the funding calendar cover the rest.

Conventional, HUD and EB-5

Conventional, agency and EB-5 capital in Indiana.

The research retrieved HUD analyses of four Indiana markets, yet it names no Indiana multifamily office and no agency or EB-5 volume here.

Those four HUD analyses cover Indianapolis as of January 1, 2026 55, Fort Wayne in September 2024 60, Evansville in January 2024 73 and Gary as of April 1, 2023 66. A market study for an agency loan in one of those markets should reconcile its vacancy and absorption with HUD's, or explain the difference. Which HUD multifamily office has Indiana jurisdiction is not in the research, nor any Indiana total for Section 221(d)(4), Section 232 or the Fannie Mae or Freddie Mac programs, so the sponsor confirms the office before scoping.

A study for a bank or life company loan answers the same core questions without the agency forms: where the trade area stops, which competitors sit inside it, how fast the latest projects leased and where coverage breaks; see conventional and institutional lending.

The research ties none of the Indiana projects it names, from the SK hynix plant to the hyperscale campuses, to EB-5 money, and counts no Indiana targeted employment areas, so the area designation and the job model are the study's own work, following the EB-5 practice area and our EB-5 job-counting note.

Rules by Asset Class

Quota, tank fund, innkeeper's tax, care licensing and the rental-cap ban, class by class.

Most of the binding rules are state statutes applied locally: permit quotas, tank funds, lodging taxes, licensing and a new limit on local rental control.

Restaurants, bars and hotels: the permit quota

Indiana caps retail alcohol permits by population: for each 1,500 residents, a city or town may hold one retail permit of each type, three-way, two-way and one-way 25. Senate Bill 89 created non-quota economic development permits with an initial fee of $40,000, while other development-area permits carry a fee of $25,000 25. A beer, wine and liquor permit cost $1,000 a year in 2025 26. For a full-service restaurant or a hotel bar the permit decides whether the concept opens at all, so the study prices one of three routes: a quota permit still free in the town, a transfer bought from a holder, or a development-area permit. The research's only transfer prices, from an undated state report for Bloomington, give way to current ones from the Alcohol and Tobacco Commission.

Fuel stations: tanks and the trust fund

Underground storage tanks are regulated under 329 IAC 9, and IDEM's undated cost guidance gives an annual fee of $90 per tank 27. The Excess Liability Trust Fund reimburses cleanup 27, and an undated law-firm summary says claims wait their turn on a priority system once its balance drops below $25 million 28. How much the fund holds today is not in the research. A fuel and convenience study should ask IDEM, because slow reimbursement moves cleanup risk back onto the borrower and the collateral.

Lodging: state and county taxes

An undated secondary summary says the state's 7% gross retail tax applies to rooms let for less than 30 days, that each county adds an innkeeper's tax under its own statute, and that Delaware County's is about 5% 29. Lacking a primary typical combined rate, a hotel study quotes the county ordinance, since the total sets the guest's comparison with the next county.

Wages

Indiana's wage statute sets three rates and indexes none of them: $2.13 in cash for tipped staff, $4.25 for workers under 20 in their first 90 days, and $7.25 an hour for everyone else, the level in force since July 24, 2009 30. The statute therefore adds no scheduled step to an Indiana payroll line; any wage growth in a pro forma is the study's own assumption and is shown with its source.

Health care and senior care

Indiana's Certificate of Need reaches only comprehensive-care, that is nursing home, beds, and NCSL recorded no moratorium as of January 2025 31. The research gives no licensing categories or size limits for assisted living homes or memory care homes. Since August 1, 2026 a six-month moratorium has barred new Medicaid providers of home and community-based services, after an FSSA audit of 5 attendant-care providers extrapolated $198,031,230.18 in improper payments, interest included, over January 2022 to March 2025 32. A home care or adult day project counting on Medicaid enrollment needs an opening date after the freeze, or a payer mix that does without it.

Childcare

Senate Enrolled Act 463 (2025) introduced a new staff-to-child ratio chart, in force from December 1, 2025 33. The new values are not in the research, so a childcare study takes the chart from the Office of Early Childhood, since ratios fix both staffing cost and licensed capacity.

Short-term rentals and rental caps

A 2018 law bars local bans on short-term rentals, and House Enrolled Act 1210, signed March 12, 2026, outlaws local limits on how many homes may be rented and takes bed and breakfasts out of the short-term rental definition 34. The law was scheduled to take effect on July 1, 2026, and ordinances adopted before January 1, 2026 must comply by January 1, 2028 35. In leisure markets a hotel's competitive set grows as a result, and suburbs that used caps to hold back build-to-rent and single-family rental competitors lose that tool.

Costs, Power and Taxes

Power, property tax and insurance: the cost lines that moved.

The largest cost question of 2026 in Indiana is electricity, because the state's data center wave has reopened how utility costs are shared.

In 2025 Indiana defined a large load as 5% of a utility's peak or 150 MW, whichever is lower, and assigned 80% of the cost to the large-load customer 36. The expedited generation path in House Bill 1007 is voluntary, and by September 2026 no utility had used it 36. By an undated ServerCountry summary, Indiana Michigan Power's approved large-load tariff carries long terms, minimum demand charges, collateral and exit fees 37, and in September 2026 the regulator was reconsidering a $71 million AES Indiana rate increase 38. A car wash, cold storage room, ice rink or hotel laundry sits far below those thresholds, but the AES case could reach its bill, so the study shows the utility line at the current tariff and a higher one.

Property tax is a strength. The Tax Foundation's 2026 index ranks Indiana 4th on property tax and 10th overall 39. No 2025 effective commercial rate was retrieved, so the subject's bill and any abatement are the county auditor's numbers, not a statewide average. Nor does the research price construction in Indiana cities, say how sales tax treats building materials and business equipment, give impact fee ranges or prevailing wage rules on state-assisted work, or describe the commercial insurance market; a sponsor relying on a national assumption for any of these should label it and test it.

Hazards

Storms, flooding and two federal disaster declarations.

Indiana's 2025 and 2026 hazard record is wind, flood and winter storm, and the household aid of the August 2026 declaration reached Marion County and the lakefront counties.

DR-4882-IN, declared July 22, 2025 for storms between March 30 and April 9, 2025, made Public Assistance available in 25 counties 40. DR-4933-IN followed on August 25, 2026, for storms and flooding from August 11 to 24, with Individual Assistance in 21 counties and Public Assistance in 11 41; Marion, Hamilton, Lake, Porter and LaPorte are among the Individual Assistance counties 41. FEMA's disaster page, read in October 2026, showed 33,020 approved applications and $137,377,367.96 in Individuals and Households Program awards, against Public Assistance obligations of $82,363.19 42. SBA's notice of September 14, 2026 set disaster loan deadlines of October 25, 2026 for physical damage and May 25, 2027 for economic injury 43.

Where Individual Assistance was granted, the storm reaches a pro forma twice: households waiting on repairs take apartments, extended-stay rooms and storage space for a season, so the first year is shown with and without that season, and the insurance line rests on a premium quoted after August 2026 rather than a budget carried over from before the storm. The state's emergency agency logged two smaller 2026 events: the January 23 winter storm, which drew a statewide state declaration and a federal emergency declaration, and March 10 storms that led to a state declaration for Jasper, Newton and Starke counties 44. The research retrieved no FEMA National Risk Index score for any Indiana county.

Statewide Supply

Statewide supply: two counts and a long list of gaps.

The research found little statewide supply data for commercial asset classes, so the trade-area census does the work.

The largest new category of supply is data centers. One tracker lists 24 Indiana projects with $76.9 billion of announced investment and 10.6 GW of capacity 5. Those campuses compete with every other user for power, water, construction labor and industrial land, and their crews bring lodging and food demand that is real but ends with the build, so a nearby hotel or campground study models the two phases apart.

Housing supply turned sharply in 2025. Statewide multifamily permits were up 81.1% year over year through August 2025 45, driven heavily by one market (see Lafayette and West Lafayette); units permitted then deliver in 2026 and 2027, inside the lease-up window of apartments financed today. For restaurants there is a statewide establishment count: 12,537 in the 2023 County Business Patterns 46. Full-service operators still compete for quota permits fixed by population, and the count predates the 2026 leisure and hospitality losses, so a restaurant study refreshes it with local openings and closures. With no statewide per-capita storage measure, a self-storage study counts facilities and rentable area inside its own trade area.

Past those counts the research found no statewide figure for apartments under construction or their vacancy, hotel rooms or performance, industrial vacancy or senior housing occupancy, and no statewide count of campgrounds, fuel stops, hospitals, surgery centers or licensed childcare places.

2025 to 2026

What changed in Indiana in 2025 and 2026.

Within one summer county after county, then the capital and a Porter County city, paused data centers, while the state's development agency, its utilities and its water planning came under review.

  • Spring 2025, state development funding. Elevate Ventures funding was frozen in spring 2025 and a forensic audit began that May; the IEDC board later let investment activity continue 47. Any incentive in a study's sources should be shown as committed, with its agreement date.
  • July 6, 2026, the county count. One newsroom count found 11 counties with data center ordinances and at least 17 with moratoria 48; Marshall County and Indiana's own Cass County had adopted bans 48.
  • August 2026, the cities. Indianapolis halted new data center construction (its dates are on the Indianapolis page); on August 27 Valparaiso stopped accepting data center and battery storage applications until December 2027 49; Switzerland County adopted a one-year moratorium on August 31 38.
  • September 2026, the tally. By September, 25 of 92 counties had data center moratoria, 3 banned data centers outright and 10 municipalities had moratoria 38.
  • August and September 2026, utility governance. A former utility commissioner sued, alleging his removal was unlawful, and the Governor called for an investigation of a power company 50. A technical conference on September 3 took up AES Indiana's resource plan 38.
  • Late 2026, water. A statewide water inventory ordered by House Bill 1245 is due late in 2026 51. A water-intensive project should cite the local utility's own answer rather than wait for it.
Metro Divergence

Eight Indiana markets, each with its own demand story.

Eight markets have cards. Indianapolis and its suburban collar share one page, and the other six have sections below, followed by shorter sections on Lafayette and West Lafayette and on Evansville and Columbus.

Capital and logistics

Indianapolis

The capital region, where the city has paused new data center building and a convention headquarters hotel is due; its evidence has a page of its own.

Suburban collar

Carmel and the Hamilton, Boone and Hendricks collar

Read as part of the Indianapolis page, since these counties sit inside its federal metro: a drug plant and a hyperscale campus in Boone, and suburbs whose rental caps the new state law unwinds.

Health care and assembly

Fort Wayne

Northeast Indiana's hub, a health system and auto assembly economy with a city-commissioned downtown housing study that gives lenders a published absorption estimate.

Chicago's Indiana edge

Northwest Indiana

Steel cities that are losing residents sit beside a multibillion-dollar data center plan, so a study has to separate a construction boom from a shrinking base.

Factories and a university

Elkhart and South Bend

Elkhart County's factories and the Notre Dame metro, now anchored on its western edge by an Amazon data center campus at New Carlisle.

Orthopaedics cluster

Warsaw

A micropolitan medical device town in Kosciusko County with almost no market series in the research, so the study's own fieldwork carries the file.

University town

Bloomington

A university metro whose 2025 growth leaned on arrivals from abroad rather than on births or domestic movers.

Batteries and autos

Kokomo

An auto town betting on battery plants, whose August 2026 jobless rate showed one of the largest yearly declines BLS reported nationally.

Fort Wayne

Fort Wayne: health systems, assembly and a downtown housing ceiling.

Allen, Wells and Whitley counties form a steady market whose rental vacancy data are dated. The city's own housing study fills part of the gap.

Fort Wayne's evidence points up on both people and jobs. Metro payrolls reached 238,200 in March 2026, 1,700 more than the 236,500 of March 2025, and unemployment eased to 3.2% from 3.5% 57. The city held 275,203 residents in 2025, 4.3% above its 263,918 of 2020 54, and Allen County's gain of 3,235 people in 2025 ranked third among Indiana's counties 53. An undated WOWO report of the Allen County employer list puts two health systems, Parkview Health and Lutheran Health Network, at its head, ahead of Fort Wayne Community Schools, General Motors' assembly plant and Lincoln Financial Group 58; with no date on its headcounts, current counts should come from the employers or the county's financial report.

The new element is a Google data center, reported by an aggregator at $2 billion in its original 2024 form, with an expansion announced in September 2025 59. The same undated ServerCountry summary says Indiana Michigan Power's tariff approval included a demand-response arrangement for that campus 37. With no primary source for the investment, the figure carries little weight in a study.

Housing data are the market's weak point. HUD's reading in the research dates from Q4 2023: multifamily vacancy of 6.7%, against 6.1% in Q4 2022, with 9.0% of all rental units vacant 60. The city's 2025 housing study found half of downtown rental properties at or above 95% occupancy and estimated that downtown could absorb up to 78 for-sale units a year for five years 61. Average asking rent was $1,169 in June 2026, up 3.23% from a year earlier 62. That is a listing site's asking figure; what tenants sign, net of concessions, comes from the study's own comparables (our note on effective versus asking rent sets out the gap).

Beyond downtown housing the research carries no industrial, retail, hotel or storage reading for Allen, Wells or Whitley counties, no apartment pipeline and no lender ranking. HUD's Q4 2023 rate predates the Google expansion and the city's study, so a multifamily loan should not be sized on it. Fort Wayne is on the research's USDA exclusion list; outlying parts of Allen, Wells and Whitley outside the urbanized area may qualify, subject to the map.

Northwest Indiana

Northwest Indiana: a data center plan beside shrinking steel cities.

Lake and Porter counties, Indiana's side of the Chicago region, where lakefront cities shrink while a data center plan takes shape.

Only the two Indiana counties are read here; the region's Illinois side is for the Chicago page once it is published. Undated Census figures compiled on a secondary site put Lake County at 504,612 in 2025 and Porter County at 176,049 52. The older industrial cities are shrinking: Hammond had 75,712 residents in 2025, down 2.7% since 2020, and Gary 67,289, down 2.6% 54. County totals blend those lakefront cities with the rest of each county, so the trade area has to be drawn tightly or the demand case will be wrong in both directions.

The economic event is Amazon Web Services' Northern Indiana plan, announced in late November 2025: $15 billion of investment, 2.4 GW of power and 1,100 jobs, with a NIPSCO arrangement that WTHR reported was cited at about $1 billion of savings to other customers over 15 years 63. DatacenterDynamics reported that the agreement could add up to 3 GW beyond the 2.4 GW requirement 64. The AWS release named no site; WTHR reported Hobart, in Lake County, in talks with Amazon 63, and WVPE described Hobart as the only Northwest Indiana site in the news 65.

HUD's nearest analysis, for Gary, is dated April 1, 2023 66, and the research drew no current vacancy, rent or pipeline from it, nor an employer list, port data or permit counts for either county. No published series separates the campus's pull from the lakefront's decline, so the study's trade area has to show which of the two its customers come from. Both counties are DR-4933 Individual Assistance counties 41; the research reads Hammond, Gary and the urbanized land around them as outside USDA's programs, a reading the USDA section qualifies.

Elkhart and South Bend

Elkhart and South Bend: factories, Notre Dame and a data center campus.

Elkhart and St. Joseph counties combine a manufacturing base and a university anchor with a new hyperscale campus at New Carlisle; the South Bend metro's Michigan county is left to that state.

In Elkhart and St. Joseph counties the new money is one campus. AWS broke ground at New Carlisle, in western St. Joseph County, on an $11 billion investment in 2024 68, and the county granted a 50% property-tax abatement on each data shell for a ten-year term 68. Reporters toured the administration building on June 3, 2026, with other buildings still under construction 69. The sources disagree on the campus's jobs, so none is printed here, and a study near New Carlisle takes its job count from the operator.

Around it, headcounts hardly move. On an undated encyclopedia page of Census figures, St. Joseph County had 272,861 residents in 2025 and 272,912 at the 2020 Census; Elkhart County 208,774 against 207,047 67. South Bend's 2025 estimate was 103,201, down 0.2% since 2020; the City of Elkhart's 54,092, up 0.4%; Mishawaka's 51,226 54; and, on that undated page, Goshen's 34,525 67. Notre Dame's headcount was not found, leaving the campus as the one new source of customers the research documents.

The two-state South Bend-Mishawaka metro, Cass County, Michigan included, had a labor force of 154,835 and unemployment of 4.1% in June 2026 70; those are not Indiana-only figures, and Cass County's own evidence belongs with Michigan. South Bend's average asking rent, $1,406 in June 2026, comes from a comparison table on one rent tracker's Fort Wayne page 62 and needs checking against the study's own comparables. The research holds no campground count, Elkhart-Goshen payroll series or current innkeeper's tax, so a lodging or campground case in Elkhart County is argued from named demand generators, the campus first.

Warsaw and Kosciusko County

Warsaw: an orthopaedics town with little published market data.

Kosciusko County in northern Indiana: a medical device town for which the research found almost no published market series.

The research describes Warsaw, in Kosciusko County, as a micropolitan orthopaedics cluster, and says little else about its market. That description is the demand argument for apartments, childcare, storage and service retail in the county, and also its concentration risk, so the employers a study relies on are named, each with its own dated headcount, and the demand case is run with their hiring stalled.

A Warsaw study is therefore built from primary tables: Census population and households for the county and its tracts, the state's county employment series, and a census of named competitors with rentable area and occupancy. The research holds no Kosciusko-only series of that kind, nor a traffic count, a lodging tax or a local lender ranking, and the census and SBA series this site compiles for Warsaw pool Kosciusko with the Columbus and Evansville counties, a six-county region, not Warsaw's trade area. It reads Warsaw as below USDA's population line, so it and smaller towns in the county may qualify for the rural programs, subject to a parcel check on the map, and whether the parcel lies in an Opportunity Zone or a HUBZone should be checked. Our self-storage page sets out the general method for one of the classes such a census serves.

Evansville and Columbus

Evansville and Columbus: a river metro and an engine city.

Two southern Indiana metros, each with its own tension between population and jobs; only the Indiana counties of Evansville's two-state metro are read here.

In Evansville the suburbs carry the growth. STATS Indiana puts the metro's three Indiana counties (Posey, Vanderburgh and Warrick) at 273,786 people in 2025 against 269,256 in 2020, a 1.7% gain, while the city went from 117,288 to 116,176, a 0.9% fall 71. The Indiana side's jobless rate edged from 3.4% in March 2025 to 3.3% in March 2026 72. HUD's January 2024 profile of the two-state Evansville, Indiana-Kentucky market called its rentals balanced 73, the only rental reading the research holds for the metro, so a study closing in 2026 needs a current one. Vanderburgh County's code sets its innkeeper's tax at 8% 74.

Columbus's metro lost 900 payroll jobs between February 2025 and February 2026, from 51,500 to 50,600 75; the city's population rose 4.2% between 2020 and 2025, to 52,655 from 50,538 54. Five years of residents against one year of jobs is no contradiction, but before counting the city's growth as spending power a study should learn whether the payroll loss is one employer's cycle; with no Columbus employers named in the research, that question goes to the county's development office.

Bloomington

Bloomington: a university metro that grows from abroad.

Monroe and Owen counties form the Bloomington metro. Indiana University sets the pace of demand, and international arrivals carry the growth.

Bloomington's growth arrives from abroad. In the year to 2025, net international migration added 872 people to the metro, against a domestic net of 125 and a natural change of -264 76; over 2020 to 2025 the metro grew 2.6%, to 165,231 76. With the statewide inflow from abroad falling sharply (see the statewide economy), a student housing, apartment or hotel study here should show coverage with the metro's own inflow from abroad cut by a similar share.

The metro figure covers Monroe and Owen counties and leaves out Greene County, so a trade area reaching into Greene needs that county's own estimate. University headcounts, the Crane naval installation's workforce and Monroe County permits were not found. Bloomington's council has been weighing local rules for liquor permits 25, and the only short-term rental framework located for the city is a 2016 draft 77, so for a hotel or restaurant the city itself, not this page, is the source for both rules.

Lafayette and West Lafayette

Lafayette and West Lafayette: a chip plant and a permit wave.

Tippecanoe County is a separate market from Bloomington and Kokomo, built around Purdue University and now a semiconductor packaging plant.

SK hynix held a ceremonial groundbreaking on August 27, 2026 for a high-bandwidth memory packaging plant and research center at the Purdue Research Park, an investment of over $4 billion 78. CHIPS for America terms provide up to $458 million in direct funding against capital expenditure of $3.87 billion and about 1,000 facility jobs 79. The company's project page gives a 133.5-acre site and an estimate of about 7,000 direct and indirect jobs 80. SK hynix's release puts the cleanroom's opening by October 2028 and mass production in the second half of 2029 78. A study that counts those jobs should place them in 2029 and later, not in the next lease-up.

The housing response came first. West Lafayette permitted 1,271 multifamily units in January 2025 alone, including two projects of 681 and 590 units, against 995 multifamily units in all of Tippecanoe County in 2024 81. Lafayette and West Lafayette accounted for 48% of Indiana's apartment units permitted from January to August 2025 45. FRED's Census series counts 1,548 residential units authorized in Tippecanoe County in 2024 82. Population moves more slowly: West Lafayette's estimate rose from 44,502 in 2020 to 45,747 in 2025 83, and Lafayette's from 70,803 to 71,238, or 0.6% 84. Metro payrolls barely moved, 112,300 in March 2026 against 112,200 in March 2025, a gain of 100 85. A new apartment or student housing project leases up while those January 2025 permits deliver, and before the plant's mass production is due. A rent figure for Lafayette in the research duplicates another city's value and is held out.

Kokomo

Kokomo: a battery bet and a volatile labor market.

Howard County. The StarPlus Energy battery plants are the market's largest variable, and no 2026 primary source confirms their status.

Over the year to March 2026 the Kokomo metro lost 700 payroll jobs, from 36,400 to 35,700, and manufacturing fell from 8,800 to 8,300, a decline of 5.7% 85. Unemployment fell over the same months, to 5.7% from 6.4% 85, and by August 2026 the metro's rate stood 1.8 percentage points below a year earlier, among the largest decreases in the country 86. Payrolls count jobs in the metro and the jobless rate counts residents, so both falling points to a smaller labor force or to more residents working elsewhere, which a study settles before counting local households as demand. The city itself counted 59,999 residents in 2025 against 59,578 in 2020, a 0.7% rise 54.

The StarPlus Energy joint venture of Stellantis and Samsung SDI planned two battery plants here, and the research could not confirm their 2026 status. One trade publication gave the investment as $6.3 billion in 2025 87; the local development alliance's undated page gives a different figure 88. A study should therefore obtain the plants' current status and staffing from the company or the incentive agreement; the alliance's undated page also describes a planned industrial park beside the site 88. The research reads the city as too large for USDA's rural programs, while rural parts of Howard County may qualify; it holds no permit, employer or supply data for the county.

Beyond the Eight Markets

Outside the eight: Jeffersonville and La Porte.

Large projects also land outside the eight markets.

Clark County is the Indiana side of the Louisville metro, whose Kentucky counties this page does not read. There, Meta's Jeffersonville data center represents $800 million of investment in a building of about 700,000 square feet, announced in 2024 and under construction in 2026 56. In LaPorte County, Microsoft's La Porte data center is listed at $1 billion 5. LaPorte County had 111,294 residents in 2025 against 112,417 counted in 2020, according to an undated Wikipedia page 67: the campus is arriving in a county with fewer residents than five years before, so a lodging or retail study there does not read it as household growth. Each county is its own trade area, and LaPorte County is also a DR-4933 Individual Assistance county 41.

Before Closing

Gaps an Indiana study has to close before credit.

Much of what follows did not exist as a question before the 2025 legislative session and the summer of 2026, so an Indiana study written earlier will not have asked it.

  • The county's data center vote. For a power-hungry use, the county and city status on the study date; for a business counting on a campus nearby, whether that campus holds its permits and its build schedule.
  • The utility dockets. The reconsidered AES Indiana increase and the subject's tariff, priced at today's rate and a higher one; for a water-heavy use, the local water utility's answer.
  • When Medicaid enrollment reopens. For home care or adult day services, the end date of the provider moratorium, from FSSA.
  • The post-2025 care charts. The childcare ratios in force since December 2025, and the licensing categories for assisted living and for memory care, from the two licensing agencies.
  • A liquor route with a price. Quota availability in the town, or a dated transfer quote, for any concept that depends on bar revenue.
  • The trust fund's position. For a fuel site, the Excess Liability Trust Fund's balance, from IDEM.
  • Which rental caps still bind. For rental-home and build-to-rent projects, which local caps remain until the 2028 compliance date.
  • Hazard scores the research lacks. The county's FEMA National Risk Index score, retrieved for no Indiana county in the research.
  • Cost lines with no state benchmark. The parcel's tax bill and abatement, the county innkeeper's ordinance, local impact fees and a bid-based construction estimate.
  • Two rural tests and two federal designations. USDA's map for the parcel, the county's rural share as the SBA fee waiver measures it, and Opportunity Zone and HUBZone status.
  • The county's own components and the anchor's headcount. The county's Vintage 2025 components of change, with the case run on a falling inflow from abroad, and anchor employment from the employer's filings or incentive agreement.
Worked Cases

Worked cases in Indiana.

Indiana's one worked case is a representative 504 self-storage build that shows the sequence a study follows.

The example surveys an anonymized competitive set, starts its demand read from trade-area residents and household growth, and works the 504 contribution at the new-business tier, the sequence the market sections above ask for. Worked studies set in other states are listed on the case studies index.

By Asset Class

Indiana feasibility studies by asset class.

Childcare, rental housing and power-heavy uses each met an Indiana change dated 2025 or 2026; bars, fuel sites and nursing beds meet older statutes; storage, car washes and RV parks met no state-specific rule in the research. Each hub below is the general method, written for any state.

Indiana Questions

The Indiana questions a lender's reviewer puts to the file.

Which reader should an Indiana 504 feasibility study be written for, the CDC or the bank?

Both read it, so write it so the bank's first-lien reviewer can follow it without a local record. Two counts are in print, over different periods: Indiana Statewide CDC's book runs to 723 loans over FY2010 to FY2026 15, and the FY2025 leader among third-party banks closed 10 in that one year, by the count of a local site with a disclosed sponsor 16. A study built for the bank's reviewer supplies the comparison itself: a mapped trade area, named competitors with dated rates, and coverage on the first lien shown before the debenture is layered on. The CDC reads the same pages.

Does the August 2026 Medicaid freeze stop an Indiana home care or adult day file?

It stops one revenue line, and the file turns on how long the building can run without it. Enrollment of new home and community-based providers in Medicaid has been closed since August 1, 2026, for a six-month term 32, and the research holds no reopening date beyond that, so the study takes the date from FSSA and treats the months before it as private pay only. Where private pay cannot cover the note, provider enrollment goes into the file as a closing condition, the interest reserve runs to the enrollment date rather than to the opening, and Medicaid revenue starts the month FSSA confirms the freeze has ended.

Which Indiana projects have to show a case with the inflow from abroad taken out?

Those whose households came from abroad, as the county's components of change show. For the year ending July 2025, net arrivals from abroad came in 53% under the prior year's 1 and net domestic migration rose to 12,197 1, so the statewide total hides a falling source behind a rising one. University housing, or an apartment beside an employer hiring abroad, carries a second case with that inflow at zero; a daycare or retail pad in a county carried by domestic movers does not, and its question moves to competing supply. The study dates the vintage it drew on, since the opening year will fall under a later one.

What do the 33,020 approved household applications under DR-4933 say about demand near an Indiana site?

They size a season, not a market. FEMA's page showed 33,020 approved applications for the August 2026 storms 42, spread across 21 Individual Assistance counties 41, and the figure says nothing about where the households went or for how long. A storage, apartment or extended-stay file in one of those counties takes the county's share from FEMA's county-level program data, treats the rooms and units let to displaced households as a line that ends, and shows year one with it and without it. A site in a Public Assistance county, or outside the declaration, carries no such line, and its base year is the one the storm did not touch.

Are Indiana's local rental caps a barrier a study can rely on?

Only until January 1, 2028, and the base case is dated to one side of it. House Enrolled Act 1210 preempts local caps on rented homes; ordinances adopted before 2026 have until January 1, 2028 to comply 35, so a cap in force at closing carries an expiry. A build-to-rent or rental-home study counts the capped subdivisions as supply opening on that date and shows coverage with them in; a hotel in a leisure county counts the short-stay homes the law now lets open. Where a city has stood down, as Carmel did by dropping its short-term rental suit 34, that competition is in from day one.

Can a new Indiana restaurant or hotel bar count on getting a liquor permit?

Not until one of three routes is priced, and the months before the permit is held run on food and room revenue alone. Indiana allots a town one permit of each retail type for every 1,500 residents 25; where the allotment is spoken for, the choices are a permit bought from an existing holder or a development permit with a $40,000 initial fee 25. Either price sits in uses of funds, not operating cost; a transfer is priced from a dated quote in the subject's town, since the research holds only an undated report of Bloomington prices. Bar revenue enters the base case once the permit is in hand.

Worked Cases

Worked cases in Indiana.

Neighboring Markets

States that border Indiana.

An Indiana project is scoped from its county outward.

Whether a county moratorium, a disaster declaration's household aid or an expiring rental cap reaches an Indiana parcel turns on its county, so the study names that county before the asset class and builds its demand case from the market section above.

Request a methodology briefing
Sources

Data sources and dates.

Indiana's record on this page leans on state agencies, FEMA, SBA and Census files. Secondary entries, from newsrooms, aggregators, a law firm, an advocacy group, a local site that discloses a sponsor and Wikipedia, are labelled in their publisher lines, and an entry marked undated gives the month the page was read.

Market data reviewed by Mark Otava · Updated

  1. Indiana University, IU News (Indiana Business Research Center analysis of Census Vintage 2025), Indiana population estimates: Strong growth continued in 2025; signs of slowdown on the horizon, March 2026.
  2. U.S. Bureau of Labor Statistics, Change in total nonfarm employment by state, August 2026 (preliminary, seasonally adjusted).
  3. U.S. Census Bureau, QuickFacts: Indiana, Vintage 2025 (population as of July 1, 2025; estimates base April 1, 2020).
  4. Building Indiana Business (SBA Indiana District Office release), SBA Recognizes Indiana Lenders Supporting Small Business Growth, February 2026 (FY2025 figures).
  5. ServerCountry, Indiana Data Center Projects: 24 Tracked, 10.6 GW, 2026.
  6. Indiana Capital Chronicle (citing the Indiana Business Research Center), New estimates show Indianapolis area continues as key for state's population growth, March 27, 2026.
  7. U.S. Congress Joint Economic Committee (BLS CES data), Indiana Employment Update, released September 18, 2026 (August 2026 data).
  8. Eli Lilly and Company, Key Facts, updated July 29, 2026 (employees as of June 30, 2026).
  9. Indiana Economic Development Corporation, Office of Commerce 2025, 2025.
  10. World Population Review, Largest Employer by State 2026, 2026 (secondary; headcounts conflict within the source).
  11. U.S. Census Bureau, American Community Survey, American Community Survey 5-Year Estimates, Detailed Tables, 2020-2024, 2020-2024 estimates.
  12. U.S. Bureau of Economic Analysis, Personal Income by County and Metropolitan Area (table CAINC1), 2024, 2024 estimates.
  13. U.S. Small Business Administration, SBA Indiana District Office awards area lenders their work providing capital to Hoosier entrepreneurs, press release, undated (read October 2026).
  14. Building Indiana Business (quoting the SBA Indiana District Director), Small Business Strong: Hoosiers Taking Advantage of SBA Loan Programs, FY2024 figures (the article says 2024).
  15. SBA Loan Index, SBA Lending in Indiana, SBA FOIA data as of March 31, 2026 (FY2010 to FY2026).
  16. LarryInFishers (the outlet discloses a sponsor relationship), Citizens State Bank named Indiana's top SBA 504 bank lender, June 18, 2026 (FY2025 figures).
  17. Indiana Economic Development Corporation, SSBCI, undated (read October 2026; programs run to 2031 or until funds are exhausted).
  18. Indiana Economic Development Corporation, Request for Qualifications 22-SSBCI 2.0, Loan Fund Investment Program, responses accepted through December 31, 2025.
  19. Indiana Finance Authority, Tax-Exempt Bond Programs: Overview, undated (read October 2026).
  20. Indiana Housing and Community Development Authority, 2025 Schedule D1, Competitive Private Activity Tax-Exempt Bond Financing with AWHTC, 2025 Qualified Allocation Plan.
  21. U.S. Small Business Administration, SOP 50 10 8.1, Lender and Development Company Loan Programs, with Technical Policy Updates, effective October 1, 2026.
  22. eCFR, 13 CFR 120.160, Loan conditions, current to October 7, 2026.
  23. U.S. Small Business Administration, Information Notice 5000-881797: FY 2027 7(a) Program Fees, 2026 (loans approved October 1, 2026 to September 30, 2027).
  24. USDA Rural Development, USDA Invests Over $12 Million to Boost Clean Energy Initiatives for Indiana Farmers and Small Businesses, undated (released with an application window of March 31, 2025; read October 2026).
  25. The B Square Bulletin, Bloomington council to weigh liquor-permit rules with reach beyond two new state slots, 2026.
  26. Indiana Legislative Services Agency, Fiscal Note, HB 1276 (2025), 2025.
  27. Indiana Department of Environmental Management, Excess Liability Trust Fund Cost Guidance (NPD Waste-0078), undated (read October 2026).
  28. Krieg DeVault (law firm), Indiana's Excess Liability Trust Fund Receives a Statutory Update, undated (read October 2026; describes the statute in force).
  29. LegalClarity (citing Indiana DOR Bulletin 204; secondary), Indiana Hotel Tax Rate, undated (read October 2026).
  30. Indiana Department of Labor, Indiana 2009 Minimum Wage, 2026 edition.
  31. National Conference of State Legislatures, Certificate of Need State Laws, as of January 2025.
  32. McKnight's Home Care (citing an FSSA press release of April 23, 2026), Indiana becomes latest state to enact a Medicaid home care moratorium, 2026 (audit period January 1, 2022 to March 31, 2025).
  33. Indiana Family and Social Services Administration, Office of Early Childhood, Early Child Care and Education Legislative Changes, 2025 (ratio chart effective December 1, 2025).
  34. Current Publishing, New state law voids Carmel's short-term rental restrictions, March 25, 2026.
  35. Avalara MyLodgeTax, New Indiana law bans local rental caps and reshapes short-term rental rules, May 2026.
  36. Citizens Action Coalition, Data Centers: Indiana Updates, September 2026.
  37. ServerCountry, Indiana Power Infrastructure, undated (read July 2026).
  38. The Bond Buyer, Indiana counties' response to data centers reflects broader political risk, September 2026.
  39. Tax Foundation, 2026 State Tax Competitiveness Index, 2026.
  40. Federal Register, Indiana; Major Disaster and Related Determinations (document 2025-17154), September 8, 2025.
  41. Federal Emergency Management Agency, Release HQ-26-115: major disaster declaration for Indiana (DR-4933-IN), August 25, 2026.
  42. Federal Emergency Management Agency, Indiana Severe Storms, Disaster 4933, as retrieved October 2026.
  43. Federal Register (U.S. Small Business Administration notice), Presidential Declaration Amendment of a Major Disaster for the State of Indiana, September 14, 2026.
  44. Indiana Department of Homeland Security, Emergency Management and Preparedness news, January to March 2026.
  45. Indiana Business Research Center, Indiana Business Review, The Indiana housing market: 2026 forecast, 2025 outlook issue (permits through August 2025).
  46. U.S. Census Bureau, County Business Patterns, 2023 County Business Patterns, 2023 data year.
  47. Indianapolis Business Journal, Indiana Economic Development Corp. (topic page), 2025 to 2026.
  48. WFYI, Nearly a third of Indiana counties have moved to restrict data centers, July 6, 2026.
  49. Data Center Bans (citing FOX59), Indiana, August 2026.
  50. Citizens Action Coalition, Citizen Power - September 2026, September 2026.
  51. AI GridWatch, Indiana data centers, 2026.
  52. Wikipedia (Census Vintage 2025; secondary), Indiana statistical areas, undated (read October 2026); 2025 estimates.
  53. Indiana Business Research Center, InContext, Indiana's population estimates: Strong growth continues in 2025, March to April 2026.
  54. Everycityintheusa (Census Vintage 2025 city estimates; secondary), All 566 Indiana Cities, 2026 (2025 estimates and 2020 base).
  55. U.S. Department of Housing and Urban Development, PD&R, Comprehensive Housing Market Analysis: Indianapolis-Carmel-Greenwood, Indiana, as of January 1, 2026.
  56. DatacenterDynamics, Meta announces 1GW data center campus in Indiana, February 11, 2026.
  57. Indiana Department of Workforce Development, Labor Market Review, Economic Growth Region 3, March 2026, March 2026.
  58. WOWO (citing the Purdue Fort Wayne Community Research Institute), Allen County top employers detailed, undated (read October 2026).
  59. Black Ridge Research (aggregator), List of Top 7 Data Centers in Indiana 2026, 2026.
  60. U.S. Department of Housing and Urban Development, PD&R Edge, Strong Economic Conditions and Balanced Housing Market Conditions in the Fort Wayne HMA, September 2024 (Q4 2023 data).
  61. City of Fort Wayne, 2025 Housing Study Shows Continued Market Potential for Downtown Housing, December 17, 2025.
  62. RentCafe (Yardi), Average Rent in Fort Wayne, IN (with its comparison table of nearby cities), June 2026.
  63. WTHR, Amazon building $15 billion in data center campuses in Indiana, November 24 to 25, 2025.
  64. DatacenterDynamics, Amazon announces $15bn data center & AI investment plan for Northern Indiana, November 25, 2025.
  65. WVPE, Amazon planning more data centers in Northwest Indiana, November 25, 2025.
  66. U.S. Department of Housing and Urban Development, PD&R, Comprehensive Housing Market Analysis: Gary, Indiana, as of April 1, 2023.
  67. Wikipedia (Census figures; secondary), Michiana, undated (read October 2026); 2020 Census and Vintage 2025.
  68. NWI Times, $11 billion Amazon data center breaks ground, 2024.
  69. WSBT, First look at Amazon's New Carlisle data center's administration building, June 3, 2026.
  70. Indiana Department of Workforce Development, Labor Market Review, Economic Growth Region 2, June 2026, June 2026.
  71. STATS Indiana, Evansville, IN Metro Area profile, 2025 estimates and 2020 base.
  72. Indiana Department of Workforce Development, Labor Market Review, Economic Growth Region 11, March 2026, March 2026.
  73. U.S. Department of Housing and Urban Development, PD&R, Evansville, Indiana-Kentucky Housing Market Profile, January 2024.
  74. Vanderburgh County, Vanderburgh County Code, Chapter 3.12, Innkeeper Tax, code in force when read, October 2026.
  75. Indiana Department of Workforce Development, Labor Market Review, Economic Growth Region 9, February 2026, February 2026.
  76. STATS Indiana, Bloomington, IN Metro Area profile, 2025 estimates; 2024 to 2025 components of change.
  77. City of Bloomington, Short-Term Rental Legislation Draft available for Public Comment, September 16, 2016.
  78. SK hynix Newsroom, SK hynix Holds Groundbreaking Ceremony for HBM Production Base in Indiana, August 28, 2026.
  79. National Institute of Standards and Technology, CHIPS for America, SK hynix (Indiana), award terms in force at October 12, 2026.
  80. SK hynix, Project Overview (West Lafayette), 2026.
  81. Tippecanoe County Area Plan Commission, A Brief Synopsis of Building Permit Activity for January 2025, January 2025.
  82. Federal Reserve Bank of St. Louis, FRED (U.S. Census Bureau data; secondary), New Private Housing Units Authorized by Building Permits for Tippecanoe County, IN (BPPRIV018157), 2024.
  83. U.S. Census Bureau, QuickFacts: West Lafayette city, Indiana, Vintage 2025.
  84. U.S. Census Bureau, QuickFacts: Lafayette city, Indiana, Vintage 2025.
  85. Indiana Department of Workforce Development, Labor Market Review, Economic Growth Region 4, March 2026, March 2026.
  86. U.S. Bureau of Labor Statistics, Metropolitan Area Employment and Unemployment, August 2026, August 2026.
  87. Trade and Industry Development, A New Entrepreneurial Vision for Indiana, 2025.
  88. Greater Kokomo Economic Development Alliance, StarPlus Energy development, undated (read October 2026).
  89. 1st Source Bank, 1st Source named SBA Gold Community Lender, news release, March 20, 2025.