Central Indiana update.

• Author: Beck, Bill
• Position: Business news

American Funds to open a shareholder-service center employing 600.

Marion County and the seven surrounding counties led Indiana's continuing turnaround from the effects of the recession and compiled an enviable job creation and retention record, as the state's unemployment rate dropped from an average of 6.4 percent in 1992 to an average of 4.6 percent last year. The unemployment rate in Marion County and surrounding counties dropped to 3.8 percent, second-best among the top 30 metropolitan markets in the United States for the year.

MARION COUNTY

The top story of 1992 unquestionably was the announcement by United Airlines that it would build an $800 million maintenance center in Indianapolis, bringing more than 6,000 jobs by the time the center is fully operational after the turn of the century. More recently, that center took its first steps with the opening of the first hangar.

United Airlines CEO Stephen Wolf was in town last month to dedicate the Indianapolis Maintenance Center, which when complete will enclose 2.5 million square feet and include 11 hangars with 18 aircraft bays and two nose bays.

Indianapolis and Marion County experienced a number of significant business expansions during the year. "The most significant business expansion was American Funds' decision to open a 600-person regional shareholder-service center in Indianapolis," notes Timothy J. Monger, executive director of the Indianapolis Economic Development Corp.

American Funds' September announcement that it would open the regional service center for its mutual-funds business on the northeast side was sweetened by a $300,000 training grant plus $450,000 to offset startup costs.

Other companies announcing Indianapolis expansions during the past year included Dogloo, Eagle Industries Inc., Jenn-Air Co., Paper Art Co., Peerless Pump, Norco, AdminiStar Federal, Zacson Corp., USF&G, Merico, the Celadon Group, Praxair Corp., Sure Start Inc., American Trans Air and Quaker Oats. All told, Indianapolis Economic Development estimates that 1993 business expansion totaled $62 million in new investment and the addition of nearly 1,500 jobs over the next two years.

BOONE COUNTY

Raymond A. Dearing of the Boone County Chamber of Commerce in Lebanon cites Etalon Inc.'s decision to build a new plant in Lebanon as the kind of economic-development project the county is pursuing. Etalon's 20,000-square-foot plant in Lebanon will be used to manufacture and design electrical transducers and...