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US State economic profile
Indiana - Economic Profile
Statistics, economic information and rankings for the Hoosier State
In 2026, the state of Indiana has a population of 7,002,044, having grown an annualized 0.5% over the five years to 2026, which ranks it 27th out of all 50 US states by growth rate. Indiana's gross state product (GSP) in 2026 reached $427.8b, with growth of 2.0% over the 5 years to 2026. Businesses in Indiana employed a total of 3,579,652 people in 2026, with average annual employment growth over the past five years of 1.4%. The top three sectors by total employment are Manufacturing, Real Estate & Rental & Leasing, Healthcare & Social Assistance, while the unemployment rate across the state in 2026 was 4.1%.
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State economic profile
Indiana Economic Overview
$427.8b
Gross state product
7,002,044
Population
598,951
Businesses
What is Indiana's Gross Domestic Product (GDP)?
In 2026, Indiana's GDP reached $427.8b, representing an increase of 2.0% from 2025. Indiana's GDP has grown at an annualized rate of 2.1% over the five years to 2026. Moreover, Indiana's trailing five-year GDP growth ranks it 24th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Indiana's GDP, and compare them to the national average, using the chart below.
State economic profile
Indiana Industry Trends
Learn about current trends affecting the most significant industries for Indiana's state economy, down to the county level. IBISWorld offers state industry research reports on over 30,000 industries across all 50 states in the US, including 636 industries in Indiana.
What are Indiana's Largest Industries by Revenue?
The largest industries by revenue in Indiana are Automobile & Light Duty Motor Vehicle Manufacturing, Hospitals and Truck, Trailer & Motor Home Manufacturing, which generated $42.6b, $29.1b and $25.9b in 2026.
| Industry | 2026 revenue | |
|---|---|---|
| 1. | Automobile & Light Duty Motor Vehicle Manufacturing | $42.6b |
| 2. | Hospitals | $29.1b |
| 3. | Truck, Trailer & Motor Home Manufacturing | $25.9b |
| 4. | Health & Medical Insurance | $24.5b |
| 5. | New Car Dealers | $23.7b |
| 6. | Petroleum Refining | $23.4b |
| 7. | Iron & Steel Manufacturing | $22.9b |
| 8. | Brand Name Pharmaceutical Manufacturing | $20.0b |
| 9. | Gasoline & Petroleum Bulk Stations | $19.7b |
| 10. | Warehouse Clubs & Supercenters | $19.5b |
State economic profile
Top Companies in Indiana
Learn about current trends affecting the top companies in Indiana. IBISWorld offers benchmarking data and tools on over 5,000 companies in the US.
Top 10 Companies Headquartered in Indiana by Employment
The largest companies by employment in Indiana are Walmart, Department Of Defense and Indiana University Health, Inc., which employed 44,751, 41,200 and 35,238 people in 2026.
| Company | 2026 employment | Share of employment | |
|---|---|---|---|
| 1. | Walmart | 44,751 | 1.3% |
| 2. | Department Of Defense | 41,200 | 1.2% |
| 3. | Indiana University Health, Inc. | 35,238 | 1.0% |
| 4. | State Of Indiana | 31,369 | 0.9% |
| 5. | Amazon.Com | 27,000 | 0.8% |
| 6. | Indiana University | 26,043 | 0.7% |
| 7. | Kroger | 19,130 | 0.5% |
| 8. | Purdue University West Lafayette | 16,433 | 0.5% |
| 9. | St. Vincent Health | 13,000 | 0.4% |
| 10. | Home Depot, inc. | 5,257 | 0.1% |
State economic profile
Indiana Sector Statistics
In Indiana, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Indiana's GDP by Sector?
The Manufacturing, Real Estate & Rental & Leasing and Healthcare & Social Assistance sectors contributed the most to Indiana's GDP in 2026, representing a combined 50.7% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state economy, in addition to how the state economy is evolving over time.
| Sector | GDP | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Manufacturing | 120,189,994,643 | 2.8% | 2.6% |
| Real Estate & Rental & Leasing | 45,206,163,975 | 2.3% | 2.3% |
| Healthcare & Social Assistance | 38,654,958,433 | 3.1% | 3.5% |
| Professional, Scientific & Technical Services | 30,093,901,090 | 8.4% | 8.7% |
| Retail Trade | 26,278,797,296 | 4.3% | 3.8% |
| Wholesale Trade | 21,712,957,630 | 0.7% | 0.6% |
| Finance & Insurance | 20,409,404,753 | 0.5% | 1.4% |
| Construction | 15,866,025,790 | -1.1% | -1.8% |
| Transportation & Warehousing | 13,671,961,540 | -0.3% | -1.3% |
| Administration, Business Support and Waste Management Services | 12,951,094,885 | 1.6% | 1.6% |
| Accommodation & Food Services | 10,779,306,326 | 3.1% | 2.7% |
| Information | 9,761,391,516 | 6.5% | 6.6% |
| Other Services (except Public Administration) | 7,481,223,720 | -1.7% | -1.4% |
| Management of Companies and Enterprises | 7,155,039,383 | 4.1% | 4.5% |
| Agriculture, Forestry, Fishing & Hunting | 6,456,135,735 | 5.8% | 3.5% |
| Utilities | 5,419,808,725 | -3.7% | -3.5% |
| Arts, Entertainment & Recreation | 4,549,700,501 | 3.5% | 4.2% |
| Educational Services | 4,394,997,124 | 3.6% | 4.5% |
| Mining | 1,546,185,789 | 5.5% | 7.4% |
What is Indiana's Employment by Sector?
The Manufacturing, Healthcare & Social Assistance and Retail Trade sectors contributed the most to employment in Indiana in 2026, representing a combined 42.3% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
| Sector | Employment | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Manufacturing | 532,859 | 0.6% | 1.3% |
| Healthcare & Social Assistance | 508,536 | 1.9% | 2.5% |
| Retail Trade | 471,512 | 1.4% | 2.1% |
| Accommodation & Food Services | 294,227 | 0.1% | 2.7% |
| Administration, Business Support and Waste Management Services | 248,637 | 0.9% | 1.2% |
| Transportation & Warehousing | 230,410 | 3.7% | 3.7% |
| Professional, Scientific & Technical Services | 217,761 | 2.1% | 3.4% |
| Construction | 213,594 | 1.6% | 2.2% |
| Educational Services | 209,956 | 0.6% | 2.2% |
| Other Services (except Public Administration) | 162,785 | 1.0% | 2.6% |
| Finance & Insurance | 131,599 | 0.6% | 1.0% |
| Wholesale Trade | 130,617 | 1.1% | 1.6% |
| Real Estate & Rental & Leasing | 84,054 | 1.2% | 1.9% |
| Information | 56,446 | 2.9% | 4.6% |
| Arts, Entertainment & Recreation | 52,344 | 0.3% | 1.7% |
| Utilities | 24,137 | 0.8% | 0.6% |
| Mining | 5,712 | 0.9% | 2.2% |
| Agriculture, Forestry, Fishing & Hunting | 4,466 | 1.2% | 1.4% |
State economic profile
Indiana Employment Trends
3.6m
Employment
4.1%
Unemployment
What Employment Trends are Impacting Indiana?
The state of Indiana employs 3,579,652 people in 2026, which ranks it 16th out of all 50 US states. Employment in Indiana has grown at an annualized rate of 2.2% over the five years to 2026, overperforming the national average of 1.7%. Major sectors by employment in Indiana include Manufacturing, Healthcare & Social Assistance and Retail Trade, which employed 532,859, 508,536 and 471,512 people in 2026, respectively. Indiana's unemployment rate is 4.1% in 2026, which ranks it 20th out of all 50 US states. Indiana's unemployment rate has trended upwards at a rate of 1.2% over the five years to 2026, overperforming the US economy as a whole.
Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Indiana, and compare them to the US economy, using the chart below.
$118.3k
Per capita disposable income
What is Indiana's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Indiana's DPI in 2026 was $118.3k, compared to the US average of $156.5k, which places it 33rd out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Indiana's per capita disposable income, and compare it to the US average, using the chart below.
State economic profile
Indiana Construction & Building Trends
$18,538.1tn
Nonresidential construction
$10.2tn
Residential construction
34,193
Building permits
What can construction trends tell you about a state’s economy?
In Indiana, non-residential construction was $18,538.1tn in 2026, which ranks it 44th out of all 50 US states. Residential construction was $10.2tn in 2026, which places Indiana 43rd out of all 50 US states. The number of building permits issued in Indiana in 2026 was 34,193, representing a 3.3% annualized growth rate between 2021 and 2026.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Indiana, and compare it to trends in the number issued in the United States as a whole, using the chart below.
State economic profile
Indiana Population Statistics
Which Counties in Indiana have the Largest Populations?
The counties with the highest populations in Indiana are Marion County, Lake County and Allen County, which had populations of 964,933, 503,129 and 403,249 people in 2026.
| Region | 2026 population | Annual growth 2021-26 | Share of population |
|---|---|---|---|
| Marion | 964.9k | -0.1% | 13.8% |
| Lake | 503.1k | 0.2% | 7.2% |
| Allen | 403.2k | 0.7% | 5.8% |
| Hamilton | 393.4k | 1.9% | 5.6% |
| St. Joseph | 273.6k | 0.1% | 3.9% |
| Elkhart | 205.7k | -0.1% | 2.9% |
| Hendricks | 197.0k | 1.8% | 2.8% |
| Tippecanoe | 190.8k | 0.3% | 2.7% |
| Vanderburgh | 179.8k | N/A | 2.6% |
| Porter | 177.0k | 0.3% | 2.5% |
| Johnson | 173.7k | 1.1% | 2.5% |
| Monroe | 138.6k | -0.2% | 2.0% |
| Madison | 134.9k | 0.6% | 1.9% |
| Clark | 129.4k | 1.0% | 1.9% |
| Delaware | 112.6k | 0.1% | 1.6% |
| Laporte | 111.1k | -0.2% | 1.6% |
| Vigo | 106.1k | N/A | 1.5% |
| Hancock | 93.3k | 2.7% | 1.3% |
| Bartholomew | 85.8k | 0.7% | 1.2% |
| Howard | 84.3k | 0.2% | 1.2% |
| Floyd | 81.3k | 0.2% | 1.2% |
| Boone | 81.2k | 2.2% | 1.2% |
| Kosciusko | 80.3k | N/A | 1.1% |
| Morgan | 75.0k | 0.8% | 1.1% |
| Warrick | 67.7k | 0.9% | 1.0% |
State economic profile
Indiana Demographics
In Indiana, 31.9% of the population has a Bachelors or higher. The largest ethnic group in Indiana is White, accounting for 74.0% of the state's population.
Education level in Indiana
| Education level | Share (%) |
|---|---|
| Bachelors or higher | 31.9 |
| Other | 68.1 |
Race in Indiana
| Race | Share (%) |
|---|---|
| White | 74.0 |
| Black | 10.4 |
| Hispanic | 9.7 |
| Asian | 3.3 |
| Other | 2.6 |
Indiana State industry reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level, with accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 636 Indiana industry reports.
Other states to explore
Compare Indiana’s economy with other states in the United States.
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