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August Indiana Economic Update

2024-08-18 – BE&O A&B

Lilly is reporting “unbelievable demand” for their weight loss drugs. 

With sales of Lilly’s Mounjaro and Zepbound surging to $3 billion last quarter, the pharma giant says they are working on hiring more manufacturing staff and creating a new facility to help keep up with demand.  

South Korean chip manufacturer SK Hynix is receiving up to $450 million in federal funds to build a new semiconductor packaging facility in West Lafayette. The money will come from the CHIPS Act, which encourages the manufacturing of semiconductor chips inside the United States. 

In addition to the federal money, SK Hynix will receive $700 million in incentives provided by Indiana and the Indiana Economic Development Corporation. The deal is the largest of its kind in Indiana history. 

Angie’s List stock is up after a quarter that saw a $3.8 million profit. That is up from a $15 million loss in the same quarter last year. 

Notre Dame University was awarded a $30 million grant from the Lilly Endowment. The money will be used to build a tech and talent district in downtown South Bend, in the former offices of the South Bend Tribune. 

The facility will offer community-facing programming and drop-in services for local entrepreneurs.