Before even breaking ground on the project site, Cook Medical engaged with Indiana University's Public Policy Institute (PPI) to help understand the immediate and long-term economic impact of the 38th and Sheridan project on the local community. The primary objective of this project is to ensure that Cook and its partners are investing equitably in both economic opportunities and quality-of-life issues for the surrounding neighborhoods, ultimately lifting up the community and not displacing its residents.
IU's PPI provides research, analysis, and guidance to help governments, businesses, and not for profits enhance their programs and services and evaluate the impact of their decisions. Key findings from their study estimate the following preliminary economic impact of the 38th and Sheridan project:
- $24M in construction-related economic contribution in Marion County
- $25.9M in direct, indirect, and induced spending per year from Cook's 100 full-time employees
- $3.1M estimated annual wages of Cook's 100 full-time employees
- $4.1M wages and benefits from jobs created from purchases of supplies and services, plus employee spending
To read the full report, click here.
You can also read more about redevelopment without displacement here and reimagining economic development investment here.