Indiana

Highlights

• #17 of 50: Momentum
• #22 of 50: Talent
• #24 of 50: Innovation and patents

The seven inputs

Each input is a z-score against the other states: 0 is the average state, and each step is one standard deviation (capped at ±3). Ranks are among the 50 states.

• Venture capital -0.6 #38 of 50
• Startup formation -0.5 #36 of 50
• Scale-ups -0.4 #33 of 50
• Economic output and wealth -0.6 #38 of 50
• Innovation and patents +0.1 #24 of 50
• Talent +0.2 #22 of 50
• Momentum +0.2 #17 of 50

Top companies

The largest companies headquartered in Indiana, by latest annual revenue.

1. Elevance Health, Inc. ELV · Healthcare · Indianapolis, IN $199B
2. Eli Lilly and Company LLY · Healthcare · Indianapolis, IN $65.2B
3. Steel Dynamics, Inc. STLD · Materials · Fort Wayne, IN $18.2B
4. Corteva, Inc. CTVA · Materials · Indianapolis, IN $17.4B
5. Simon Property Group, Inc. SPG · Real Estate · Indianapolis, IN $6.4B

Roots Density Data, All Companies (public: SEC filings; private: Forbes Top Private Companies 2025). Ranked by latest annual revenue.

Metros in Indiana

• Chicago, IL-IN #24 of 109 metros 59
• Cincinnati, OH-KY-IN #30 of 109 metros 54
• Indianapolis, IN #44 of 109 metros 48
• Louisville, KY-IN #52 of 109 metros 44
• South Bend, IN-MI #79 of 109 metros 29
• Fort Wayne, IN #89 of 109 metros 21