Indiana University and Purdue University will examine the effectiveness of the state’s Regional Economic Acceleration and Development Initiative, or READI, grant program.
The study comes as the state is moving forward with its second round of READI grant funding.
In 2021, the state offered roughly $500 million in matching grants aimed at funding economic growth and quality-of-life developments across the state.
Roberto Gallardo is with the Purdue Center for Regional Development. He said the study will look at both the economic impacts and a metric he’s calling “well-being.”
“We will take a look at how much is the region buying into this, and if it’s really having an impact in their quality of life,” he said.
The state’s investment was intended to attract additional investments across the state, with officials hoping for an additional $2 billion dollars in local, public, and private matching funds.
Gallardo said their study will also look at how investments are working. That will include the purchase of data sets showing “migration patterns” across the state.
“So for example, if a project has to do with tourism - if they are investing in some sort of tourist facility - we can see the traffic, the flow of those investments,” he said. “But again it’s beyond dollar signs and more about what the literature identifies as ‘impact evaluation.’”
The state’s $500 million investment was spread across 17 regions that represent all 92 counties in the state.
The study is expected to cost roughly $1.7 million and will monitor the impact of READI grant funding through 2026.
