NAICS 23

Construction in Indianapolis-Carmel-Greenwood, IN

Metro Market Score 51.4 (Challenging), ranked #210 of 342 metros. 4,969 establishments, 64,207 jobs.

Metro Market Score 51.4

Favorable 0-35

Moderate 35-48

Challenging 48-60

Difficult 60+

Challenging

ⓘ Lower is better. Relative to national construction average.

💰High-Cost Market📈Rapid Growth

Despite a mature construction presence (concentration: 67.8), Indianapolis-Carmel-Greenwood is still adding jobs in this sector. Growth trend sits at 82.2, and the overall 51.4 market score lands in the lower half. Established markets with growth are worth a closer look.

Industry Concentration

67.8

LQ: 1.12

Rank #232 of 342 metros

Wage Competitiveness

85.4

$83,833 avg wage

Growth Trend

↑ 82.2

Employment growth index

Rank #62 of 342 metros

Wage Pressure

38.8

YoY wage change index

4,969 Construction Firms in Indianapolis-Carmel-Greenwood

4,969

Establishments

+0.8% YoY

64,207

Total Employment

+6.5% YoY

$83,833

Average Annual Wage

+6.5% YoY

1.12

Location Quotient

Above national avg

Within Indiana

#8 of 12

construction metros in state

Indiana state rank

#11 of 51

for construction entry risk

vs State Median

+0.1

worse than median (51.4)

Indianapolis-Carmel-Greenwood vs Indiana Statewide

How this metro's construction market compares to Indiana overall. The state ranks #11/51 for entry risk.

Measure	Indianapolis-Carmel-Greenwood	IN Statewide
Overall Score	51.4 Challenging	35.0 Moderate
Score Type	Metro Market Score	Entry Risk Score
Rank	#210 of 342 metros	#11 of 51 states

Metro and state scores use different methodologies (metro has 4 QCEW-based metrics; state adds BDS survival and momentum data). Direct score comparisons are approximate.

Other Industries in Indianapolis-Carmel-Greenwood

Retail Trade 45.2 Administrative and Support Services 65.9 Real Estate and Rental and Leasing 67.1

Construction in Other Indiana Metros

Muncie 29.5 #37/342 Lafayette-West Lafayette 32.3 #54/342 Bloomington 37.2 #79/342 Columbus 40.4 #110/342 Elkhart-Goshen 44.3 #140/342 South Bend-Mishawaka 48.4 #176/342 Fort Wayne 51.4 #209/342 Kokomo 56.5 #261/342 Michigan City-La Porte 59.4 #278/342 Terre Haute 64.1 #307/342

+ 1 more metros. View all in Indiana →

Construction Metros With Similar Conditions

Metros within 5 points of Indianapolis-Carmel-Greenwood's 51.4 score. Useful when comparing markets with comparable entry profiles.

Kingston, NY 51.5 #211/342 Fort Wayne, IN 51.4 #209/342 Mankato, MN 51.1 #208/342 Buffalo-Cheektowaga, NY 51.1 #207/342 Casper, WY 51.0 #206/342 Redding, CA 50.9 #205/342 Peoria, IL 50.9 #204/342 Bloomington, IL 50.9 #202/342 Pittsburgh, PA 50.9 #203/342 Tampa-St. Petersburg-Clearwater, FL 52.0 #212/342

Construction in States Bordering Indiana

State-level entry risk for construction in adjacent states. Use this to weigh cross-border options.

Michigan 28.0 #2/51 Kentucky 39.8 #19/51 Ohio 41.7 #24/51 Illinois 49.1 #34/51

Browse Construction in Other States

State-level entry risk reports for construction across all 51 markets, sorted by rank.

About Metro Market Score: A weighted composite of industry concentration (25%), wage competitiveness (25%), wage pressure (20%), and employment growth trend (30%). Lower scores indicate more favorable conditions. For Indianapolis-Carmel-Greenwood's construction sector, the wage competitiveness component (85.4) has the strongest pull on the composite. Metro scores use QCEW data only (no BDS survival data at metro level). Read full methodology →

Data Sources

Quarterly Census of Employment and Wages (QCEW), Bureau of Labor Statistics. MSA-level establishment counts, employment, wages, and location quotients for the Indianapolis-Carmel-Greenwood, IN MSA area.

Data period: 2024. Last updated: April 2026.

Metro Market Assessment