NAICS 44-45

Retail Trade in Indianapolis-Carmel-Greenwood, IN

Metro Market Score 45.2 (Moderate), ranked #84 of 378 metros. 5,974 establishments, 98,896 jobs.

Metro Market Score 45.2

Favorable 0-35

Moderate 35-48

Challenging 48-60

Difficult 60+

Moderate

ⓘ Lower is better. Relative to national retail trade average.

⚡Rising Wages🌱Emerging Market

Indianapolis-Carmel-Greenwood stands out for high retail trade labor costs. Wage competitiveness hits 71.2 (above the 70th percentile of metros), and year-over-year wage pressure at 71.0 signals continued increases. Plan for higher payroll if entering this market.

Industry Concentration

7.9

LQ: 0.91

Rank #30 of 378 metros

Wage Competitiveness

71.2

$40,235 avg wage

Growth Trend

↑ 62.7

Employment growth index

Rank #142 of 378 metros

Wage Pressure

71.0

YoY wage change index

5,974 Retail Trade Firms in Indianapolis-Carmel-Greenwood

5,974

Establishments

+0.0% YoY

98,896

Total Employment

+0.1% YoY

$40,235

Average Annual Wage

+1.8% YoY

0.91

Location Quotient

Below national avg

Within Indiana

#3 of 11

retail trade metros in state

Indiana state rank

#10 of 51

for retail trade entry risk

vs State Median

-10.4

better than median (55.6)

Indianapolis-Carmel-Greenwood vs Indiana Statewide

How this metro's retail trade market compares to Indiana overall. The state ranks #10/51 for entry risk.

Measure	Indianapolis-Carmel-Greenwood	IN Statewide
Overall Score	45.2 Moderate	39.8 Moderate
Score Type	Metro Market Score	Entry Risk Score
Rank	#84 of 378 metros	#10 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

Construction 51.4 Administrative and Support Services 65.9 Real Estate and Rental and Leasing 67.1

Retail Trade in Other Indiana Metros

Columbus 24.9 #4/378 Bloomington 39.6 #49/378 Elkhart-Goshen 48.1 #111/378 Kokomo 48.8 #118/378 Michigan City-La Porte 55.6 #203/378 Muncie 56.8 #221/378 Terre Haute 57.5 #225/378 Fort Wayne 58.3 #232/378 Evansville 59.8 #249/378 South Bend-Mishawaka 60.4 #258/378

Retail Trade Metros With Similar Conditions

Metros within 5 points of Indianapolis-Carmel-Greenwood's 45.2 score. Useful when comparing markets with comparable entry profiles.

Toledo, OH 45.2 #85/378 Cedar Rapids, IA 45.2 #86/378 Goldsboro, NC 45.0 #83/378 Roanoke, VA 44.9 #82/378 Eau Claire, WI 45.5 #87/378 Huntsville, AL 44.8 #81/378 Eagle Pass, TX 45.7 #88/378 Gettysburg, PA 44.5 #80/378 Lexington Park, MD 45.8 #89/378 Dalton, GA 44.4 #79/378

Retail Trade in States Bordering Indiana

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

Ohio 39.2 #8/51 Michigan 40.5 #15/51 Kentucky 46.4 #36/51 Illinois 48.1 #39/51

Browse Retail Trade in Other States

State-level entry risk reports for retail trade 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 retail trade sector, the wage competitiveness component (71.2) 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