This paper examines how state-led land acquisitions for industrial development affect farmland markets, focusing on the Indiana Economic Development Corporation’s
(IEDC) purchase of farmland for the LEAP Innovation and Research District in Boone County, Indiana. Using transaction-level data from 2016–2024 and difference in-
differences and event-study designs, we estimate both localized and spillover price effects. Farmland prices in Boone County increased by 40–58 percent, while neighboring
counties experienced spillovers of about 7 percent. Local effects persist, whereas spillovers emerge with a lag and gradually dissipate. These results have implications
for land-use planning, agricultural expansion, and rural equity.
