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Elwood is a city in Madison and Tipton counties in the U.S. state of Indiana. The Madison County portion, which includes most of the city, is part of the Anderson, Indiana Metropolitan Statistical Area while the small portion in Tipton County is part of the Kokomo, Indiana Metropolitan Statistical Area. The population was 9,737 at the 2000 census.
, held every third weekend of August, is one way in which the city tries to promote the area's history with natural gas and glass.