I just got through doing a little calculation earlier today. A medium tank like a Pz IV or Sherman is worth about 4 IC in the Historical Statistics Pack, or about 8 IC in standard HOI.
That would make 1 IC worth maybe $5,000 in standard HOI.
Let's see what that translates into elsewhere:
-- Supplies for one infantry division for 30 days = $50,000
-- Infantry division = $3 million
-- Synthetic oil plant = $15 million
-- Basic fighter (1/3rd of wing cost is for ground staff) = $70,000
-- Improved tac bomber = $110,000
-- Long-range fleet submarine (5 per flotilla) = $1,000,000
-- Liberty ship (20 per transport flotilla) = $110,000
-- 1 point of provincial AA (2-3 battalions of light & heavy guns, searchlights, radar) = 45 to 450 IC = $225,000 to $2 million
-- Antiair brigade attached to infantry division = $3.9 million
-- Advanced battleship (Yamato) = $58 million
-- Prewar land warfare field testing = $60 million
-- Manhattan project (build first atom bomb) = $700 million
-- Capital to produce 1 new IC per day = $900,000 to $9 million
None of these numbers are entirely absurd, but they're also not necessarily right. Supply, prewar field testing, fighters and brigades are overpriced, transport ships, submarines, and the Manhattan project are underpriced.
Different nations paid very different prices for their production, e.g. the all-male mix of craft guilds and slave labor employed by the Germans was on average cheaper but also not as productive as the mass production by hired women factory workers that prevailed in the US and USSR. There's no way to get an absolute figure in dollars or man-hours for one IC. But I'd use $5,000 US for standard HOI and $10,000 US for HSP, just as a rough approximation.
You can quickly make yourself quite nuts trying to reconcile all the numbers. For example, between 30,000 and 45,000 Germans worked in submarine production. Figure 6 years to build 1,100 subs at an average of 150 IC each, that's about 0.75 IC per worker-year.
On the other hand, the Americans produced 96,000 planes in 1944 using 2.1 million workers. If the planes were somewhere between 14 and 21 IC each, that would be between 0.64 and 0.96 IC per worker-year.
So when you increase production in a province by 1 IC, you're adding maybe 270 worker-years of direct, militarily useful output per year. Since you have to give up 1 manpower point per new IC, and 1 manpower = 1,000 men, probably the rest of the worker-years involved are accounted for by basic industry, like steelmaking and transportation to support the specific war industries.