JobsOhio 10-Year Results Underscore the Continued Positive Evolution of Ohio’s Economy
This report is a summary of third-party economic research and perspectives to foster communication with business and economic development stakeholders.
Key Economic Insights
Morgan Stanley is forecasting 4.7% global GDP growth in 2022. “Things are normalizing,” says Morgan Stanley’s Chief Global Economist Seth Carpenter, “but they are not normal.” Eurozone GDP rose 2.2% in Q3, matching the growth in the Q2. Japan’s GDP retracted -3.6% in Q3, down from initial estimates of -3%. German exports rose 4.1% in October, surpassing pre-pandemic levels.
U.S. job openings rose to 11M in October, up from 10.4M in September. Quits fell to 4.2M during the month, down from a record 4.4M in September. Initial jobless claims for the week ended Dec. 4 fell to 184,000, down from an upwardly revised 227,000 during the prior week and the lowest level in more than five decades. Continuing claims were 1.992M, up from 1.954M during the prior week.
Ohio Employment & Economic Insights
JobsOhio announced official results of its first decade of operations. In the period from its founding in 2011 through 2020, JobsOhio executed more than 2,800 economic development project deals that created more than 210,000 new jobs, retained more than 590,000 Ohio jobs, secured more than $45B in payrolls, and helped companies invest $64B on new capital assets in the state. These direct investments multiply as they are magnified through Ohio’s broader economy and JobsOhio is platinum-level certified by Guidestar, for transparency.
The Ohio Tax Credit Authority (TCA) approved assistance for 10 projects across the state, which are set to create 946 new jobs and retain 2,485 jobs statewide. Collectively, the projects are expected to result in more than $50M in new payroll and spur more than $296M in investments. TCA meets monthly.
A new analysis of regional affordability data from the U.S. Bureau of Economic Analysis ranks Youngstown (#2), Toledo (#3), Dayton (#4), Cleveland (#18), Akron (#19), Cincinnati (#23), and Columbus (#27) in overall affordability among the nation’s 100 largest metros.
The Ohio Department of Development and the Ohio Department of Agriculture launched a grant program to provide up to $250,000 to Ohio livestock and poultry producers to implement processing efficiencies, expand, or construct facilities at existing sites, assist in training and certification and improve harvest services. The U.S. Department of Agriculture’s Rural Energy for America Program (REAP) awarded 23 grants totaling $898,541 to farmers and small businesses across Ohio to support renewable energy projects.
The Institute for Sustainable Energy and the Environment at Ohio University’s Russ College of Engineering was awarded $2M from the U.S. Department of Energy to develop advanced filaments for additive manufacturing and graphite for energy storage applications from mining wastes. The Ohio Department of Natural Resources is investing more than $7M in three former mine locations in Coshocton, Perry and Athens counties to revitalize and make safer through the Abandoned Mine Land Economic Revitalization Program.
Positive Company-Specific News
- Post Holdings plans to open a new 215,000 SF manufacturing facility in West Jefferson. The project is estimated to cost $86M and is projected to create 200 new jobs over the next four years.
- R&L Carriers expects to create 199 full-time positions, generating $9.9M in new annual payroll because of the company’s new project in Findlay.
- Vinylmax will invest $30M to expand its operations in Cincinnati, doubling the size of its existing facility and creating 150 new jobs.
- Herr Foods expects to create 150 full-time positions, generating $5.3M in new annual payroll because of the company’s expansion projects in Jackson and Chillicothe.
- Thyssenkrupp Bilstein of America will invest $20M to expand its operations in Hamilton, creating 75 new jobs.
- IGS Energy will expand its operations in Dublin to allow for more natural gas utility, creating 75 new jobs.
- Envases Ohio will create 65 new positions and invest approximately $16.6M into its facility in Fremont.
- Cohen & Company expects to create 61 full-time positions, generating $6.5M in new annual payroll because of the company’s expansion projects in Cleveland, Youngstown and Akron.
- Standard Technologies plans to invest $829,999 at its facility in Fremont, adding 2 new jobs and retaining 119 others.
- ADB Safegate is building a $1.5M, 175,000 SF Center of Innovation in Gahanna. The center will accommodate expanded production and warehouse operations and serve as a training facility and showcase for North American operations.
- Verizon expanded its 5G internet to home and business customers in Dayton. With the expansion, Dayton is one of 59 5G Business cities and among 62 5G Home cities.
- First Financial Bancorp reached a deal to buy Mason-based Summit Funding Group Inc, an equipment financing company that is among the nation’s largest in that industry.
- CFM International, a joint venture between Ohio-based GE Aviation and France’s Safran Aircraft Engines, signed deals worth $12.5B with major Saudi Arabian airlines to purchase 149 engines, as well as a multi-year service agreement.
- AgileBlue raised $2.25M in preferred equity from a group of experienced technology and private equity investors.