News & Press
Columbus and Cincinnati Among Top 5 Metros in U.S. for Infrastructure Investment
This report is a summary of third-party economic research and perspectives to foster communication with business and economic development stakeholders.
Key Economic Insights
- Ohio: Ohio ranks #1 in Global Groundwork Index by Site Selection; Columbus and Cincinnati earned top 5 metro rankings. Recently approved projects are expected to create 943 new jobs and spur $175M in investment across the state. Ohio launched two venture capital programs with $111M in funding.
- U.S.: The unemployment rate rose to 3.8%. Second-quarter GDP growth was revised down to 2.1%.
Ohio Employment & Economic Insights
Ohio was named the #1 state in Site Selection Magazine’s 2023 Global Groundwork Index, capturing where private- and public-sector physical facility investments are converging for the public good and increased prosperity from 2019-2023. Columbus (#2) and Cincinnati (#5) secured top positions in the national metro rankings. These first ever rankings are based on an analysis of job creation, capital expenditures, and strategic infrastructure development.
The Ohio Tax Credit Authority approved assistance for four economic development projects in August. Collectively, the projects are expected to create 943 new jobs earning over $58M in payroll, retain 160 jobs, and spur nearly $175M in investments across the state.
The Ohio Department of Development has launched two venture capital programs with approximately $111M available to support Ohio tech-based companies. The Ohio Early Stage Focus Fund and Ohio Venture Fund will help increase the amount of early-stage capital invested in Ohio technology-based companies. The Ohio Department of Higher Education has launched the $100M Super RAPIDS (Regionally Aligned Priorities in Delivering Skills) program focused on providing Ohio Technical Centers, community colleges, and universities with the latest equipment to educate students for the 21st century economy.
The USDA will fund four projects throughout rural Ohio with over $55.7M in grants and loans to support electrical grid connections and storm and sanitary construction.
Ohio Company News
- Sheetz intends to build a new $150M food prep and distribution facility in Findlay, adding 750 new jobs.
- Pratt Industries has pledged to add 201 jobs in a new $32M Dayton-area facility.
- Google has announced it will spend $1.7B on three data center campuses in central Ohio.
- Haydon Corporation plans to hire 105 at a new $7.1M, 254,000 SF, distribution center in Stow.
- Element Materials Technology intends to create 65 new jobs and invest $1.4M at new locations in Blue Ash and Fairfield.
- Employers Health plans to hire 23 as a result of a $17.2M expansion if its HQ in Canton.
- Innomark Communications is planning a $10M, 96,480 SF, expansion in Springboro, adding 15 jobs.
- Tri-State Smart Home Solutions expects to invest $45,000 and hire 2 as it expands in Galia County.
- Xaloy intends to establish a new polymer processing R&D center in Austintown.
- Bloc Digital, a UK-based data visualization company, will establish its North American HQ in Mentor.
- NASA has opened its Aerospace Communcations Facility in Cleveland, a brand-new 54,000 SF mission-focused facility that will support the agency’s Artemis and Advanced Air Mobility missions.
- One Energy has started commercial operation of the first fully digital substation in the U.S. at its Findlay HQ. One Energy, a behind-the-meter wind installer, also recently announced a SPAC merger to become One Power Co. (ONEP), listed on the NYSE.
- Timken has acquired Des-Case, a Nashville-based manufacturer of specialty filtration products.
- LAND has raised $7M in a Series A financing round to build electric motorcycles in Cleveland.
- Columbus State Community College will launch and lead a new $7.5M national center focused on IT and training for in-demand tech jobs. Partner institutions include Sinclair College in Dayton.
U.S. Insights
Total nonfarm payroll employment increased by 187,000 in August, and the unemployment rate rose to 3.8%, the highest since February 2022. U.S job openings declined to 8.83M July, down from 9.17M in June. Total separations decreased to 5.5M, with quits (3.5M) remaining stable and layoffs and discharges (1.6M) changing little from the previous month. Weekly jobless claims declined by 13,000 to a lower-than-expected 216,000 during the week ending September 2. Continuing claims declined by 40,000 to 1.679M in the week ending August 26.
U.S. GDP increased at a 2.1% annualized rate last quarter, which is a downward revision of the 2.4% reported last month. ISM Manufacturing PMI rose slightly to 47.6 in August, up from 46.4 in July, and marking the tenth consecutive month of contraction. ISM Services PMI rose to 54.5 in August, which marks the eighth consecutive month of growth. U.S. factory orders fell sharply in July by 2.1%, the first decline after four straight months of gains.
The Conference Board Consumer Confidence Index declined to 106.1 in August, down from a downwardly revised 114.0 in July. The core personal consumption expenditures (PCE) price index, which excludes volatile food and energy components, rose 0.2% in July for a second month to a 4.2% annualized rate. Inflation-adjusted consumer spending increased 0.6% last month proceeding a solid gain in June, which marks the strongest advance since the start of the year.
For more information, contact:
Matthew Ellerbrock & Summer McVicker, JobsOhio Research