JobsOhio Reports $9.6B in Capital Investment in ’18
COLUMBUS – JobsOhio, the private corporation formed to spearhead Ohio’s economic development efforts, collaborated with state, regional and local partners on 266 announced projects last year.
The development organization, which issued its 2018 annual report and 2019 strategic plan Friday, also reported $9.6 billion in capital investment tied to those projects, “a new high for JobsOhio,” John Minor, president and chief investment officer, said.
Payroll tied to new jobs was projected at $1.3 billion, an increase of 23 percent year over year, and $4.2 billion was attributed to retained jobs, down from the past two years. The new jobs total of 27,071 surpassed the past two years, while the retained jobs total of 69,905 was up from last year but down from 2016.
The biggest job gains were in logistics and distribution, manufacturing and health care. The energy and chemicals industry, fueled by natural gas from the Utica and Marcellus shale formations, led capital investment, followed by advanced manufacturing and automotive.
Among the projects JobsOhio cited in the report was Amazon’s commitment to create 1,500 jobs and CoverMyMeds’ 1,032-job commitment. It also includes HomeGoods Inc.’s proposed regional distribution center in Lordstown, a 1,000-job project that has yet to be finalized.
The report also takes note of the impending closing of the General Motors Lordstown plant. “JobsOhio remains in close communication with the company, local and regional partners, and the administration and legislative partners to manage the impact of GM’s difficult decision,” the report stated.
“Our 2018 job creation, payroll and capital investment are the highest that our associates and partners have ever achieved,” Jim Boland JobsOhio board chairman, said in a news re lease announcing the results. “These strong results illustrate the commitment of JobsOhio and its statewide network to generate economic opportunities for Ohioans.”
Minor also credited working closely with state, regional and local partners for 2018’s record numbers.
“These results reflect our culture of collaboration and client focus that makes Ohio more attractive for companies,” he said. “Along with our partners, JobsOhio has a strong foundation to address important business issues, and we are well-positioned for the future.”
In December, Ernst & Young released its 2018 U.S. Investment Monitor, which ranked Ohio first for job creation in business investment projects for the second year in a row. Ohio also ranked first for total project wins and fourth for capital investment.
“In 2019, JobsOhio will remain focused on growing jobs, payroll and capital investment across small and large business as well as enhancing our client-focused programs,” Minor, who will be succeeded in March by J.P. Nauseef as president and CIO, also said.
Additionally, the report outlines how JobsOhio will leverage the independent performance assessment prepared by McKinsey & Co. to advance strategic initiatives for future impact.
The report is available here.
Copyright 2023 The Business Journal, Youngstown, Ohio.