Industry Wins with the Ohio Advantage

From breakthrough semiconductor fabs to cutting-edge aviation technology and life-saving biomedical research, Ohio is writing the next chapter in American innovation. Itís the latest extension to a story of invention and industrial excellence that spans more than 200 years. It has been enabled by Ohioís visionary pro-business public policies and proactive investments in the assets and attributes that industries value most: suitable sites, robust infrastructure, skilled talent, top universities, world-renowned healthcare, overall affordability and a cultural affinity for hard work and high productivity. If that sounds like what youíre looking for, you can find it all in Ohio, the Heart of it All.

Ohio’s industrial engine is revving, and the state’s economy is on the move. Businesses worldwide have noticed and are getting on board at a record pace. The evidence is seen statewide with thriving Innovation Districts, booming construction, robust infrastructure, vibrant communities and net inbound migration of 87,000 job seekers over the past four years. 

Ohio was recently ranked number one in the nation for job creation, capital expenditures and strategic infrastructure development from 2019 to 2023 in Site Selection magazine’s authoritative Global Groundwork Index. In 2023, Ohio maintained its status as having the number one labor productivity index growth rate in the Midwest, a ranking it has held since 2014. In addition, Ohio secured the number nine position in global investment nationwide and has held the number two spot in megaproject investment for two consecutive years.

These achievements helped pave the way for further accolades. Ohio recently vaulted five spots to number seven in CNBC’s Top States for Business 2024 rankings, its highest position ever. Ohio showed particular strength in infrastructure (number 13), cost of doing business (number two) and cost of living (number four) and had a massive jump in business friendliness from number 40 to number 24. This confirms what people in Ohio already know: Ohio offers a powerful combination of opportunity, innovation and affordability that can’t be found elsewhere. 

Not surprisingly, Ohio’s economic development initiatives have attracted significant business ventures encompassing corporate headquarters, manufacturing facilities, research and development hubs and logistics sites. Since 2019, Ohio has closed more than 1,800 project deals, securing $71.88 billion in company capital expenditure commitments and creating 115,645 new jobs with an impressive $6.92 billion in new payroll while retaining 266,246 existing Ohio jobs and $17.36 billion in payroll.

Ohio now stands as the eighth most industrially diverse state economy in the nation and one of only three states that have increased their industrial diversity year-over-year, every year, since 2011. This broad industrial foundation, together with the sound fiscal policies of the DeWine/Husted Administration, provides the Ohio economy extraordinary resilience in weathering global and national economic headwinds and helps explain why Ohio is among only 16 states with a AAA credit rating from all three major rating agencies (S&P, Moody’s and Fitch).

For years, Ohio has been working to ensure the state’s workforce is ready to meet companies’ needs by partnering with educators, legislators and employers to cultivate an ecosystem of diverse and highly qualified talent, from engineers to technicians, in 10 industries. Ohio has the third-largest manufacturing workforce in the U.S.

Ohio is actively recruiting entrepreneurs and enterprises from life sciences and technology to advanced manufacturing, automotive, aerospace, energy, fintech, food, logistics and more to take advantage of the synergies at work in the Buckeye State. Leading this effort is JobsOhio, the state’s private, not-for-profit economic development corporation. 

Customer Service + Confidentiality  

JobsOhio is designed to put companies and their growth first with a stable private funding stream and a staff that speaks the language of business and operates at the speed of the 10 targeted industrial sectors it serves. JobsOhio works closely with each partner company to design customized assistance that delivers better sites, sharper talent and more secure incentive funding.

With seven economic development partners throughout the state, JobsOhio provides businesses with a gateway to a carefully curated ecosystem of helpful connections and essential partners. JobsOhio also advocates for client businesses with its partners in state and local government, utilities and developers. Providing access to state procedures, expedited permitting and local knowledge is pivotal in helping JobsOhio customers start up operations faster and avoid game-changing surprises. 

Because JobsOhio is private, businesses encounter less red tape, enjoy more responsive customer service and experience the peace of mind that comes with confidence in confidentiality. JobsOhio’s processes are proven to protect confidential company activity and information from the first meeting through the site acquisition and deal negotiations. 

JobsOhio partners with Talent Acquisition Services (TAS)-eligible companies to navigate Ohio’s workforce ecosystem and deliver customized talent support. Companies can connect with the state’s more than 200 colleges, universities and career technical centers to retain more graduates in Ohio. 

Scoring Big Wins

JobsOhio has leveraged all these factors in its record-shattering win streak, securing highly sought-after corporate megaprojects and capital investments across the advanced manufacturing, technology and biotech sectors. These projects could have gone anywhere, but the companies chose Ohio.

Advanced Manufacturing 

Ohio stands at the forefront of Industry 4.0, with a robust ecosystem supporting additive manufacturing, pioneering robotics and state-of-the-art smart factories. The state’s aerospace prowess as a top supplier to both Boeing and Airbus was recently augmented by Joby Aviation’s decision to build its all-electric, vertical take-off and landing (eVTOL) air taxis in Dayton, supporting up to 2,000 jobs. Other project wins include:

• Westrafo, a privately held Italian manufacturer of power transformers and energy solutions, plans to establish its first North American production facility in Trotwood, Ohio, to serve the U.S. market, focusing on renewable energy growth. 

• JSW Steel, with a $118.4 million capex investment, is establishing a facility in Ohio to better serve the renewable energy market by producing high-quality “melted and manufactured in USA” steel products.

• Ursa Major’s new research and development center in Boardman supports advancements in additive manufacturing and materials development for rocket engines.  

Technology

Ohio’s technology landscape is transforming at a massive scale. Intel’s $20 billion “Silicon Heartland” semiconductor fabrication investment and Amazon Web Services’ $7.8 billion data center expansion (on top of the more than $6 billion already invested) are ushering in a new era of digital infrastructure and serve as a vote of confidence in Ohio’s tech future. 

Other project wins include:

• Honda’s Battery Cell Research and Development Center in Columbus at The Ohio State University, set to open in 2025, will accelerate the domestic development of battery cell materials and technologies, providing experiential learning for workforce development. 

• Google is investing an additional $2.3 billion in existing data centers in the state to drive continued innovation of Google Cloud services and AI. Google’s investments in Ohio projects since 2019 now surpass $5 billion.

BioTech

Ohio has long been the “quiet giant” of life sciences, but now its thriving biotech sector is hard to ignore. With 14 top-ranked hospital systems, three major Innovation Districts and strong commercialization of research from clinical and academic institutions, cutting-edge bioscience companies are investing in Ohio. For example:

• Medpace, a clinical contract research organization, committed $150 million to expand its Cincinnati headquarters and add 1,500 new employees over six years. 

• In June, with assistance from a JobsOhio R&D grant, GE HealthCare announced its collaboration with the University of Cincinnati and Cincinnati Children’s Hospital in establishing an MRI R&D center to accelerate MRI innovation.

• AtriCure, a medical device company providing innovative solutions for atrial fibrillation and related conditions, just announced an expansion that will create 400 new jobs at its headquarters in Mason, Ohio.

• Amgen’s manufacturing facility in New Albany creates 400 new jobs and features the company’s most advanced assembly and final product packaging facility for medicines to be distributed in the U.S.

• National Resilience Inc., a technology-focused biomanufacturing company dedicated to broadening access to complex medicines, is investing nearly $29 million to expand its operations in West Chester, creating 440 new jobs with an annual payroll of nearly $29 million over the next three years.

The Perfect Place to Grow

As companies continue to invest in Ohio, a mutually beneficial ripple effect occurs: Ohioans experience positive impacts in their daily lives and companies gain access to a comprehensive set of resources. Whether you’re a startup with big dreams or an established industry leader, Ohio provides the tools to create an exceptional experience for you, your business and your people.

In Ohio, you’re not just here — you’re home. And when you’re home, you have the freedom to be anything and everything you aspire to be. T&ID