Make no mistake about it Ohio is on a tear. And there is even more good news for Ohioans to celebrate. Governor John R. Kasich recently announced that with the approval of several economic development projects, more jobs are coming to Ohio. The six economic development projects are a result of the culminated efforts of several state agencies working together for Ohioans.
The projects were made possible through a tax credit from the Ohio Tax Credit Authority (OTCA) that reviewed proposals from JobsOhio and its regional partners. This effort will see the creation of 1,318 new jobs and retain 1,354 jobs throughout the state. These jobs are expected to generate $63 million in additional payroll revenue and $47 million in new investments. Some of the companies that will be adding employees include Magretech in Belleview which expects to create 35 full-time positions, Spirex Corporation in Austintown Township with 143 full-time positions and Medpace in Cincinnatti with 650 full-time positions, to name a few.
Also, more than 1,000 new jobs are expected to be coming to Dayton. The Miami Valley has been posting impressive job numbers lately ratcheting the jobless rate in that area down a notch to 4.6 percent, according to the Ohio Department of Job and Family Services.
And it was the result of hard work between JobsOhio, Team NEO, the Greater Cleveland Partnership (GCP) and the City of Brecksville that helped to bring Pison Steam Solutions to Northeast Ohio. “We’re pleased to work with our regional and local partners in bringing this investment and job-creation project to Greater Cleveland,” said Joe Roman, GCP President and CEO. The research and manufacturing facility is expected to add 130 jobs over the next three years generating an $8.5 million annual payroll. Pison chose Northeast Ohio due in part to its proximity to customers and suppliers along with an attractive real estate opportunity. This combined with a skilled local workforce sealed the deal.
As impressive as these job additions are, there is much more that needs to be done. As of September 2016, the preliminary unemployment rate in Ohio is 4.8 percent, according to the Bureau of Labor Statistics. This is up from 4.4 percent in October 2015, the lowest point of the year, but down from its highest point in June 2015 when the unemployment rate was 5.2 percent. “This illustrates the importance of the State of Ohio to continue working with local and regional leaders through public and private partnerships to bring jobs and prosperity to all corners of Ohio,” said Victor Bierman, Ohio lawyer and business expert.
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