JobsOhio has $441 million in cash and investments on hand. With 2016 projects yielding the fewest job creation numbers since 2013, businesses looking to expand in 2017 should have Ohio’s economy and incentive opportunities in mind. While 2016 resulted in commitments from companies totaling: 20,603 new jobs, $994 million in new payroll, and $4.6 billion in new capital investment- improving these numbers in 2017 is going to lead JobsOhio to an aggressive job creation and tax incentive platform. So, what will 2017 bring to the Buckeye state? Will we see a strong state-wide bounce back for tax incentives awarded to growing companies? How could your development project benefit from working with JobsOhio? Find out more by clicking below.
McGuire Sponsel views 2017 as a vital year for Ohio job growth. Even while Ohio’s raking of best states for business improved with Forbes, Chief Executive and Site Selection, the 2016 Annual Report showed a slight slowdown in job creation. The 2017 Strategic Plan looks to continue the momentum of construction spending which is at a recent high, while increasing capital expenditures and bringing new jobs to the state with a favorable business environment and attractive tax incentive agreements to the table.
While the 2016 performance metrics came in lower than previous years, the Ohio economy continued on a positive growth trend. Between 2011 and 2016, private sector employment in Ohio increased by 450,000 jobs, compared to the regional average of approximately 261,000. Moreover, Ohio’s gross state product (GSP) growth for the private sector, is up 13.3 percent compared to 11.8 percent nationally. Additionally, the Ohio private sector productivity growth rate, up 3.8 percent since 2010, has significantly outperformed states in this region, at 1.1 percent, as well as the national average, at 0.4 percent.
With these figures in mind, JobsOhio is looking to gain back their robust job creation activity in 2017.. Companies that consider Ohio for their project should expect JobsOhio to use a robust economic development war chest, including:
- Payroll incentives,
- Tax Abatements,
- Grants, and
- Training incentives
2017 Strategic Plan
Ohio heads into 2017 with significant momentum from a project pipeline prospective. At the end of 2016, the project pipeline contained 30 percent more new job opportunities, 41 percent more potential retained jobs and 29 percent more potential capital investment than the project pipeline at the end of 2015. Meaning, Ohio leaders see significant opportunity to turn prospects into accepted offers. By spurring the pipeline with new investments and new programs, leaders see an opportunity to help drive future results that will pay dividends for the state’s long-term business development.
JobsOhio will focus on increasing long-term productivity by increasing investment in innovation, talent and infrastructure. This platform will allow JobsOhio and the state to maintain a long-term economic development strategy. The state is keenly pointing to its operating advantages such as:
- access to a large portion of the U.S. market,
- low business taxes, and
- low natural disaster risk
How JobsOhio wants to influence your site location decision
It is evident that the Buckeye state wants to push its job creation even higher in 2017. Economic leaders have recognized their opportunity and want to capitalize by attracting and retaining growing companies. By utilizing state programs and bringing tax incentives offers that truly bridge site location challenges, businesses will have to know what options are available to their project and when to talk about Ohio investment options.
Nevertheless, knowing how the Buckeye state stacks up to other state tax schemes is critical to the site selection process. McGuire Sponsel’ s planning services focus on identifying key value drivers, comprehensive site and cost comparison, multi-state incentive program education and ongoing opportunity assessment. If your company is investing, expanding or adding jobs – incentives in Ohio could significantly affect your decision process. To schedule your incentive planning session, call McGuire Sponsel at 317-469-8622 or email email@example.com and firstname.lastname@example.org