COLUMBUS, Ohio, Oct. 7, 2022 /PRNewswire/ -- JobsOhio, the state's private nonprofit economic development corporation designed to drive job creation and new capital investment in Ohio, is proud to join The Ohio Manufacturers' Association (OMA) in commemorating the state's significant growth in the manufacturing sector after more than a decade of shared effort.
A recent OMA report examines how JobsOhio has fared in positioning the state's competitiveness as a private economic development organization in the last decade since its existence.
According to the latest data, Ohio's seasonally adjusted annual manufacturing GDP is more than $128 billion – up from $112 billion in late 2019, before the pandemic's start. And Ohio has more than 682,000 manufacturing workers earning an average of $67,000 annually.
Ohio has proudly built on its roots in rich industries like advanced manufacturing and the automotive sector while also increasing investments and support in other innovation-rich spaces such as aerospace, energy, and technology – all with research and development at the forefront.
With renowned universities, federal research institutes, and leading companies from nine major industry sectors, Ohio has long been a "quiet giant" of industrial innovation. The "giant" part certainly applies, but "quiet" won't last long. Ohio has the 5th highest number of Fortune 500 and Fortune 1000 companies and is home to more than 120 NYSE/Nasdaq companies with a combined market capitalization above $1 trillion.
"Ohio's storied history as a pillar of American manufacturing is the foundation for a vibrant culture of innovation and meaningful investment that is sweeping the state," said J.P. Nauseef, JobsOhio President and CEO. "Manufacturing operations, with their associated workforces, jobs, and local economic uplift, are growing yearly because of deliberate actions being taken to help businesses succeed both now and in an increasingly bright future for our state."
Over the past decade, JobsOhio has built strategies around ten targeted industries representing one-third of Ohio's gross state product, nearly one-fourth of its employment, and 40% of the state's payroll. These key sectors include manufacturing-specific sectors like advanced manufacturing, aerospace, aviation, automotive, and energy and chemicals, and they also focus on the industries that make them work, including financial services, food and agribusiness, health care, logistics and distribution, technology, and most recently military and federal installations. As a result, Ohio's economy is more diversified and resilient than ever, ranking 9th out of the 50 states and number one in the Midwest with an industrial diversity score of .85 on a 1.0 scale.
Also credited for the surge in manufacturing project wins and activity is the cooperative support from JobsOhio's six regional partners around the state that deliver centralized resources with a strong connection to local communities, including sites, school systems, and unique workforce capabilities.
"Ohio continues to prove to the nation – and the rest of the world – that we are the powerhouse of manufacturing," said OMA President Ryan Augsburger. "With clear leadership from the state and the unique capabilities of JobsOhio, there is a tangible momentum that promises even more rewarding jobs, investment, and improved quality of life in our state. Manufacturing is how that gets done."
Since its founding in 2011, JobsOhio has helped to advance opportunities for Ohioans through catalytic investments and programs that have generated more than 210,000 new jobs with $10 billion in payroll, retained more than 590,000 jobs with $35 billion in payroll, and $64 billion in new capital investment across the state.
"Ohio is leading the revitalization of U.S. manufacturing, and that makes Manufacturing Day a day worth celebrating," Nauseef said.
JobsOhio is a private nonprofit economic development corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention, and expansion. The organization also works to seed talent production in its targeted industries and to attract talent to Ohio through Find Your Ohio. JobsOhio works with six regional partners across Ohio: Dayton Development Coalition, Ohio Southeast Economic Development, One Columbus, REDI Cincinnati, Regional Growth Partnership, and Team NEO. Learn more at www.jobsohio.com. Follow us on LinkedIn, Twitter, and Facebook.
The Ohio Manufacturers' Association is Ohio's largest statewide business association comprised solely of manufacturers. Established in 1910, the OMA's mission is to protect and grow Ohio manufacturing. Learn more at OHIOMFG.com and MakingOhio.com.
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