Week in Review: Dec. 10, 2023

ECONOMY

Moody's Investor Service bumped Ohio's issuer rating to Aaa from Aa1, the DeWine administration said Friday. The ratings agency noted a "continuing trend of very strong financial management, improving reserves and liquidity, low and declining leverage and a state economy that is poised for diversification and growth." The ratings change came ahead of the state's plan to issue nearly $400 million in general obligation refunding bonds later in December.

Thursday's JobsOhio Board of Directors meeting focused on efforts to support all regions of the state, and the location at Ohio University's Southern campus in Ironton reflected that. Chairman Josh Rubin made that point in his opening comments, adding that he was excited to talk about the economic development nonprofit's inclusion programs and how they are helping Southeast Ohio residents in particular. President and CEO J.P. Nauseef followed by saying JobsOhio recently concluded its "Listening Tour 2.0," which lasted 10 days and included over 1,000 stakeholders from across the state. The first tour was in the spring of 2019 and inspired the creation of JobsOhio's economic development inclusion strategy.

LIEUTENANT GOVERNOR

Lt. Gov Jon Husted encouraged leaders from throughout Central Ohio to plan for their region with the coming decades in mind during his keynote address at the Columbus Partnership's Economic Development event Friday. Husted told the region's business leaders and elected officials to celebrate the success they've experienced as greater Columbus has grown in recent years and is poised to grow further in coming years. "You're winning. This is what winning feels like," said Husted. But he also challenged the room to maintain a growth mentality, as opposed to a scarcity mentality, as companies like Intel, Amazon and Google bring growth to the region.

TECHNOLOGY/AEROSPACE

Lt. Gov. Jon Husted announced Monday the state now has a policy on artificial intelligence (AI) within government, meant to promote innovation while maintaining "core principles" to responsibly implement and effectively manage the technology. The policy was developed by a group of state government leaders and IT experts. The administration said it includes "guardrails and governance" for generative AI, which can generate new content such as code, images, music, text, simulations, 3D objects and videos. Requirements to integrate AI into state solutions under the policy include "a formal process for identifying, documenting, reviewing and approving AI use." There is also guidance on how to train state employees about appropriate use of AI; set procurement guidelines that require business partners to share information related to use of AI and protection of state data; implement security and privacy controls for state agencies; and set statewide data governance requirements.