Week in Review: Oct. 27, 2024

ECONOMIC DEVELOPMENT

Gov. Mike DeWine addressed the JobsOhio board during its meeting Thursday, saying members do a "phenomenal job" and that Ohio is unique by having the private economic development entity. While JobsOhio is outside of government, he noted it works closely with his administration and the Legislature as part of a "team effort." They pursued and won "thousands of economic development projects that have attracted and accelerated economic growth, job opportunities and prosperity for communities in every corner of the state." JobsOhio also worked with state government on regulatory reform and improving the competitiveness of Ohio's business climate in tax policy, mega-project incentives, industrial site preparation and infrastructure investments, DeWine continued. "Strategic initiatives" to redefine Ohio's global position in the innovative economy have also begun, including the state's innovation districts and hubs. He further detailed work to support revitalization of historic downtown areas in smaller communities and to enable new development.

EMPLOYMENT/UNEMPLOYMENT

In a month when Ohio's unemployment rate and labor force participation rate were both weaker than the nation's performance, Buckeye Institute Vice President of Policy Rea Hederman Jr. found a bright spot in the 9,500 new private-sector jobs that were created in the state in September. Observing that this growth erased the job loss seen in August, he did go on to sound a cautionary note: "Although private-sector job growth has continued throughout 2024, growth remains slow, with some down months slowing the overall upward trend. There is reason for policymakers to be cautious. Ohio's fiscal picture is not as rosy as it was two years ago, with slower economic growth reducing tax surpluses. Lawmakers must prepare for a tighter biennial budget and focus on protecting taxpayers and adopting policies that will attract employers and grow Ohio's economy." Specifically, according to the Ohio Department of Job and Family Service (ODJFS), the unemployment rate was 4.5 percent in September 2024, unchanged from 4.5 percent in August and greater than the national rate of 4.1 percent. Ohio's nonagricultural wage and salary employment increased 13,500 over the month, from a revised 5,662,100 in August to 5,675,600 in September.

TECHNOLOGY/AEROSPACE

The Ohio Third Frontier announced Tuesday it had approved almost $6.5 million in grants to support research and commercialization of medical, military and scientific technology as part of the Technology Validation and Start-up Fund (TVSF). The grants support Ohio companies that seek to license institution-owned technology so it can go to the marketplace faster. These awards focus on technology and tech-enabled products in advanced manufacturing; advanced materials; biomedical and life sciences; energy; sensors; and software and information technology.

TRANSPORTATION/INFRASTRUCTURE

The state is spending $63 million on 19 road safety projects in 14 counties, Gov. Mike DeWine and Ohio Department of Transportation (ODOT) Director Pamela Boratyn announced Wednesday. Funding from ODOT's Highway Safety Improvement Program will support the projects, including the construction of a dozen roundabouts and the installation of several cable barriers. "We're always looking at how we can make our transportation system safer," DeWine said. "Every project we do has an element of safety built in, but these projects were specifically selected and funded because we know they will save lives and reduce the chance of a serious crash," Boratyn said.