Week in Review: Jan. 28, 2024

ECONOMIC DEVELOPMENT/URBAN REVITALIZATION

The Ohio Third Frontier Commission announced Wednesday it had approved $800,000 in grants through the Technology Validation and Start-up Fund, which will help four businesses bring new technology and innovative products to the workforce. These awards focus on technology and tech-enabled products in advanced manufacturing, materials, biomedical and life sciences, energy, sensors, and software and information technology. The fund supports companies aiming to license institution-owned technology to accelerate commercialization through activities such as market research and further prototyping.

The Ohio Department of Development (DOD) announced Thursday its Minority Development Financing Advisory Board had approved over $360,000 to help three minority- and women-owned businesses in sustaining and expanding their operations. The board had its monthly meeting on Tuesday.

ECONOMY

Ohio's unemployment rate increased to 3.7% in December, according to the Ohio Department of Job and Family Services (ODJFS), rising from 3.6% in November. The state's nonagricultural wage and salary employment increased 7,000 over the month. ODFJS said the state's employment, which went from a revised 5,654,100 in November to 5,661,100 in December, marks the highest payroll employment reported since the series started in 1990. The number of workers unemployed in Ohio in December was 214,000, up from 212,000 in November. However, the number of unemployed has decreased by 22,000 in the past 12 months from 236,000. The U.S. unemployment rate for December was 3.7 percent, unchanged from November and up from 3.5% in December 2022.

Ohio is one of 23 states that experienced a record low unemployment rate at some point during 2023, according to Heather Boushey, chief economist of President Joe Biden's Invest in America Cabinet and member of the Council of Economic Advisers. "As of December, the unemployment rate in Ohio was 3.7%, and the 12-month change in payroll employment was 1.9%. And that's a pretty nice, robust number there. It's certainly not the very highest, but it's a good indication that job gains are happening across the state," Boushey told Hannah News during a phone interview. Boushey said Ohio is an extremely important part of Biden's overall plan to invest in technology and clean energy, pointing specifically to investments in computer chip facilities and clean hydrogen.

HIGHER EDUCATION

The Ohio Department of Development (DOD) announced Tuesday companies can now apply to be part of its College Technology Internship Program in the summer of 2024. Under the program, the Ohio Third Frontier helps tech companies and other businesses with a technology need in hiring diverse talent and will pay two-thirds of each intern's salary up to $7,500. Companies can hire up to 10 interns per round and be reimbursed up to $75,000. The application window for companies will close on Monday, Feb. 12. For more information, go to http://tinyurl.com/5c7zyt2w .

TAXATION

Ohio would phase out its income tax entirely and eliminate the Commercial Activity Tax (CAT) as well under plans announced Tuesday. Reps. Adam Mathews (R-Lebanon) and Brian Lampton (R-Beavercreek) and Sens. Steve Huffman (R-Tipp City) and George Lang (R-West Chester) said at a Statehouse press conference they're introducing two variations on the plan, reflective of their call to put the end goal in sight but tailor the specifics to changing economic conditions.

Schools, libraries, counties, townships and other local jurisdictions are arguing against legislation ending their ability to seek replacement levies. Under HB344 (Mathews-Hall), political subdivisions could no longer seek replacement levies, which extend an existing levy at its original millage rate, as opposed to a renewal levy, which extends a levy at its effective millage rate, meaning after the application of reduction factors. The prohibition would take effect in October of this year.

WORKERS’ COMPENSATION

The Ohio Bureau of Workers' Compensation (BWC) is now taking registrations for the 2024 Ohio Safety Congress & Expo scheduled Wednesday, March 27 through Friday, March 29 at the Greater Columbus Convention Center. OSC24, short-hand for this year's event, is billed as the country's largest work-safety conference offering free continuing education (CE) for health and safety and health professionals across 13 content tracks. CE credits are awarded exclusively for in-person attendance, though select sessions will be livestreamed.

 This feature was provided by Hannah New Service and selected for you by OSCPA Government Relations Staff.