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Ohio shows positive economic forecast
December 24, 2010
Some recent economic reports on Ohio show less layoff and more orders as well as higher spending by consumers. The data confirms that the economy is improving, and more jobs are expected in 2011.
The Labor Department reports that the number of people applying for unemployment benefits fell last week, the second-lowest level since July 2008. The Commerce Department also said that consumers spent more for the fifth straight month in November.
North East Ohio has a bright future
December 11, 2010
Northeast Ohio is well positioned to take advantage of a global economy driven by innovation, powered by increased global demand, and sensitive to increasing calls for lower carbon emissions.
Northeast Ohio has considerable diversity in terms of assets and innovation. And it is this diversity that positions Northeast Ohio for growth in diverse fields like medicine, materials, aerospace and agriculture into a new generation of products demanded by growing global markets.
The Brookings Institution report shows Greater Cleveland's economic performance in nascent global recovery to be among the top third in the globe.
New report ranks Ohio Business Climate in Top 10
A new study finds that Ohio is rapidly becoming one of the best states for business, ranking 25th for overall business climate, reports the Ohio Department of Development.
The Pollina Top 10 Pro-Business States for 2010 report compiled by Chicago-based brokerage and consulting firm Pollina Corporate Real Estate Inc., ranks Ohio eighth in the nation for 15 factors related to the state economic development efforts and the quality of Ohio's business incentives.
Ed Burghard, executive director of the Ohio Business Development Coalition said, "Ohio's success is reflected not only in the Pollina Report rankings but by winning four consecutive Governor's Cups from Site Selection magazine for closing the most new capital investment projects”.
The report highlights Ohio's investment in targeted industries as contributing to its performance.
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NE Ohio’s trade assistance center recognized
December 26, 2010
The Northeast Ohio International Trade Assistance Center was recently recognized as Ohio’s top-performing international trade assistance center for 2010. The annual performance award is based on the number of export counseling hours logged by the centers and the number of companies served.
The Northeast Ohio International Trade Assistance Center is run by the Northeast Ohio Trade & Economic Consortium as part of the Ohio Department of Development’s Small Business Development Center program.
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Minimum wage in Ohio rises
December 30, 2010
Ohio is among seven states where minimum-wage workers see slight increase in their pay commencing January 1, 2011. Ohio's minimum wage will increase 10 cents an hour to US$ 7.40. The reason for this rise is a 2006 state constitutional amendment that ties increases in the minimum wage to the rate of inflation.
The six other states where the minimum wage will increase are Arizona, Colorado, Montana, Oregon, Vermont and Washington. The increases are small, ranging from 9 and 12 cents an hour, according to the National Employment Law Project (NELP), an employment advocacy group.
Job openings in Ohio increases
December 18, 2010
The latest news on the local job front shows more signs of slow recovery of the area economy.
The U.S. Bureau of Labor Statistics states that the month of October saw maximum job openings at a two-year high nationally, whereas the Ohio Department of Job and Family Services also suggested a drop in the rate of unemployment for the eighth-straight month.
Moreover, announcements of companies receiving Job Creation Tax Credits also expected to bring over 75 more jobs in the Butler County area.
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Four local companies of Cincinnati win Ohio tax credits
December 7, 2010
The Ohio Department of Development approved tax-incentive packages for four companies that plan to expand or relocate operations to the Greater Cincinnati area. The companies are, Advanced Design Solutions, Inc.; Dominion Liquid Technologies, LLC; Rockfish Interactive, Inc.; and Greenwood Fuels, LLC.
Advanced Design Solutions, Inc, and Greenwood Fuels, LLC received 40% Job Creation Tax Credits each for a five-year term and seven year term, respectively. On the other hand, Dominion Liquid Technologies was awarded a 35% Job Creation Tax Credit for a six-year term, and Rockfish Interactive, Inc. was awarded a 60% Job Creation Tax Credit for a seven-year term.
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Census reports shows 5-year gain in women-owned businesses in Ohio
December 08, 2010
According to a report released by U.S. Census figures, the number of women-owned businesses in Ohio has increased from 2002 to 2007. As compared to 230,000 businesses in 2002, the report suggested more than 249,000 women-owned businesses in Ohio in 2007. The report counted Businesses with 51 % ownership by women.
Some of the various industries being owned by Ohio women included health care, social assistance, educational services, and retail. The affect of recession in these women-owned firms is yet to be seen in the next census in 2012.
Innovative Programs taking Ohio’s High-Tech Industry further
December 2nd, 2010
The tech-industry of Ohio is highly supported by various innovative programs, and Third Frontier program is one of them. The Ohio Third Frontier boasts of programs to promote economic growth for new companies, support existing companies on product innovation, and funding projects amongst other things.
Be it the traditional industries or the new economy industries like advanced materials, biomedical, polymers and aerospace, it depends on the high-tech innovation to take it to the next developmental level.
Ohio's workforce, innovative incentives, market access, low business and personal taxes, and work/life balance present a strong value proposition for high-tech companies analyzing potential investment locations.
General Electric plans to build an R&D center for Ohio
November 22, 2010
General Electric Company announced to build a new US$ 51 million research and development center in the University of Dayton property near Interstate 75 in southwest Ohio.
As per officials, the center will be on eight acres and is expected to open by the end of 2012. The site will enable GE employees to work closely with the University of Dayton Research Institute and nearby Wright-Patterson Air Force Base.
Ohio's Third Frontier program, which funds investment in innovative technology projects, will provide US$ 7.6 million for the project.
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Ohio's energy-efficiency rules projected billions of savings
December 28, 2010
A new study says that Ohio's energy-efficiency rules are projected to save Ohioans US$ 368 million from 2009 to 2011. The analysis by the Institute for Energy Efficiency at the University of California-Santa Barbara indicates that those savings will grow to US$ 19 billion for Ohio utility customers by 2025.
Ohio utilities are expected to spend US$ 340 million in the next two years in additional energy-efficiency programs.
That will include rebates for energy-efficient appliances, weatherization programs, educational campaigns and energy-efficient lighting. Such efforts could create 1,700 jobs and save Ohio consumers millions of dollars.
I. Wind
Comprehensive view of the Wind Energy in Northeast Ohio
December 2010
As the wind energy industry rises in United States, companies are looking to find the best location to maximize opportunity and minimize risks. The necessary requirements most sought by companies while considering starting a business in a particular region include the proximity of the area to market and supply chain, workforce availability, and ease of transportation and logistics for distribution of products etc. Additionally, companies also consider the access of cutting-edge industry research, development, technology, training, and partnerships to accelerate growth.
The Cleveland Plus region fulfils most of the important requirements needed to maximize opportunities for making a company successful. This region is uniquely located within North America to serve the expanding wind energy industry. The region encompasses an area of 6,000 square miles, an economy of US$168 billion, a population of 4 million, and a talented workforce exceeding 2 million. Moreover, the Cleveland Plus area offers onshore market access and offshore opportunities as well.
It is one of the premier destinations for wind-related businesses as it is the combination of centralized location, innovative partnerships, strong natural resources, and trendsetting offshore turbine developments. All these and much more make the Cleveland Plus one of the premier destinations for wind-related businesses.
II. Bio
2 Northwest Ohio firms receives biomass-energy grants
December 10, 2010
Two northwest Ohio companies namely, Northwest BioEnergy in Toledo and Haviland Co., in Haviland were among 11 firms that will share US$ 10 million in federal money to promote development of alternative energy projects that aim to turn waste products into electricity, the Ohio Department of Development has announced.
Northwest BioEnergy will receive US$ 1 million to own and operate an anaerobic digester in Lucas County. Haviland Co. will receive US$ 1 million to own and operate an anaerobic digester in Paulding County.
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