Greater Cincinnati Aligns with 2019’s Top Economic Trends
In an economic climate that’s anything but predictable, one thing is certain: Companies across the U.S. are continuing to expand and, now more than ever, they’re looking to experts like REDI Cincinnati to help them make decisions that will ensure growth and prosperity.
Each year, we take a close look at emerging economic development trends and pinpoint opportunities to continue attracting and supporting great companies, jobs, and capital investment in Greater Cincinnati. Here are the trends that are front and center for 2019.
Greater Cincinnati is heeding the call for shovel-ready sites. Available sites continue to be a key economic driver, and manufacturers across the country are finding their existing facilities inadequate. For those seeking to expand, speed to market is essential, so our focus must be on providing new and redeveloped sites that feature applicable utilities, zoning, and other “readiness” factors that will set our region apart. That’s one reason REDI Cincinnati is proud to promote the SiteOhio certification program, which puts properties through a more stringent and comprehensive review than any other state site certification process in the U.S.
Local groups are upping our talent game. Cases in point: the City of Hamilton’s innovative individual grants for new residents; Beacon of Hope Business Alliance’s work to bring prosperity to returning citizens and other overlooked populations; and concentrated efforts by the Cincinnati Chamber to welcome, nurture, and retain talent. Meanwhile, JobsOhio’s Talent Acquisition services are blending traditional and innovative incentives to help companies grow.
We’re investing in our neighborhoods. The federal Opportunity Zones program arrived on the scene in 2018, enabling investors to place tax-deferred dollars into select communities. As proposed regulations for Opportunity Zones are finalized this year, local investors will look to neighborhoods like Avondale, Covington, and the West End, where their investments will appreciate with increasing tax advantages for up to 10 years.
Our region continues to gain national recognition. In recent years, Greater Cincinnati has topped numerous national lists and rankings. We’ve been called the fastest growing economy in the Midwest, one of the top 52 places to travel, and most recently, we were named among WalletHub’s top 10 metro areas for workers in the STEM fields of science, technology, engineering, and math — high praise as we continue to compete for corporate expansion projects and capital investment.
Capital investment will continue to grow. Companies across Greater Cincinnati are making high-value investments and advancements in automation, machine learning, and AI to serve a number of industries and functions. This will result in projects with larger capital investments.