April 05, 2011
Partnership advanced job growth & retention in 2010
The Cincinnati USA Partnership hosted its 2011 Annual Meeting at the Queen City Club on March 30. Julie Janson, president of Duke Energy in Ohio and Kentucky and chair of the Partnership, stressed that amidst the modest recovery of 2010, the Partnership focused on harnessing and accelerating the economic momentum by leading new initiatives that will move the region forward.
Key Highlights & Achievements:
- Won 12 projects, helping create 485 jobs and $43.7+ million in capital investment
- Helped retain 406 businesses in Cincinnati USA, representing over 32,000 jobs
- Led a successful, inaugural business development mission to Israel, focused on export opportunities, venture capital, tech transfer and business attraction 30+ participants
- Resulting in 6 leads and business opportunity for investors
- Won designation by the State of Ohio as a Hub of Innovation and Opportunity in Consumer Marketing, received a $250,000 grant to advance the initiative
- Awarded a $250,000 grant from the State of Ohio’s Workforce and Talent Division to enhance retention efforts in Southwest Ohio and create formal links with SWORWIB and Workforce One
- Connected with more than 100 site location consultants and magnifiers in 8 major markets across the United States
- Proactively generated 76 qualified leads from the U.S., Europe, Asia and the Middle East
In 2010, the Regional Business Retention Committee (RBRC) surveyed 406 businesses (a 38% increase over 2009) that employ more than 32,000. Areas of emphasis included the fastest growing companies, the largest privately-held firms and businesses with a high risk of consolidation or closure. Nearly half of the surveyed companies (46%) showed growing sales; 27% were currently hiring; and 26% expected to expand within 12–18 months, forecasting a collective 1,378 potential new jobs (almost double the forecasted number from last year’s survey) and $56 million in new capital investment.
Looking forward to 2011, Dave Dougherty, interim executive director for the Partnership, outlined his re-tooled strategy aimed at driving faster job growth and investment in the region.
“The game has changed,” Dougherty stated to the audience of more than a 100. “The airport is no longer an attraction asset that it once was. We need to leverage our existing assets—including our Fortune 500s, 300+ foreign-owned companies, the cost of living and housing and our quality of workforce.”
The Partnership team will look at identifying industry clusters within the region with tremendous potential for growth and traction (for instance: consumer marketing, medical, water); strategically make choices where we need to focus our efforts, increasing the velocity of new business creation; align attraction efforts with this cluster-oriented strategy; fill in key gaps and/or suppliers to strategic clusters; utilize 300+ existing foreign owned companies to attract more business; and educate and enroll site location consultants in the Partnership strategy.
The annual meeting ended with a group brainstorm session where each table was asked to discuss and share around two questions:
1.) Of all the things the Partnership is already doing to achieve its objectives, what one singular action do you believe has been most effective? Why?
2.) What else should the Partnership do, that is not currently being done, to be more effective in its mission?
The Partnership team plans to take this feedback and integrate it into the new strategic plan for growing and retaining business in Cincinnati USA.
To view the entire 2010 Annual Report and Regional Retention Report, visit the Business Information Center at www.cincinnatiusa.org.
View photos and hear audio from the Annual Meeting