May 27, 2014
REDI travels the globe In search of attraction projects
The Regional Economic Development Initiative (REDI) Cincinnati has been busy in the first six months of 2014. Their mission? Attraction of new businesses from around the U.S. and world, and the retention and expansion of business currently located within the 3-state, 15-county region of Greater Cincinnati.
REDI Cincinnati also has another major initiative to take on: market the region.
Greater Cincinnati is ironically understated in its messaging and awareness considering it is the marketing capital of the world. The fact that the midwest has a history of being a rust-belt town, modest, hard working and humble doesn't always create the type of flash and flare that gets global attention. It's up to REDI Cincinnati and its regional partners to change that perception. After all, Greater Cincinnati has the unique advantage that up until now, the assets have been bigger than the message. That's not a bad problem to have and creates immense opportunity.
Cincinnati is regional and encompasses three states which is unique. The region has more Fortune 500 companies per capita than New York, L.A. or Chicago. There's industry expertise, the State of Ohio is above index in the five major assets McKinsey says is critical to the economy, and four of those five that Greater Cincinnati in general stands above the rest: big data, advanced manufacturing, talent and infrastructure.
But there's much to do. REDI Cincinnati will continue to travel to opportune cities and countries to meet with site selectors, business leaders and international companies that are ripe for opening headquarters or partnering with larger corporations already here. The goal? To start conversations with prospective companies that will no longer require a quick geography lesson.
For more information about REDI Cincinnati's travels and strategy, read the latest story in the Cincinnati Enquirer.
More on REDI Cincinnati economic development activity:
REDI Cincinnati announced May 20, 2014 the advancement of four regional projects that have the potential to create or retain a total of 1,998 jobs in Greater Cincinnati.
The announcement follows the Ohio Tax Credit Authority’s review and approval today of three economic development assistance proposals presented to the board by JobsOhio and REDI Cincinnati. Those projects included General Electric Company, Rhinegeist, LLC and AtriCure, Inc. Together, the three projects could mean at least 1,470 new jobs, retaining 515 more, and more than $38M in capital investments in Southwest Ohio.
Additionally, approval was granted yesterday by the state’s Controlling Board to advance Brewery X, a planned brewery adjacent to Cincinnati’s Eden Park that could create 13 new jobs. The site, located in the historic Mt. Adams Pump Station, could see capital investment of more than $5M upon completion.
“GE and these other projects represent just a glimpse of the potential we have in our region, and are proof positive of the teamwork it takes to get projects of this scope done, from JobsOhio, to REDI, to our investors and our community partners,” said Johnna Reeder, President & CEO, REDI Cincinnati. “It’s worth noting that two of the four projects are in brewing which has become a significant growth area for the local economy. You may know about our rich brewing tradition here, but you might not realize that our future is just as bright in that emerging industry,” Reeder added.
A closer look at the four announced projects made possible by REDI Cincinnati and JobsOhio:
• General Electric Company, site TBD, 1,400 new jobs, 326 retained jobs, $19.4 capital investment. Creation of company’s lone U.S. shared services hub.
• Rhinegeist, LLC, 1237 Vine Street, Cincinnati, 40 new jobs, 15 retained jobs, $6.5 capital investment. Expansion of current facility, investment in canning technologies allowing for further growth.
• AtriCure, site TBD, 30 new jobs, 174 retained jobs, $12.8 capital investment. Creation of new headquarters building in the City of Mason.
• Brewery X, 1430 Martin Drive, Cincinnati, 13 new jobs, $5.2M capital investment. Redevelopment of vacant Mt. Adams Pump Station to a craft brewery and tap room.
2014 REDI Cincinnati YTD Project Commitment Metrics
2,471 Total New Jobs Created, 3,020 Total Retained Jobs, $131,865,559 Capital Investment
• Frederick Steel Company, LLC, 40 new jobs, $3M capital investment
• Batterii LLC, 21 new jobs, 16 retained jobs, $800,000 capital investment
• Coupons.com, 22 new jobs, 25 retained jobs, $287,000 capital investment
• Atlas Dowel/ McFeely's, 14 new jobs, $220,000 capital investment
• L-3 Fuzing & Ordnance Systems, 84 new jobs, 526 retained jobs, $500,000 capital investment
• Multi Color, 86 new jobs, 256 retained jobs, $8M capital investment
• A&P Technology, Inc., 36 new jobs, 207 retained jobs, $5M capital investment
• Fecon, Inc., 25 new jobs, 109 retained jobs, $1.6M capital investment
• Octal Extrusions, Inc., 52 new jobs, $10.1M capital investment
• WHAPPS L.L.C., 18 new jobs, 29 retained jobs, $180,000 capital investment
• Eurostampa North America Inc., 39 new jobs, 110 retained jobs, $9M capital investment
• Process Plus Holdings, Inc., 25 new jobs, $800,000 capital investment
• UGN Inc., 148 new jobs, $30M capital investment
• Ohio National Financial Services, Inc., 270 new jobs, 973 retained jobs, $7M capital investment
• Interstate Warehousing of Ohio, LLC, 25 new jobs, 186 retained jobs, $3.4M capital investment
• Kenworth of Cincinnati, 40 new jobs, 40 retained jobs, $3.6M capital investment
• AdvancePierre Foods, Inc., 43 new jobs, 59 retained jobs, $1.8M capital investment
• General Electric Company, 1400 new jobs, 326 retained jobs, $19.4M capital investment
• Rhinegeist, LLC, 40 new jobs, 15 retained jobs, $6.5M capital investment
• AtriCure, Inc., 30 new jobs, 174 retained jobs, $12.8M capital investment
• Brewery X, 13 new jobs, $5.2 M capital investment