Chamber News Desk
Cincinnati USA Ranks Sixth in Nation for Business Expansion
Ranked in Top 10 for Eight Straight Years
CINCINNATI—March 3, 2010— Site Selection magazine has ranked Cincinnati USA sixth in the country in a list detailing the top metro areas in the U.S. for new and expanded corporate facilities in 2009. Cincinnati is the only large metro in Ohio, Kentucky or Indiana to make the list.
"Today, more than ever, cities and regions need every capital investment project they can attract in order to grow their economies," says Mark Arend, editor in chief of Site Selection magazine. "The Cincinnati Metro area's strong performance in our ranking of U.S. metros means companies are finding what they need to grow and succeed."
This is Cincinnati USA’s eighth consecutive year to be ranked in Site Selection’s Top 10. Over this span, the region has produced 1,595 projects creating 64,000 new jobs and a total $14 billion in new investment.
“Certainly, no metro market has been completely unscathed by the economic conditions, but this ranking substantiates Cincinnati USA’s ability to weather the storm better than other regions,” said Doug Moormann, vice president of economic development at the Cincinnati USA Regional Chamber. “It is a credit to the region that we consistently receive national recognition for our collective efforts.”
The Site Selection ranking, which focuses on areas with a population of one million or more, is based on primary research conducted by Site Selection and MSA-wide data submitted by the Cincinnati USA Partnership, the economic development initiative directed by the Cincinnati USA Regional Chamber.
Based on research conducted by the Cincinnati USA Partnership, in 2009, there were 247 businesses in the 3-state, 15-county region that added or retained jobs, added investment or added square footage. The following represents a snapshot of the investments of these companies in 2008 and 2009:
| |
2008 |
2009 |
| Number of Growth Businesses |
228 |
247 |
| New Jobs |
7,878 |
8,873 |
| Retained Jobs |
22,166 |
12,879 |
| Capital Investment |
$1.87 billion |
$2.26 billion |
The amount of retained jobs was down from 2008, but the number of growth businesses, new jobs and capital investment all increased significantly year-over-year, including a 21 percent increase in capital investment. These increases are due in part to several significant projects, including Hollywood Casino, Rookwood Pottery, American Ecotech and Logoplaste.
The total economic impact of the 2009 capital investment by these growth businesses is $3.26 billion.
The State of Ohio also fared well in Site Selection’s yearly analysis of corporate location projects with significant impact, winning the 2009 Governor’s Cup Award for the state with the most new and expanded facilities. This is the fourth year in a row that Ohio has held this position.
Site Selection magazine, published by Conway Data, is the oldest publication in the corporate real estate and economic development field. Site Selection’s yearly analysis is regarded by corporate real estate insiders to be “the industry scoreboard.”
About The Cincinnati USA Partnership:
The Cincinnati USA Partnership, directed by the Cincinnati USA Regional Chamber, has been the region’s leading economic development initiative for the past 25 years. The Partnership is responsible for attracting new business, jobs and investment in the 3-state, 15-county region known as Cincinnati USA. In 2008, the Partnership was recognized by Site Selection Magazine as one of the Top 10 Development Organizations in the nation. The Partnership is supported through a five-year campaign with investment from nearly 150 companies and public economic development organizations. For more information, visit www.cincinnatiusa.org.
For more information contact:
Chris Kemper
513.579.3194
CKemper@CincinnatiChamber.com