10 to 12 'Intel-sized projects' are considering locations. Fund helps Ohio's case

Ohio is still recovering from the economic impact of the global pandemic, chief among them being supply chain issues.

Businesses have been attempting to claw themselves out of financial strain and manufacturers have been seeking ways to centralize production in the United States, rather than overseas. This centralization empowers American companies to serve the American people, mitigating issues stemming from global events. 

As a result, Ohio has recently seen an influx of major economic development projects.

Two new Google data centers are in the process of being built in Columbus and Lancaster.

Over the next six years, Honda will invest $700 million into three existing Ohio auto plants and $3.5 billion for the construction of a new electric vehicle battery plant.

Last year, Ford announced a $1.5 billion investment into the Avon Lake Assembly Plant. And, Intel plans to invest more than $20 billion to build two new chip factories on land, which has the capacity to house up to eight of these shops. 

These projects impact all of Ohio no matter their geographic location in the state.

They generate positive economic activity to our state by providing incentives to utility providers, creating jobs, and reinvesting money back into our economy. 

As we’ve already realized some of the positive effects, I’ve asked myself, how do we continue to prepare for the next large-scale economic development project that knocks on Ohio’s door?

Right now, top economic development leaders report there are ten to twelve Intel-sized projects considering locating somewhere across the United States. This, along with hundreds of mid- and small-tier suppliers that are also considering investing or expanding in Ohio, create economic prospects our state has not seen to date.

 If Ohio could continue its trend of securing these projects, both big and small, the economic trajectory of the state would be propelled forward for generations. 

The Ohio House of Representatives recently passed the State Operating Budget for fiscal years 2024-25. This budget lays a firm foundation for the future by investing over $1 billion in Ohio to promote long-term economic growth. 

I was honored to champion a $750 million investment over the biennium into the All Ohio Future Fund. This fund prepares locations throughout the state to be ready for these very development projects. I was also proud to secure a $350 million investment in brownfield remediation to revitalize and prepare sites for future economic development opportunities and $124 million for water infrastructure modernization for our townships, villages, and cities.

This historic investment in our communities will be felt in all 88 counties across the Buckeye state.

These investments capitalize on our current sound fiscal state and smartly prioritize initiatives that will generate future growth for decades to come. 

There is no doubt that Ohio has become a national hub for workforce and economic development.

The All Ohio Future Fund, along with other investments, further secures Ohio’s position as an economic leader for the rest of the nation.