Cincinnati USA Partnership: $2.7B in Capital Invested Locally
Tuesday, March 25, 2008
Economic development projects added $2.7 billion in capital investment to the local economy last year, the Cincinnati USA Partnership said Tuesday.
The partnership, sponsored by the Cincinnati USA Regional Chamber, hosted its annual meeting and Growth Awards luncheon on Tuesday at the Hilton Cincinnati Netherland Plaza.
Doug Moormann, vice president of economic development for the chamber, said the region, which includes Northern Kentucky and southeastern Indiana, saw 184 businesses either expand or move into the region, which had an overall economic impact of $5.7 billion.
Manufacturing companies made the biggest impact with 38 percent of local investment, followed by the office/service industry with 33 percent, and the medical/hospital and distribution segments with 14 percent each.
Hamilton County had $1.1 billion in new investment, followed by Butler County with $937 million and Warren County with $403 million. In Northern Kentucky, Boone County had $72 million in new investment, and Kenton County had $58 million.
The economic figures were compiled by the University of Cincinnati Economics Center for Education and Research, according to a news release.
Twelve Tri-State companies, most of whom moved into the area or announced major expansion projects, were honored with growth awards. They are: Amylin Pharmaceuticals; Paul Hemmer Cos.: FirstGroup America; Multi-Color Corp. (NASDAQ: LABL); Ford Motor Co. (NYSE: F); Omya Industries; Sogeti USA; Toyota Boshoku America; Stress Engineering Services; Vandercar Holdings; Tata Consultancy Services; and Wild Flavors.
NOTE: This article originally printed by the Cincinnati Business Courier and can be found HERE.