Ohio Third Frontier Bringing 22 Percent Annual Return on Investment To State
Tax income growth will repay state's investment in high-tech business development by 2014
COLUMBUS, Ohio, Dec. 17 /PRNewswire/ -- The Ohio Business Roundtable has released a new study reporting a 22 percent annual return on investment and supporting renewal of the Ohio Third Frontier, an unprecedented and bipartisan commitment to create new technology-based products, companies, industries and jobs in Ohio. The study, scheduled for presentation to the Ohio Third Frontier Advisory Board and Ohio Third Frontier Commission at a joint December 17 meeting, reports that 50 percent of Ohio Third Frontier investment has already been repaid in sales and income taxes - with the investment forecast to be completely repaid by 2014.
The Ohio Business Roundtable's study reports that employment growth supported by high-tech business development has created faster technology jobs growth in Ohio - the eighth-fastest pace of growth in the nation - than in nearly any other Midwest state, creating opportunities for Ohioans across all work backgrounds, at double the pay of non-tech sectors. The study reports that Ohio Third Frontier has been responsible since 2005 for adding direct employment of 8,527 Ohioans, and for a total of 48,239 jobs - more than halfway toward the Ohio Third Frontier's goal of creating 96,000 new jobs for Ohio workers.
"Ohio's investment into technology jobs has kept our state open for business," said Dorothy Baunach, special advisor to the Ohio Business Roundtable and president emeritus of NorTech, the Northeast Ohio Technology Coalition. Baunach, a lead partner on the study, said that while high-tech job growth in other states has benefited from overall growth in employment, Ohio has been able to substantially overcome job loss in other sectors through targeted Ohio Third Frontier investments that support business development and create new technology jobs.
"Ohio is at pace or even ahead of technology jobs growth in the nation thanks to Ohio Third Frontier investment," said Baunach. "We're in fact very far ahead of national trends in advanced energy and high-tech instrumentation, bringing jobs like making solar panels and electronic controls within reach of more Ohioans." Employment numbers show Ohio is also gaining traction in the advanced materials, biomedical and power and propulsion sectors the Ohio Third Frontier specifically targets for business development.
"Over the last eight years, the Ohio Third Frontier has created a strategic framework in which industry, the non-profit research community, government and local economic development entities can collaborate to accelerate and amplify the positive transformative effects of technology and innovation on the state's economy," said Norm Chagnon, executive director of the Ohio Third Frontier Commission. "The report provides strong independent proof that Ohio Third Frontier's strategy, and the investments that follow from it, are paying significant dividends in terms of job, company and wealth creation in Ohio."
To access the full report, click here.
About Ohio Third Frontier
Established in 2002, The Ohio Third Frontier represents an unprecedented and bipartisan commitment to expand Ohio's technological strengths and promote commercialization that leads to economic prosperity throughout Ohio. Since its inception, the program has created or capitalized more than 500 companies and has created $6.6 billion in economic impact in Ohio, a 9:1 return on investment.
For more information, visit ohiothirdfrontier.com.
SOURCE Ohio Third Frontier