Big Potential for Ohio Manufacturing
Posted August 27, 2013 & filed under Uncategorized
The term Rust Belt is finding little credence in Ohio manufacturing these days. Following the initial plummet at the start of the recession, manufacturers in Ohio have made some promising returns and, with only minor hiccups, are continuing to grow. Could this be the sign that more manufacturing jobs are coming to the state?
Hiring Numbers
From April 1 through June 20, businesses throughout the Columbus region added 15,600 jobs, signifying an employment gain of 1.6 percent. During the same timeframe the nation only made a 0.4 percent gain. The Columbus Dispatch reported that a colossal gain in manufacturing jobs marked the second quarter of 2013 and that the addition of new manufacturing jobs remained strong even during lackluster months.
July fell short of national expectations but Ohio manufacturing, among other industries, continued to add new employees. 2,400 new jobs were added by manufacturers across the state, elevating Ohio to the number four position for jobs created in July – the number one spot was held by Michigan which had the greatest lead with 7,600 new jobs added last month.
Though not at that level, Ohio is no slouch compared to the rest of the country.
Steady Manufacturing Loans
According to a self-report from the Small Business Administration (SBA), the organization has loaned out 55 million dollars to numerous Northern Ohio manufacturers during this fiscal year alone. If the SBA continues to lend at the same pace, Ohio manufacturers can potentially be on the receiving end of 66 million dollars in loan investments, which is well over double the amount dispensed during 2009.
Cleveland.com reports that SBA loans are primarily given to manufacturers for projects that pertain to “plant expansion, the acquisition of new equipment, and the purchase of raw materials,” all of which show portentous signs that the Ohio workforce can expect even further growth.
New employees will be needed to maximize the output of expanded facilities, operate new equipment, and keep up with the added workload of additional raw materials.
The Rise of the Tech Industry
New lifeblood is being pumped into the manufacturing sector as greater numbers of tech companies are being attracted to Ohioan soil by initiatives like TechColumbus. In spite of a less than stellar tax climate, companies like Powermers have relocated from the coasts to get close to members of the resurging automotive and growing tech industry. If manufacturing hubs like Columbus, Cleveland, and others reach that coveted tech incubator status the windfall of new manufacturing jobs could be incredible.
by James Walsh
