Writer: Ryan Gandolfo
2 min read January 2023 — The Cincinnati region is not messing around when it comes to economic development and growth.
In two of the past three years, the state finished first in the nation for total number of projects in Site Selection magazine’s Governor’s Cup ranking, which measures the number of economic development projects per person in each state. Cincinnati and the surrounding areas have been an emerging player in the industrial market due in part to its central geographic location and a local warehouse workforce of over 46,000 which is expected to grow by 6.8% by 2030, according to CBRE Labor Analytics.
But what makes the region’s economy primed for future growth is its strength in a variety of sectors. Invest: explores a few of the primary areas of growth for the Blue Chip City.
Advanced Manufacturing
With a strong talent pipeline and one of the busiest inland ports, the Cincinnati region has grown into a manufacturing hub. According to JobsOhio, the region’s growth in manufacturing more than doubled the national average over the past five years. This type of development has led to greater business expansion and relocation to the area. Last week, automated materials handling solutions provider Trew announced its expansion into Southwest Ohio, establishing a new technology center that will create at least 75 new engineering jobs. “The Cincinnati region offers the R&D resources to enhance Trew’s ability to deliver smart solutions in the rapidly evolving material handling market,” said Kimm Lauterbach, REDI Cincinnati president and CEO. “With approximately 7,900 STEM graduates annually, over 5,700 logistics and distribution businesses, an innovation network that includes the Cincinnati Innovation District®, and access to customers with the retail and e-commerce distribution centers to help advanced manufacturing businesses unlock new growth. We have the talent, L&D ecosystem and innovation in our region to help organizations grow.”
Startups
Cincinnati’s startup community has been on the cutting edge of innovation, in everything from fintech to AI capabilities. In 2022, Cincinnati ranked in the top 10 power rankings for the Midwest’s top startup cities, highlighted by three new unicorns — Astronomer, Enable Injections and 80 Acres Farms. Cincinnati’s educational institutions have played a significant role in building an ecosystem for startups, such as University of Cincinnati’s Venture Lab, which has facilitated over 75 startups in its first four years of operation. As technology continues to play a larger role in business activities, the startups formed out of regional incubators and collaborative communities like StartupCincy will help set the tone for Cincinnati’s place as a forward-thinking city.
Professional Services
A number of rapidly expanding firms in the professional services sector are headquartered in Cincinnati due in part to the high quality of life, strong talent pool and affordable class A office space. Local law firms have demonstrated a commitment to the city as DBL Law, one of Cincinnati’s largest law firms, recently moved its headquarters back to Covington — where the firm was founded six decades ago — to accommodate future growth with 34,000 square feet of office space in the historic Monarch Building. According to JobsOhio, the business and professional services industry accounts for 147,371 jobs — exceeding the second largest industry, logistics and distribution, by 40,000.
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