CINCINNATI – Foreign investors have pumped $ 650 million into the greater Cincinnati area since 2000. Cincinnati business development officials unveiled a plan to keep the good times going.
A new report outlines a number of strategies to strengthen regional cooperation to attract more businesses and investors to the tri-state state. They are looking for everything from small manufacturing companies to investors who can help fund a replacement for the aging Western Hills Viaduct.
“When we think of the cranes that dot the skyline, it’s imperative to think beyond borders and traditional means of funding projects,” said Oscar Bedolla, director of the Cincinnati Community and Business Development.
Since 2007, Cincinnati has outperformed all competitors in Ohio, Kentucky, and Indiana, and has attracted foreign investment. According to the report, the tri-state state has attracted more companies – 53 – that have created more jobs – 6,793 – than any regional rival.
To build on the momentum, leaders made several recommendations, including:
- Shovel-ready locations: While the Greater Cincinnati Redevelopment Authority – formerly the Port Authority – has been working to clear as many sites as possible for immediate construction, the report suggests that the city work with the agency and REDI Cincinnati to develop a planned work action plan for the Closing real estate gaps in the market and delivering shovel-ready land within city limits
- Steal coastal thunder: New York, Los Angeles, Seattle and other large coastal cities have attracted the lion’s share of foreign investment due to their higher profile in other countries. However, the greater Cincinnati area has equal access to federal programs that offer large investors green cards or enable infrastructure funding. City officials believe public and private officials can work more closely together to educate overseas investors about the opportunities here.
- Target Mid Markets: Landing large corporations is always desirable, but officials have indicated that growing “middle class” investment from $ 10 million to $ 1 billion is a worthy goal.
- Ambassador: “Establish a formal tri-state business ambassadors program to encourage overseas companies and investors who have succeeded in the Cincinnati area to promote it while doing business, particularly when traveling internationally.”
Bedolla said the end result is to stimulate investments that will create more jobs in Cincinnati and across the Tri-State.
“Everyone has been doing things in silos, but we want to be able to draw attention to the collaboration when we are recruiting investors,” he said.