COLUMBUS, Ohio — Central Ohio is witnessing an unprecedented economic surge.

The region is becoming a preferred destination for major corporations such as Wells Fargo, Intel, Google and Honda. 

Wells Fargo is planning to establish a new technology hub in the Columbus-area, bolstering the local economy with nearly 585 fresh jobs. This move comes in the wake of a substantial tax credit approved by the Ohio Tax Credit Authority, projected to save the banking giant approximately $30 million over the next 15 years.

What You Need To Know

• Economists say Ohio has great tax incentives, available land to build, natural resources, and few environmental regulations


• Economists say the ripple effect of the manufacturing and job boom could be good for the state

•  Ohio’s unemployment level is at a record-low, the workforce boom creates an opportunity for college grads or people from out of state to fill jobs

The influx of new corporations is not merely a testament to Ohio's tax incentives; it represents a vote of confidence in the state's robust workforce, low cost of living and logistical infrastructure. According to Joel Elvery, a policy economist at the Federal Reserve Bank of Cleveland, tax incentives are one of the key factors leading to economic growth, but he noted it’s not a major factor in central Ohio.

"It's the availability of talent," said Bill Lafayette, owner of Regionomics. "It's the access to suppliers and customers."

Ohio State University is also one of the nation’s largest, and leading research and development educational institutions. It supplies companies a group to search through to recruit future employees. The state is already home to many insurance and health care companies, further diversifying its business ecosystem.

The ripple effect of this workforce surge is expected to extend beyond the corporate sector. Robert Gitter, emeritus professor of economics at Ohio Wesleyan University, suggested that a domino effect is imminent.

“When people are moving into the New Albany area to work at Intel, that’s going to create a demand for teachers, restaurants and various retail stores,” Gitter said. 

Ohio’s unemployment level is at a 3.4% while the labor market tightens. It’s setting the stage for fresh graduates and out-of-state talents to seize the new employment opportunities. Greg Lawson, a Research Fellow at the Buckeye Institute, expressed there could be some concern filling local jobs. 

“It is going to be necessary to probably bring in some folks from outside the state and maybe even in some cases outside the country. And part of having a multifaceted, comprehensive approach to being able to deal with the supply of workers,” Lawson said.

Firms are increasingly focusing on specific metropolitan areas, such as Columbus, viewing them as hubs of opportunity. And as more companies take notice and follow suit, as Ohio’s economy continues to move upwards. 

Correction: This story has been changed to clarify that while tax incentives are a key factor in economic growth, it's not a major factor in central Ohio. (Aug. 8, 2023)