|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||5||$1,520,400|
During Fiscal Year 2013, EDA invested $6,458,286 in 17 projects in the State of Ohio. These projects are expected to create or retain 594 jobs and leverage $238,035,494 in private investment, according to grantee estimates. EDA’s investments help Ohio communities achieve bottom-up, locally-defined economic development goals and strategies.
EDA offers a complementary, balanced portfolio of grant programs designed to help rural and urban communities grow their private sectors and create jobs.
Investment Spotlight: Investing in Long-Term Strategic Growth
Numerous historical examples have shown that natural resource-based economies, like those undergoing oil and gas development, typically follow a boom-bust cycle. Following the initial boom of high-skilled workers during the development phase, oil producing wells and completed pipelines require relatively few workers, ultimately leading to a bust in economic activity. Eastern Ohio has had difficulty growing beyond an energy-based economy because the availability of high-wage, low-skill jobs creates a disincentive for investment in higher levels of job-related skills or advanced education.
Shale energy development in the eastern Ohio region has led to a significant increase in economic activity in recent years. However, the region understands the cyclical nature of the industry and is working proactively to avoid the potential pitfalls. Through the Investing in Manufacturing Communities Partnership (IMCP), EDA awarded $200,000 to the Ohio State University and four economic development districts to develop a strategic plan to effectively manage the immediate impacts of shale development while leveraging the current economic boom to build a plan, which supports long-term economic viability and community sustainability.
Unified by their connection to the Marcellus and Utica shale development, the twenty-five county region in eastern Ohio will take advantage of increasing tax revenues, short-term employment opportunities, workforce training, and individual and community wealth management to proactively support the diversification of the regional economy and the advancement of new manufacturing. By identifying competitive advantages that will foster the resurgence and growth of manufacturing beyond the shale energy sector, this project will enhance the capacity of the region and ensure long-term prosperity.