The Unprecedented Economic Boom of Columbus, Ohio: An Expert's Perspective

Columbus, Ohio is experiencing an unprecedented economic surge. According to Joel Elvery, a policy economist at the Federal Reserve Bank of Cleveland, fiscal incentives are one of the key drivers of economic growth, but he noted that they are not a major factor in central Ohio. The city's close proximity to major markets makes it one of the most attractive locations in the country. It is the largest employer in Columbus and the surrounding region, and employs around 8,000 people in central and southern Indiana. Museums, festivals, parks, live music and theater are just some of the reasons why Columbus is one of the best places in the US to live, work and raise a family.

Consequently, there is a real fear that some of the construction permits currently filed in Columbus (and across the country) may expire without executing some of the aforementioned construction projects, due to rising costs and expectations of a future decline in demand for commercial and residential real estate transactions. At Ohio State University, Woody Hayes Drive leads to the new Innovation Way, where the university is expanding its research capabilities, in part through a new mixed-use innovation district on 275 acres that could take up to 20 years to build. Peter Mohler, interim executive vice president for research, innovation and knowledge at Ohio State University and scientific director of the Ohio State University Wexner Medical Center said that when planning new facilities, they take into account population growth in Columbus and throughout Ohio. What Ohio is doing well is to focus on growth and “everything that is oriented around the new economy that Ohio needs compared to the old one” according to BLM. The arrival of new companies is not only a testament to Ohio's tax incentives, but it also reflects a vote of confidence in the state's strong workforce, low cost of living and logistics infrastructure. For example, about 36 percent of students who graduate from Ohio State remain in the Columbus area, while half remain in Ohio. This may seem contrary to Sunbelt's successful population recruitment strategy, which consisted of not paying income taxes and having a low cost of living, but DePerro from the Columbus Chamber said that people understand the benefits of paying their taxes. Ann Arbor tech entrepreneur and co-founder of Duo Security Dug Song praised Columbus' startup and venture capital culture during a Senate economic and community development hearing in Lansing.

In Columbus there is a mayor, a municipal auditor, a municipal attorney and seven members of the Municipal Council. Land prices around Intel near New Albany have increased up to five times more than before the announcement. Derek Lichtfuss from Newmark's commercial real estate office in Columbus stated that this is due to Intel's campus being built there. The city of Columbus has seen an unprecedented economic boom due to its strategic location near major markets as well as its attractive amenities such as museums, festivals, parks and live music. The city has also benefited from tax incentives offered by Ohio State University which has helped attract new businesses. Furthermore, Intel's campus near New Albany has caused land prices to skyrocket five times more than before its announcement.

All these factors have contributed to making Columbus one of the best places in America to live, work and raise a family.

Thomas Walker
Thomas Walker

General music practitioner. Certified beeraholic. Food nerd. Incurable social media fanatic. Unapologetic beer fan. Certified bacon junkie.