Economy of Columbus, Ohio

Columbus, Ohio has a generally strong and diverse economy based on education, insurance, banking, fashion, defense, aviation, food, logistics, steel, energy, medical research, health care, hospitality, retail, and technology. Overall, it was ranked as one of the top 10 best big cities in the country in 2010, according to Relocate America, a real estate research firm.[1] Market Watch ranked Columbus and their metro area as the No. 7 best place in the country to operate a business in 2008.[2] The same year Ohio was ranked No. 5 in the nation for headquarters of Fortune 500 companies, with Columbus home to the most in the state.[3] In 2007, the city was ranked No. 3 in the United States by fDi magazine for "Cities of the Future", and No. 4 for most business-friendly in the country.[4] Columbus was ranked as the seventh strongest economy in the United States in 2006, and the best in Ohio, according to Policom Corp.[5] In 2011 the Columbus metropolitan area's GDP was $94.7 billion,[6] up from $90 billion in 2009,[7] up from $85.5 billion in 2006,[8] $75.43 billion in 2005, and $69.98 billion in 2001.[9]

During the recession beginning in late 2007, Columbus's economy was not impacted as much as the rest of the country, due to decades of diversification work by long-time corporate residents, business leaders, and political leaders. The current administration of mayor Michael B. Coleman has continued this work, although the city faced financial turmoil and had to increase taxes, due in part to alleged fiscal mismanagement.[10][11] As Columbus is the state capital, there is a large government presence in the city. Including city, county, state, and federal employers, government jobs provide the largest single source of employment within Columbus.

Prominent employers in the Columbus area include numerous schools (e.g., The Ohio State University) and hospitals, hi-tech research and development and information/library companies such as Battelle Memorial Institute, OCLC, and Chemical Abstracts, and retail clothing and restaurant companies (such as Limited Brands and Wendy`s). Other large employers include Nationwide Insurance, JP Morgan Chase, American Electric Power, Huntington Bancshares, Worthington Industries and CardinalHealth, not to mention both state and local government.

Aviation

Historically, Port Columbus International Airport was once home to a North American Aviation factory (later North American/Rockwell). Aircraft built in Columbus include the North American F-86 Sabre, A-5 Vigilante, OV-10 Bronco, T-2 Buckeye, and components for the B-1 bomber, as well as numerous missiles and guidance systems.[12] Columbus was also home to Skybus Airlines, a discount carrier which began flying in May 2007.[13][14] and ceased operations on April 5, 2008.[15][16] Columbus is home to several private charter aviation companies, including Capital City Jet, located at Bolton Field, Stratos Jet Charters, Charter Logic, Pulse Aviation, New Flight Charters, NetJets and JetRide.

Vaisala is a Finnish global aviation company with operations in Columbus, originally started by pioneering innovator Vilho Väisälä. The corporation recently signed a long-term contract with the National Oceanic and Atmospheric Administration to supply next-generation GPS dropsondes for hurricane reconnaissance.[17] Honeywell operates facilities in Columbus, and German-based Siemens' Midwest facility is located here. Private aircraft-leasing giant NetJets is now based in Columbus, on a campus which recently saw a $220 million expansion.[18]

Banking

Huntington Bancshares Inc., a Fortune 500 company, has its headquarters in the downtown area. Bank One was headquartered in Columbus until 1998, and J.P. Morgan Chase & Co., which acquired Bank One in 2004, continues to maintain a major presence in Columbus, with a large mortgage servicing unit in the city. First Financial Bank, PNC Bank (previously National City Bank), KeyBank, Heartland Bank, Charter One Bank, U.S. Bank, Citigroup, Fifth Third Bank, and Commerce National Bank all maintain a presence in Columbus.

Defense

Columbus Defense Supply Center

One of the larger processing centers of the Defense Finance and Accounting Service (DFAS) is located in Columbus.[19] The Department of Defense also operates the Defense Supply Center, Columbus (DSCC) east of downtown. Rickenbacker International Airport, located south of the city, hosts the United States Air Force's Ohio National Guard 121st Refueling Wing. Fort Hayes, located downtown, hosts the 391st Military Police Battalion and the 375th Criminal Investigations Division of the U.S. Army Reserve. The Ohio National Guard Headquarters is located on the far north side of the city. Mission Essential Personnel, the government's leading source of linguists in Afghanistan, is based in the Easton Town Center.[20]

Fashion

Kellan Lutz, Abercrombie and Fitch model

Limited Brands (formerly known as The Limited, Inc.), a Fortune 500 company, is located on the east side of the city and is the parent company of Victoria's Secret and Bath and Body Works, among others.

Express and The Limited retail stores are also headquartered in Columbus and were formerly part of Limited Brands.

Abercrombie & Fitch, a Fortune 500 company and parent company of Hollister Co. (whose first store opened in Easton Town Center in 2000), and Abercrombie Kids, is based in the Columbus suburb of New Albany.[21]

Fortune 500 company Big Lots is located in the city, as well as Schottenstein Stores Corp.

DSW Shoes are headquartered in Columbus, as well.

Restoration Hardware opened up a major customer service center just West of Downtown, in 2011.

Food and beverages

Ten restaurant chains are based in the Columbus area: Charley's Grilled Subs, Steak Escape, White Castle, Cameron Mitchell Restaurants, Bob Evans Restaurants, Max & Erma's, Damon's Grill, Donatos Pizza and Wendys. Wendy's, a Fortune 500 company, operated its first store downtown as both a museum and a restaurant until March 2007 when the establishment was closed due to low revenue. The company is presently headquartered outside the city in nearby Dublin.

Budweiser has a major brewery located on the north side. Columbus is also home to many local-based micro breweries and pubs, including Barley's Brewing, Elevator-Draught Haus Brewing, Columbus Brewing Co., cb Beverage, Boathouse Brewery, BJ's Restaurant and Brewery, Gambrinus Brewing, and Biersch Brewing. The Brewery District, located just south of downtown, and next to the German Village, is home to many brewery pubs and restaurants.[22]

Asian frozen food manufacturer and ex-destination tiki restaurant Kahiki Foods is located on the East side of Columbus. Wasserstrom, a major supplier of equipment and supplies for restaurants, is located on the north side. Lancaster Colony Corporation, a manufacturer of candles and Marzetti food products, is headquartered in the city.

Healthcare

Grant Medical Center, downtown

Columbus is home to many outstanding hospitals, which employ well over 8,000 in the city. Grant Medical Center, located downtown, is part of Ohio Health, a faith-based, non-profit organization that has been serving Columbus since 1891. In 2009, Grant was ranked by U.S. News and World Report as one of the United States' best hospitals.[23] Another Ohio Health-operated hospital, Riverside Methodist, located in north-central Columbus, was also named one of the country's best hospitals in 2009 by U.S. News and World Report.

Nationwide Children's Hospital is one of the country's premier children's hospitals, ranked in the top 10 of NIH-supported centers for their category, and is the fifth largest in the country. They specialize in surgical, neuroscience, rehabilitation, burn, dialysis and bone marrow areas. In 2012, U.S. News and World Report ranked this hospital No. 7 in its category.[24][25]

Other local hospitals include the Ohio State University Medical Center (see Medical research), Mt. Carmel East and West facilities, Doctor's Hospital, Riverside Methodist Hospital, and University Hospital East, and there are many specialty locations throughout the city.

Hospitality

Downtown is home to many hotels

Columbus's hospitality industry accounts for thousands of jobs in the area. There are 25,005 hotel rooms in the metropolitan area, and 3,280 downtown.[26] Major hotels downtown include Westin's historic Great Southern Hotel, a uniquely designed and ultra-modern Hyatt Regency in the Arena District, an urban-themed Doubletree Inn and Suites, a Crowne Plaza Hotel, the Sheraton Columbus at Capitol Square, the Manhattan-styled Lofts Hotel and Suites, the cosmopolitan Renaissance Hotel, the old European-themed Ashland Springs Hotel, Drury Inn and Suites, and a new Hampton Inn and Suites designed to conform with the surroundings. The Hilton Easton, located in northeast Columbus, is a new, classically themed hotel. The Fort Rapids Water Resort is located just east of Downtown on Hilton Corporate Drive. The Concourse Hotel and Athletic Club is located at Port Columbus. University Plaza and the Blackwell Inn, a newly built, modern hotel, are in the University District, and several Marriotts, Residence Inns, Embassy Suites, Best Westerns, Red Roof Inns, Holiday Inns, Courtyards, and other franchise hotels are found throughout the city.

The architectural firm, HOK Chicago, was chosen to design the new 500+ room, $140 million convention hotel Downtown in collaboration with Hilton Hotels and the Franklin County Commissioners, breaking ground on July 13, 2010.[27][28] The 126-room Hyatt Place, located on the Ohio State University campus, opened in September 2010.[29]

Insurance

Capitol Square financial institutions, Chase and Key
The William Green Building (left) and Three Nationwide Plaza (right) in downtown Columbus. The William Green Building serves as the headquarters for the Ohio Bureau of Workers' Compensation

Columbus is home to five insurance companies. Nationwide Insurance, a Fortune 500 company, has its international headquarters downtown in a large, multi-building complex that dominates the northern end of the downtown area. The other insurance companies in the city are Motorists Insurance,[30] Grange Insurance,[31] Safe Auto Insurance,[32] and State Auto Insurance.[33]

Logistics

NCX Norfolk operates a $67 million intermodal railyard in the city, with plans for a second $130 million facility imminent in 2008.[34] UPS has a large distribution center on the west side of the city. Major motor-freight companies in the city include Roadway Express, Estes Express Lines, Covenant Transport, Old Dominion Freight Line, and Overnite Transportation. Air cargo services companies operating at Rickenbacker International Airport include Federal Express, DHL/Airborne Logistics, Kuehne + Nagel, Scanwell, Walter J. Engel Co., Freight Expeditors, H A Logistics, Evergreen Airlines, Worldwide Flight Services, Nippon Express USA, Inc., and Panalpina, Inc.[35]

Julia Stegner, Victoria's Secret model

Manufacturing

Worthington Industries, a large steel-processing company and Fortune 500 company, is primarily located on the north side near Worthington. Columbus Steel Castings, formerly Buckeye Steel Castings, operates North America's largest steel foundry on the south side of the city. Momentive Specialty Chemicals (formerly part of Borden, Inc.) is located downtown, and Ashland Inc. has a large facility in the Columbus area. Rogue Fitness, currently located approximately 2.5 miles (4.0 km) north of the city's downtown, is a manufacturer and distributor of strength and conditioning equipment[36]

Medical research

OSU Medical Center, University District

Columbus is home to an abundance of medical research and related institutions, including institutions such as the Battelle Memorial Institute, The Medical Center at Ohio State University, and The Research Institute at Nationwide Children's Hospital.

In 2009, scientists at The [Nationwide] Research Institute developed a trial for an HIV vaccine from genetic research, while researchers at OSU developed a genetic injection treatment for the disease obesity.[37][38] Other recent innovations in 2009 include an ear infection vaccine from The Research Institute.[39]

The Ohio State University Medical Center has a history of medical research including many medical firsts and breakthroughs. The Ohio State University and Cleveland Clinic, a world-renowned medical institution in northeastern Ohio, recently licensed technology to PreCelleon, based in Columbus, to develop a tool to collect more cancerous cells for research.[40] Battelle's West Jefferson biomedical center, just west of Columbus, in 2009 began studying the H1N1 virus and testing their existing technology to find a way to better detect it.[41] The Wexner Medical Center at Ohio State University was ranked in U.S. News & World Report's elite "Honor Roll" for medical institutions in the country in 2009, marking the 17th year in a row OSU was honored.[42]

The Market Exchange medical building is home to laboratories of OhioHealth, Market Exchange District[43]

Other medical operations in the area include the Fortune 500 company Cardinal Health, which has its headquarters in the Columbus suburb of Dublin (Cardinal was originally based in Columbus). The Ross Products Division of Abbott Laboratories, makers of Ensure nutritional drink and Similac infant formula, is headquartered in Columbus, with over 7,000 employees.

Retail

Technology and energy

Columbus was ranked by Forbes magazine as the No. 1 most up and coming technological city in America in 2008, aided by Battelle Memorial Institute, created in the 1920s by industrialist Gordon Battelle.[47] Central Connecticut State University ranked Columbus No. 8 in the nation for Internet literacy in 2005, but by 2008 the city had slipped to No. 21.[48][49] In 2009, Forbes ranked Columbus as the 29th most wired city in the country.[50]

Ohio Supercomputer Center, University District

Columbus is home to the Ohio Supercomputer Center, founded in 1987, and located on the Ohio State University campus. It is available to research scientists, focusing on bio and data science, advanced materials, and engineering research. 1,850 miles of network infrastructure is utilized by the center through OARNet, providing internet access to over two million Ohioans as well as colleges and universities. The OSC partners with the U.S. Department of Defense, Education, and Energy, as well as the Air Force Research Laboratory, NASA, MIT Lincoln Laboratory, and Sandia National Laboratories, among other institutions.[51]

Battelle Memorial Institute, Harrison West

Many technology companies either call Columbus home or have significant operations in the area. The first major commercial Internet service provider in the United States, CompuServe, still has its roots in Columbus, although it has been owned by AOL since 1998. They started in Columbus in 1969 and first offered Internet service in 1979 with electronic mail services.[52] Chemical Abstracts Service is located just north of the OSU campus, and is the "world's foremost clearinghouse for chemical research".[4]

Sterling Commerce, a B2B software company, has its headquarters on the northwest side. Mettler Toledo, a manufacturer of precision scales and scientific equipment is headquartered in the area known as Polaris on the north side of the city. Columbus is home to interactive agencies and software development companies, with a concentration in Columbus' downtown and Arena District neighborhoods. Online Computer Library Center (OCLC), a leading library information company, is based in the Columbus area.

The Battelle Memorial Institute has played a key global role in the technological community over the last century, launching many products based on their discoveries. Battelle is the "world’s largest private contract research and development organization",[4] managing labs and companies all over the world. In 2004, Battelle opened a new biotechnology and chemistry lab in Columbus.[53] In 2009, Battelle was awarded 26 prestigious awards from R&D Magazine for developments, bringing their total to 217.[54]

The multi-jurisdictional 315 Research + Technology Corridor was set up in 2006 to promote the area nationally and internationally.[55] TechColumbus was also created in 2002 to help accelerate and support the growth of Central Ohio's tech economy.

American Electric Power, a Fortune 500 company, has its headquarters in downtown Columbus.

See also

References

  1. ↑ "Ranking: Columbus among top 10 big cities", BizJournals. Retrieved 22 apr 2010.
  2. ↑ Market Watch, Best Places to do business Retrieved 26 july 2009.
  3. ↑ Ohio Department of Development, "Major Ohio Employers", Retrieved 2 sept 2009.
  4. 1 2 3 "Location Overview", Ohio Equities, Retrieved 13 nov 2009.
  5. ↑ "Study: Columbus has Ohio's best economy", Columbus Biz Journals, Retrieved 9 jan 2010.
  6. ↑ http://usmayors.org/metroeconomies/0712/FullReport.pdf
  7. ↑ "Top 100 U.S. metro economies", U.S. Conference of Mayors. Retrieved 22 apr 2010.
  8. ↑ "Chamber Reports Third Quarter Increase in Employment", Columbus Chamber of Commerce. Retrieved 22 apr 2010.
  9. ↑ "New metro GDP stats show slow Columbus growth", Biz Journals. Retrieved 22 apr 2010.
  10. ↑ "Recount Still Possible", This Week Community Papers, Retrieved 13 nov 2009.
  11. ↑ NBC 4, Columbus Budget Shortfall, Tax Increase Retrieved 26 july 2009.
  12. ↑ Porter, Phil (1990-04-27). "Two gulf weapons trace genesis to columbus: gbu-15 'smart bomb' and hellfire anti-tank missile were developed by rockwell". The Columbus Dispatch.
  13. ↑ Home. Skybus Airlines. February 7, 2006. Retrieved on May 20, 2009.
  14. ↑ Grossman, David (2007-05-21), "Skybus takes flight with low fares – and a slew of Fees", USAToday, retrieved 2009-05-02
  15. ↑ Rose, Marla Malter (2008-04-04), "Skybus shuts down, cancels all flights", Columbus Dispatch, retrieved 2009-05-02
  16. ↑ Press, Associated (2008-04-04), "Skybus Airlines to cease operations", USA Today, retrieved 2009-05-02
  17. ↑ Vaisala, Press Release NOAA
  18. ↑ Columbus Messenger, NetJets Columbus Expansion Retrieved 26 july 2009.
  19. ↑ http://www.dfas.mil/about/Locations/columbus.html
  20. ↑ Wartenberg, Steve (November 8, 2009). "The language of war". The Columbus Dispatch. Retrieved March 21, 2011.
  21. ↑ http://www.abercrombie.com/anf/lifestyles/html/investorrelations.html Retrieved 2010-03-11
  22. ↑ Google Map Search, Columbus Breweries Retrieved 26 july 2009.
  23. ↑ Press Release, Grant Retrieved 26 july 2009
  24. ↑ Nationwide Children's Hospital, About Us Retrieved 25 june 2012.
  25. ↑ Nationwide Children's Hospital, Press Release Retrieved 25 june 2012.
  26. ↑ Experience Columbus, Facts Retrieved july 26 2009.
  27. ↑ Biz Journals, Columbus convention hotel Retrieved 26 july 2009.
  28. ↑ "Hilton Columbus Downtown Breaks Ground", BusinessWire. 13 july 2010. Retrieved 13 july 2010.
  29. ↑ "Hyatt Place(R) Columbus/OSU Celebrates Grand Opening", Market Watch. 1 sept 2010. Retrieved 5 sept 2010.
  30. ↑ "Motorists Insurance Group". Hoover's. Retrieved 2009-07-10.
  31. ↑ "Grange Insurance to Expand Downtown Campus with Acquisition of Brewer's Yard Properties" (PDF). Grange Insurance. May 15, 2007. Retrieved 2009-07-10.
  32. ↑ "Contact Us". Safe Auto. Archived from the original on June 16, 2009. Retrieved 2009-07-10.
  33. ↑ "State Auto". Invest Quest. Retrieved 2009-07-10.
  34. ↑ Biz Journals, CSX Norfolk, Intermodal Railyard, Columbus Retrieved 26 july 2009.
  35. ↑ Rickenbacker, Air Cargo Retrieved 26 july 2009.
  36. ↑ Warren, Brent (23 April 2016). "Massive Rogue Fitness Facility Starting to Take Shape in Milo-Grogan". Retrieved 27 July 2016.
  37. ↑ Science Daily, HIV vaccine, The Research Institute Retrieved 26 july 2009.
  38. ↑ WRCB, Brain Injection Treatment for Obesity Retrieved 26 july 2009.
  39. ↑ Ear Infection Vaccine Retrieved 26 july 2009.
  40. ↑ Med City News, Ohio State, Cleveland Clinic, Cancer Collectors Retrieved 26 july 2009.
  41. ↑ Columbus Dispatch, H1N1 Virus, Battelle Retrieved 26 july 2009.
  42. ↑ Press Release Web, Ohio State Medical Center, Elite Honor Roll Retrieved 26 july 2009.
  43. ↑ "REIT buys two Market Exchange buildings", Columbus Business First, Retrieved 25 nov 2009.
  44. ↑ http://www.polarisfashionplace.com/directory
  45. ↑ http://www.eastontowncenter.com/shopping.aspx
  46. ↑ http://www.simon.com/mall/malldirectory.aspx?id=1229
  47. ↑ Forbes Magazine Retrieved 26 july 2009.
  48. ↑ "America's Most Literate Cities", Internet literacy, Central Connecticut State University, Retrieved 19 nov 2009.
  49. ↑ "America's Most Literate Cities", Internet literacy, Central Connecticut State University, Retrieved 19 nov 2009.
  50. ↑ Forbes Magazine Retrieved 26 july 2009.
  51. ↑ Ohio Supercomputer Center, "At A Glance", Retrieved 2 sept 2009.
  52. ↑ Compuserve, About Retrieved 26 july 2009.
  53. ↑ Battelle Anniversary Publication Retrieved 26 july 2009.
  54. ↑ Battelle News Release Retrieved 26 july 2009.
  55. ↑ 315 Research + Technology Corridor Official Website Retrieved 26 july 2009.
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