State economic development organization JobsOhio estimates in its 2020 report that with the support of $500 million in investment, and despite the COVID-19 pandemic, it helped create 19,021 jobs, $1 billion in additional payroll and $7.8 billion in capital investment in the state.
In the 2020 Annual Report and Strategic Plan, released Monday, March 1, JobsOhio said it initiated 307 new projects last year, which marked the second-best year for volume. The $7.8 billion in capital investment was the third-best year for the state, according to the private nonprofit, which uses revenue from the state's liquor agency to fund job creation and new investment in Ohio.
According to JobsOhio's year-end financials, the organization spent a total of $224.2 million on economic development activities in 2020, up about 61% from $139.4 million in 2019. JobsOhio spent $17.3 million in staff salaries and benefits in 2020, up 26% from $13.7 million in 2019. The organization's spending on professional services more than doubled, to $13.7 million in 2020 from $5.8 million the prior year.
Even with the ramped-up economic development spending and increase in salaries, JobsOhio's ended the year with a balance on hand of $678 million, up from $655 million the organization reported in 2019. The organization was helped by a boost in retail gross sales of liquor in 2020, which was $1.34 billion, up from $977 million in 2019.
JobsOhio president and CEO J.P. Nauseef said in a statement that 2020 "marked the end of JobsOhio's first decade in existence, and when it mattered most, our team responded quickly and decisively with leadership and results. Despite the difficulties endured, we believe it was one of the strongest years JobsOhio has ever had."
Since March 2020, JobsOhio spent more than $62 million on more than 40 million units of personal-protective equipment; $11 million on community bank small business lending; $1.5 million on a liquor buyback program; and $7 million on liquor rebates for bars and restaurants forced to close temporarily during the pandemic, according to the 38-page report.
Other programs created to mitigate the effects of the pandemic on the economy detailed in the report include $50 million for forgivable loans workforce loans to qualifying JobsOhio clients; $47 million in additional investment for nascent health and technology companies; and $10 million in funding for Commercial Service Airports air carriers.
The report comes as Ohio marks a year since the emergence of the COVID-19 pandemic in the state.
"Ohio is positioned to capitalize on this opportunity, particularly because while other states are scaling back their economic development, Ohio is investing, due in large part, to JobsOhio's unique and differentiated business model,"Nauseef wrote.
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JobsOhio report touts the creation of 19,000-plus jobs, $1 billion in payroll during pandemic - Crain's Cleveland Business
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